Wilmington, NC – What a difference a year makes. Last April, in the midst of the pandemic shutdown, only 10 homes with selling prices more than $1 million transferred ownership in the tri-county area (New Hanover, Pender and Brunswick.) That number more than tripled this April, when 35 high-end homes sold.
Total dollar volume also more than tripled. In April 2020, sales were $17.8 million. This April that number soared to $58.4 million. While not setting an all-time record, April 2021 sales were the best ever for the month.
As luxury sales continue to climb, inventory continues to drop. A year ago, high-end buyers had 250 homes with asking prices over $1 million to choose from. That number has shrunk to 115.
“The drop in inventory will, no doubt, push the prices of these special homes even higher,” said Kathleen Baylies, Broker-in-Charge of Just For Buyers Realty. “Factor in extremely low interest rates and the continuing influx of people moving to southeast North Carolina, and you have a textbook example of supply and demand driving prices.”
The most expensive home to sell in April 2021 was located at 138 Beach Road South on Figure Eight Island. The four bedroom ocean front home was listed by Buzzy Northen of Intracoastal Realty. It was on the market for 20 days before going under contract. The sale closed on April 23rd with a price tag of $3,250,000.
(138 Beach Road South, Courtesy Buzzy Northen Intracoastal Realty.)
| New Hanover County
April 2021 / April 2020 |
Brunswick County
April 2021/ April 2020 |
Pender County
April 2021/ April 2020 |
||||
| Newly Listed | 28 | 13 | 28 | 9 | 21 | 1 |
| Went Under Contract | 27 | 9 | 26 | 4 | 6 | 1 |
| Closed # Homes Sold | 20 | 2 | 9 | 8 | 6 | 0 |
| Total Closed $ Volume | $35.8M | $2.9M | $15.7M | $14.9M | $6.9M | 0 |
| Total Current Listings | 71 | 148 | 42 | 78 | 24 | 24 |
*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