Wilmington, NC- Few people will be surprised that 2020 saw the most ever luxury homes sales in a single year in the tri-county area (made up of New Hanover, Brunswick and Pender Counties.) The sale of million dollar plus homes has been on a record setting pace since early summer. By autumn, the question wasn’t whether a fifteen year old record would be broken, but rather by how much?
With December sales officially on the books, we can now answer that question. The year 2020 outpaced the previous best year for high-end property sales by nearly a hundred homes and an additional $190 million in dollar volume.
A total of 363 luxury properties sold during 2020 for a grand sum of $597 million. By comparison, the previous record was set in 2005, when 266 homes sold for a total of $409 million.
“The record wasn’t just broken. It was shattered!” said Kathleen Baylies, Broker-In-Charge of Just for Buyers Realty.
There are multiple reasons behind the big numbers. The most significant were record low interest rates; the major Covid-related shifts in the workplace and its impact on day-to-day home life; and low inventory of homes which put upward pressure on the price of homes in all price ranges, including the upper end.
“Any one of those factors, by itself, would have had a significant impact on the direction of the luxury market,” said Baylies “Combined, they pushed the sales numbers to unprecedented levels.”
Following the pattern of recent months, December capped the year with its own “best ever” numbers. A total of 37 luxury homes sold in the three counties for a collective $55.6 million. That makes it the best December ever, again breaking a mark set in 2005 when 12 homes sold for $26.6 million.
Th
e most expensive home to sell last month is located at 9 East Beach Drive on Bald Head Island. Wendy Wilmot served as both the listing and selling agent. “It was purchased by a tax attorney in Raleigh,” said Wilmot, “It was her dream to buy on Bald Head Island. She plans on initially using the property as a rental.”
(9 East Beach Drive, Bald Head Island courtesy Wendy Wilmot Properties)
| New Hanover County
Dec 2020 / Dec 2019 |
Brunswick County
Dec 2020 / Dec 2019 |
Pender County
Dec 2020 / Dec 2019 |
||||
| Newly Listed | 13 | 7 | 8 | 5 | 3 | 2 |
| Went Under Contract | 20 | 8 | 12 | 7 | 1 | 1 |
| Closed # Homes Sold | 15 | 8 | 19 | 6 | 3 | 5 |
| Total Closed $ Volume | $23.1 | $13.2M | $28.2 | $7.5M | $4.3 | $8M |
| Total Current Listings | 88 | 125 | 54 | 77 | 16 | 17 |
*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 Buyers Realty’s 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