Wilmington, N.C.- Officially July was another record breaking month when it comes to luxury home sales in the tri-county area. In New Hanover, Brunswick and Pender Counties, more $1 million plus homes sold last month than in July of 2021. In all 58 luxury homes closed during July for a total volume of $91.2 million. That compares to last year when 51 luxury properties closed for a combined $85.9 million.
July becomes the 26th month in a row where the high-end housing market experienced an increase in year-to-year sales.
But something else took place in July that is perhaps the first sign that things may be returning to a more regular pace. Local real estate experts are noticing that, for the first time since the streak started in the summer of 2020, the number of homes to go under contract has declined year-to-year.
In July deals with pending sales were successfully negotiated on a total of 53 luxury homes. That is down from last year when 64 homes went under contract. The pending sales are important because they are the best indicator of what will happen to the market in the next two to three months.
“It’s not a drastic decrease,” said Scott Saxton of Just For Buyers Realty. “But for the first time you have to wonder about the momentum going forward. Will we continue to see record breaking sales in the late summer and early fall months? Obviously, it’s too early to tell, but these numbers from July do give you reason to pause.”
The most expensive home to sell in July is located at 3 Auditorium Circle on Wrightsville Beach. The five bedroom home sits on Banks Channel. It measures more than 5,300 square feet. It was listed by Lisa Wayne of Intracoastal Realty. The property was on the market for only eight days before going under contract. It closed on July 1, for $5,350,000. It becomes the seventh transaction this year to clear the five million threshold.
(3 Auditorium Circle Wrightsville Beach, Courtesy Lisa Way Intracoastal Realty)
| New Hanover County
July 2022 / July 2021 |
Brunswick County
July 2022 / July 2021 |
Pender County
July 2022 / July 2021 |
||||
| Newly Listed | 36 | 29 | 34 | 32 | 17 | 7 |
| Went Under Contract | 23 | 33 | 24 | 26 | 6 | 5 |
| Closed # Homes Sold | 27 | 22 | 24 | 25 | 8 | 4 |
| Total Closed $ Volume | $46.4M | $39.6M | $34.2M | $40.9M | $10.6M | $5.4M |
| Total Current Listings | 108 | 74 | 111 | 65 | 45
|
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