Wilmington, NC- In August, area luxury home sales shattered a record that has stood for 15 years. In the tri-county area of New Hanover, Brunswick and Pender counties, a total of 47 homes sold for a combined value of $82.2 million. That breaks the record set in June of 2005 when forty homes sold for $60.9 million.
“By many standards, it has been a remarkable summer,” said Kathleen Baylies Broker in Charge of Just For Buyers Realty. “Since the beginning of May 116 luxury homes have sold in this area. Luxury sales were quite impressive during the real estate boom years of 2005 to 2007, but 2020 is on track to be the new record setting year.”
The single most expensive sale was of the property located at 264 Beach Road North on Figure Eight Island. The ocean-front home measures just under 5,000 square feet with five bedrooms and five and a half baths. The home was on the market for a year before it closed on August 23rd for $3,775,000.
(264 Beach Road North, Courtesy Buzzy Northen, Intracoastal Realty Corp.)
Meanwhile, an additional 48 homes went under contract in August. Those pending sales include six homes in New Hanover County with asking prices of $4 million or more. Depending on when those transactions are finalized, the record that was set in August may be broken in September.
| New Hanover County
Aug 2020 / Aug 2019 |
Brunswick County
Aug 2020 / Aug 2019 |
Pender County
Aug 2020 / Aug 2019 |
||||
| Newly Listed | 25 | 19 | 21 | 12 | 6 | 5 |
| Went Under Contract | 32 | 7 | 14 | 5 | 2 | 1 |
| Closed # Homes Sold | 26 | 15 | 18 | 5 | 3 | 2 |
| Total Closed $ Volume | $50.5M | $23.6M | $28.2M | $5.8M | $3.6M | $2.8M |
| Total Current Listings | 106 | 145 | 62 | 79 | 20 | 21 |
*Luxury homes are defined as those priced at $1,000,000 or higher. Statistics are from the North Carolina Regional Multiple Listing Service.
This report is presented by Kathleen Baylies, Just for Buyer’s Realty Broker in Charge. As the name implies, Just For Buyers Realty serves only buyers. In a state where buyers purchase real estate at their own risk, the company’s mission is to serve as Superheroes for Buyers, using all of the secrets of the trade to protect buyers at every stage of the process. Contact Just For Buyers Realty by calling 910-202-4813 or by e-mail at Kathleen@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com
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