Wilmington, N.C.- In a year where real estate records are breaking left and right, another significant new milestone was reached in September. Pender County had its best month ever for luxury home sales. A total of nine homes, priced at one million or more, sold in the county for a collective $14.7 million. This breaks a record set only in May when six homes sold for a collective $8.7 million.
Some experts believe that Pender County may be benefiting from a luxury inventory shortage in New Hanover County.
“There are still plenty of high-end homes for sale in New Hanover County,” said Scott Saxton of Just For Buyers Realty, “But there are not as many as there were last year. And there’s certainly not as many as the year before that.
From September 2020 to September 2021, the number of luxury homes on the market in New Hanover County has dropped by more than 25%. From September 2019, the number is down 45%.
“The inventory is down because sales are up,” said Saxton. “It’s rather simple math. If someone buys a home that means there is one less home on the market. And as the inventory goes down prices in New Hanover County go up. And so more and more luxury buyers are saying let’s look in other nearby areas.”
One of the luxury properties to sell in Pender County last month is located at 620 Red Fox Trail in Hampstead. The three bedroom, three bathroom home measures 3,500 square feet and is situated on the Intracoastal Waterway. The home was only on the market for two days before going under contract. It closed on September 10 for $1,050,000.
(620 Fox Trail Courtesy Sandra Corbett-McNeil Intracoastal Realty Corp)
Across all three counties a total of 56 luxury homes sold in September for a collective $91.2 million. September extended a streak to 16 consecutive months where the tri-county area’s luxury housing market experienced an increase in year-to-year sales.
| New Hanover County
Sept 2021 / Sept 2020 |
Brunswick County
Sept 2021 / Sept 2020 |
Pender County
Sept 2021 / Sept 2020 |
||||
| Newly Listed | 16 | 33 | 19 | 22 | 5 | 5 |
| Went Under Contract | 22 | 29 | 19 | 21 | 4 | 10 |
| Closed # Homes Sold | 23 | 22 | 24 | 12 | 9 | 4 |
| Total Closed $ Volume | $39.3M | $43.2M | $37.2M | $15.8M | $14.7M | $5.5M |
| Total Current Listings | 76 | 101 | 67 | 65 | 24 | 14 |
*Luxury homes 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 Just For Buyers Realty. 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 info@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com