Wilmington, N.C.- For the third time this year, and the fifth time in a year and a half, a real estate transaction has broken the record for the most expensive home ever sold in New Hanover County.
The nearly 4,500 square foot home on 513 South Lumina Avenue on Wrightsville Beach sold on November 30 for $6,422,686. The three story, ocean front home features 4/5 bedrooms with unobstructed views of the Atlantic and private beach access. The property was listed by Vance Young of Intracoastal Realty and was only on the market for a week before going under contract.
(513 South Lumina Avenue, Courtesy Vance Young Intracoastal Realty)
The new record breaking sale edges out a deal for a home just a few blocks down the road that sold in May for an even $6.4 million.
“What’s amazing to me is not the new record, but the clip of which these records are being broken over and over again,” said Scott Saxton, Agent at Just For Buyers Realty. “For 15 years, the record high residential sale in New Hanover County never changed, but starting late last year, we’ve seen the record broken five different times. To me that is the ultimate sign of what an incredible year it has been.”
Here’s the record breaking history:
A home that sold in Wilmington in 2006 for 5,264,000 occupied the top space for more than a decade and a half. The mark was exceeded in September 2020 when a home on Futch Creek Road sold for 5,277,000. The very next month there was a $5.5 million dollar deal on Wrightsville Beach. In March a new high was reached when another Wrightsville Beach home sold for $6 million, followed in May by the $6.4 million dollar deal that held the record up until the end of last month.
In spite of all these records falling, when you look at the entire tri-county area the most expensive residential sale has been firmly on the books since 2012. That’s when a home on Bald Head Island closed for $9.7 million.
Over all, November became the 18th consecutive month when luxury home sales in the tri-county area have seen increases in year-to-year sales. The streak started in June 2020.
A total of 45 homes with a price tag of $1 million or more sold during the month for a collective value of just under $73 million. That compares to November 2020 when 43 homes sold for $72.5 million.
In addition to the sales another 20 luxury homes went under contract in November. This is potentially a note of concern because it marks the lowest number of future pending sales since April 2020 when only 14 homes went under contract.
“The only way to interpret the pending figures is to say that things are going to slow down, maybe not next month but sometime” said Saxton. “But saying ‘things will slow down’ is a long way off from saying the bubble is bursting. We are still in a very active and competitive market. That is true on the luxury level and it is true at all price points.”
| New Hanover County
Nov 2021 / Nov 2020 |
Brunswick County
Nov 2021 / Nov 2020 |
Pender County
Nov 2021 / Nov 2020 |
||||
| Newly Listed | 23 | 16 | 13 | 6 | 6 | 12 |
| Went Under Contract | 11 | 13 | 6 | 17 | 3 | 3 |
| Closed # Homes Sold | 21 | 22 | 18 | 12 | 6 | 9 |
| Total Closed $ Volume | $38.6M | $43M | $23.4M | $17.2M | $10M | $12.3M |
| Total Current Listings | 72 |
125
|
56 | 78 |
24
|
17 |
*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 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