Wilmington, NC- In March, the local luxury housing market came in like a lion, and went out with an even bigger roar. The month was the most prolific one ever recorded with 52 high-end home sales. That tops a record of 47 homes set in August 2020 and then tied in October 2020.
The March 2021 transactions had a combined value of $93.2 million, up 10.4% from the previous high of $83.5 million in October 2020.
“Saying we’re breaking records, is starting to sound like a broken record,” said Kathleen Baylies Broker-in-Charge of Just For Buyers Realty. “The record that was broken just last August stood for fifteen years. Since then, it’s been broken twice.”
It’s a similar story for the most expensive single home ever sold. For 15 years, the highest price on the books stood at $5,264,000 for a property that closed in August of 2005. That record was topped in September 2020 by roughly $13,000. It was broken again the very next month by a house that sold for $5.5 million and that recorded was exceeded again in March.
The newest single most expensive home to ever sell in the tri-county area is located at 831 South Lumina Avenue on Wrightsville Beach. The six bedroom, 4,000 square foot, ocean front home, sold on March 19th for $6,000,000 ($100,000 above the asking price.) The listing agent, Ginny Hollingsworth, grew up in the home. Her parents bought it in the 1940’s. She decided to sell it after her mother passed away in January. “My brother and I had the best times there,” said Hollingsworth, “but neither of us wanted to move back. It was time for another family to make their memories.” (831 South Lumina Avenue, Wrightsville Beach Courtesy Ginny Hollingsworth.)
In addition to the sales that closed in March, another 30 luxury homes went under contract and 48 more homes came on the market with an asking price of $1 million or more.
“The four dozen homes that came on the market will prove crucial to keeping this streak going,” said Baylies. “Inventory is way down from last year. It’s down 65% in Pender County, 53% in New Hanover and 44% in Brunswick County. That’s bound to push prices higher, which may prompt more owners to consider selling.”
|New Hanover County
March 2021 / March 2020
March 2021/ March 2020
March 2021/ March 2020
|Went Under Contract||17||10||11||6||2||0|
|Closed # Homes Sold||29||20||21||2||2||2|
|Total Closed $ Volume||$62.8||$44.9M||$27.7||$3.1M||$2.6||$2.3M|
|Total Current Listings||71||152||41||74||9||26|
*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