Wilmington, NC- Another month and another new record for the area’s luxury housing market. Since July, the tri-county area (made up of New Hanover, Brunswick and Pender Counties) has consistently set new monthly milestones in sales of homes with at least a $1 million price tag. Last month was no different. It will go down in the books as the best February ever. In all, a total of 25 homes sold to nudge out the 23 sales that set the last February record in 2007.
New Hanover County led the way with 15 homes selling for $21.8 million. In Brunswick County, 8 luxury homes exchanged hands for a collective $11.9 million. Pender County contributed two sales for $2.9 million. Collectively, the 25 homes had a value of $36.6 million.
The single most expensive deal of the month was the sale of 978 South Bald Head Wynd on Bald Head Island. The ocean front property was listed by Doug Oakley of Intracoastal Realty. The estate measures 3,200 square feet with four bedrooms and five bathrooms. It sold on February 8 for $2.4 million. The deal works out to $749 dollars per square foot.
(978 South Bald Head Wynd, Courtesy Intracoastal Realty.)
“After so many months of remarkable performance, it’s easy to wonder how much longer the luxury market will continue to set records,” says Kathleen Baylies, Broker-in-Charge of Just For Buyers Realty. “But when you look at how many homes went under contract in February, it’s pretty clear the record setting trend isn’t anywhere near close to being over.”
In February, 33 upscale homes went under contract in the tri-county area. The average length of time those properties sat on the market was 99 days. This same time last year, the average period was 131 days. “Days on the market have dropped 25%,” said Baylies. “That means buyers need to move more quickly. If you see something you like, you don’t have as much time to think about it before making an offer. If you hesitate, you are more likely to miss the opportunity.”
|New Hanover County
FEB 2021 / FEB 2020
FEB 2021/ FEB 2020
FEB 2021/ FEB 2020
|Went Under Contract||28||16||13||5||3||1|
|Closed # Homes Sold||15||10||8||4||2||1|
|Total Closed $ Volume||$21.8M||$14.1M||$11.9M||$4.9M||$2.9M||$1.2M|
|Total Current Listings||71||141||40||69||11||23|
*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 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