Wilmington, NC- In a continuing pattern, local luxury home sales shattered records, including number of high-end homes sold, total dollar volume and highest number of super luxury homes.
The previous record for most luxury homes sold during the month of October was set in 2005 in Brunswick County, when five sold; and in 2017 in New Hanover County when 12 sold. This October, 22 high-end home sales closed in Brunswick County and 24 sales closed in New Hanover County.
Another 44 homes went under contract in October with sales pending in the near future.
Just as eye-popping, were the number of sales of super luxury homes. The $3 million dollar price tag has been a local unofficial dividing line that separates the upper crust of high end homes from “regular” luxury homes. In October, seven properties sold with price tags of $3 million or more in the tri-county area of New Hanover (6), Brunswick (1) and Pender (0) counties. That breaks a record set in August 2017 when five such homes sold.
While one of the super luxury homes sat on the market for more than three years, the other five were on the market for less than a month, and three of them were on the market for less than a week before going under contract.
“One of the most significant changes we’ve seen in the luxury market this year is the speed with which buyers are acting,” said Kathleen Baylies Broker in Charge at Just for Buyers Realty. “In the past, when a $3 million plus home went up for sale, you could expect it to sit for a while – sometimes years. That’s just not the case now. Inventory is moving very quickly.”
The six bedroom, six and a half bath home located on 6 West Atlanta Street on Wrightsville Beach was listed for just seven days before an offer was accepted. The property is situated one block from the ocean and measures just under 4,400 square feet. It was listed by Bobby Brandon of Intracoastal Realty and closed on October 12th for $3.5 million.
(6 West Atlanta Street, Courtesy Bobby Brandon Intracoastal Realty)
| New Hanover County
Oct 2020 / Oct 2019 |
Brunswick County
Oct 2020 / Oct 2019 |
Pender County
Oct 2020 / Oct 2019 |
||||
| Newly Listed | 32 | 17 | 21 | 9 | 4 | 2 |
| Went Under Contract | 22 | 15 | 17 | 8 | 5 | 1 |
| Closed # Homes Sold | 24 | 7 | 22 | 3 | 1 | 1 |
| Total Closed $ Volume | $49.4 | $11.4 | $32.8 | $4.3 | $1.3 | $1.4 |
| Total Current Listings | 127 | 134 | 84 | 76 | 12 | 20 |
*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
