Wilmington, N.C.- For the 14th consecutive month the tri-county area’s luxury housing market saw an increase in year-to-year sales. July 2021 not only bested its counterpart from last year, it shattered the previous mark with an increase of nearly $30 million dollars in sales.
In July 2021, a total of 51 homes priced at $1 million or more sold in the tri-county area for a total value of $85.6 million. Compare that to 2020, when a total of 37 homes sold for $56.5 million.
The fact that the streak continued in July is significant because we’ve reached a point where sales are competing with what were already recording breaking numbers. Last year produced the best July ever recorded in luxury homes sales. That is until this year when the mark was broken on only the 23rd of the month.
Brunswick County led the way in sales with a total of 25 luxury home transactions worth a total of $40.9 million.
In New Hanover County, 22 homes sold for a combined $39.3 million and in Pender County, four home sales produced $5.4 million.
“All this activity has caused more people to ask, ‘When do you think the bubble will burst?” said Kathleen Baylies, Broker-In-Charge at Just For Buyers Realty. “The question assumes we are in a ‘bubble,’ an assessment I disagree with. But, eventually, we are bound to see a leveling of the market. It’s too soon to say that shift is already happening, however, inventory in the high-end market has increased by 12% in just the last few weeks. It may be an early sign of the inevitable swing back to ‘normal.’”
The most expensive sale of the month was the estate at 704 Shoal Watch Way on Bald Head Island which sold for $6,150,000. It was listed by Stephanie Blake of Intracoastal Realty. The property measures 5,200 square feet with seven bedrooms and six and a half bathrooms. It also features of 143 feet of beach frontage.
(704 Shoal Watch Way, courtesy Stephaine Blake, Intracoastal Realty)
| New Hanover County
July 2021 / July 2020 |
Brunswick County
July 2021 / July 2020 |
Pender County
July 2021 / July 2020 |
||||
| Newly Listed | 29 | 30 | 32 | 32 | 7 | 1 |
| Went Under Contract | 33 | 35 | 26 | 22 | 5 | 4 |
| Closed # Homes Sold | 22 | 20 | 25 | 15 | 4 | 2 |
| Total Closed $ Volume | $39.6M | $34.6M | $40.9M | $19.2M | $5.4M | $2.95M |
| Total Current Listings | 74 | 140 | 65 | 76 | 26 | 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 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