Wilmington, N.C.- The record breaking sales streak for luxury homes in the Cape Fear region has now extended to an unprecedented 25 months. Last month, sales of homes with a price tag of at least $1 million saw a massive increase in year-to-year sales.
In June 2022, a total of 73 luxury homes closed in New Hanover, Brunswick and Pender Counties. That is an increase of 74% from June of 2021 when 42 luxury homes sold in the region.
Last month’s sales had a combined volume of $109.7 million, which is an increase of 70% from last June’s $64.6 million.
“Just think about when this streak started,” said Scott Saxton of Just For Buyers Realty. “Two years ago we were right in the middle of the worst days of the pandemic. Back then, with all the uncertainty, no one would have predicted that it would be the start of a luxury real estate boom. The fact that it started, let alone that is has extended for 25 months, is truly remarkable.”
The most expensive home to close last month is located at 56 Pelican Drive on Wrightsville Beach. The five bedroom, five and a half bath, custom-built property was on the market for only one week before it went under contract. The home closed June 10th for just under $7.4 Million. The estate was listed by Vance Young of Intracoastal Realty. It becomes the highest all-time individual sale in Wrightsville Beach history and the third highest in New Hanover County history.
(56 Pelican Drive courtesy Vance Young and Intracoastal Realty.)
In addition to the sales real estate experts are also paying attention to the increase in luxury inventory. June became the first month during the record breaking streak where each of the three counties experienced year-to-year increases in the number of luxury homes on the market. Expert say it is too early to determine what a larger inventory means for the market.
“We know more homes on the market means better news for buyers,” said Saxton. “Buyers have more options and a little more leverage. At the same time the increase could be the first sign of things slowing down. We’ve recently seen interest rates increase, and typically when that happens sales start leveling off.”
| New Hanover County
June 2022 / June 2021 |
Brunswick County
June 2022 / June 2021 |
Pender County
June 2022 / June 2021 |
||||
| Newly Listed | 48 | 19 | 50 | 23 | 18 | 6 |
| Went Under Contract | 23 | 23 | 27 | 24 | 7 | 3 |
| Closed # Homes Sold | 36 | 23 | 32 | 15 | 5 | 4 |
| Total Closed $ Volume | $53.8M | $40.8M | $48.5M | $18.8M | $7.4M | $5.0M |
| Total Current Listings | 101 | 77 | 110 | 61 | 38 | 26 |
*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 scott@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com