Wilmington, N.C.- Despite slightly lower numbers in New Hanover County, this August marked the 15th consecutive month of year-over-year increases in luxury home sales in the tri-county area (New Hanover, Pender and Brunswick Counties.) Overall, 54 homes with price tags in excess of one million dollars sold for a collective volume of $97 million. That compares to 47 homes that sold for a total of $82.3 million in August 2020.
“At first blush, you may assume high-end home sales are softening in New Hanover County,” said Kathleen Baylies Broker-In-Charge of Just for Buyers Realty. “But, look at the numbers and it appears it’s not a lack of buyer interest contributing to the lower numbers in New Hanover County. It’s more a factor of limited inventory, which seems to be causing more buyers to consider options in Brunswick and Pender Counties, both of which had much stronger August numbers than a year ago.”
That notion of continuing demand is supported by the 51 homes that went under contract in August. While some of those deals are likely to fall through before closing, it is an indication that buyer interest in luxury homes remains strong.
“Agents who’ve been around for a while know eventually the record setting streak will end,” said Baylies. “but when that happens, we are much more likely to see the market return to ‘normal’ versus a bubble bursting.”
One of the most expensive homes to sell in August is located on Figure Eight Island at 27 Sandy Point. The three story, sound front property, was listed by Vance Young of Intracoastal Realty. It was built in 2016 and measures 6,300 square feet with four bedrooms and a private pier. The home closed on August 6 for $5,050,000.
(27 Sandy Point, Courtesy Vance Young Intracoastal Realty.)
| New Hanover County
Aug 2021 / Aug 2020 |
Brunswick County
Aug 2021 / Aug 2020 |
Pender County
Aug 2021 / Aug 2020 |
||||
| Newly Listed | 21 | 25 | 30 | 21 | 10 | 6 |
| Went Under Contract | 21 | 32 | 23 | 14 | 7 | 2 |
| Closed # Homes Sold | 24 | 26 | 23 | 18 | 7 | 3 |
| Total Closed $ Volume | $49.5M | $50.5M | $36.8M | $28.2M | $10.7M | $3.6M |
| Total Current Listings | 75 | 106 | 72 | 62 | 29 | 20 |
*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