Wilmington, N.C.- Those waiting for a luxury bubble to burst, or the very least for the hottest real market ever to start slowing down, are going to have to wait a little while longer. Right now, it appears there is no end in sight.
For the 17th consecutive month, luxury home sales in the tri-county area of New Hanover, Pender and Brunswick counties have seen increases in year-to-year sales. The streak started in June 2020, when experts say the initial fears of Covid were causing people to flee larger northern cities and move to less congested areas. Nearly a year and a half later, high end homes are still selling at a record clip.
“The October numbers surprised me,” said Scott Saxton, agent with Just For Buyers Realty. “We have seen the first signs of a slow down when it comes to lower priced homes. Anything under $1 million dollars, overall sales are down about 12% to 17% from where they were last year. But it’s a different story when you look at homes priced at $1 million or more. That is still a very hot market.”
Last month, a total number of 54 luxury homes sold for a combined value of $89.6 million. Compare that to October of 2020 when 46 luxury homes sold for a combined value of $82.2 million.
Nine of the homes that sold last month were located in the Landfall subdivision. They include the 7,300 square foot home on 313 Fair Lakes Drive. The five-bedroom home was built in 2019 and sits on a one and a quarter acre lot. The property was on the market for 20 days before it went under contract. It sold on October 15th for $2,285,000.
(313 Fair Lakes Drive Courtesy Don Spiers, Intracoastal Realty)
In addition to home sales, another 63 luxury properties went under contract in October and 62 more made their debut as brand new listings.
| New Hanover County
Oct 2021 / Oct 2020 |
Brunswick County
Oct 2021 / Oct 2020 |
Pender County
Oct 2021 / Oct 2020 |
||||
| Newly Listed | 28 | 32 | 29 | 21 | 5 | 4 |
| Went Under Contract | 25 | 22 | 32 | 17 | 6 | 5 |
| Closed # Homes Sold | 26 | 24 | 21 | 22 | 6 | 1 |
| Total Closed $ Volume | $44.4M | $49.4M | $35.5M | $32.8M | $10.6 | $1.3M |
| Total Current Listings | 74 | 127 | 57 | 84 | 25 | 12 |
*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 Just for Buyer’s 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