Wilmington N.C.- August became the 27th month in a row where luxury home sales in New Hanover, Brunswick and Pender counties saw increases in year-to-year sales. A total of 60 homes with a price tag of $1 million or more sold in the tri-county in August 2022, compared to only 54 in August 2021.
That’s the good news.
The bad news, at least for those trying to sell luxury homes, may be prices are noticeably dropping. Even though more homes sold in August of this year, the total volumes of those sales are down by almost $1 million dollars. In August 2022 the 60 homes that sold closed for a combined price of $96,018,443. Last year the 54 homes that sold closed for a total of $97,011,399.
“This is just the latest sign that the leverage is moving back to the buyer,” said Scott Saxton of Just For Buyers Realty. “A few months ago we started to notice an increase in inventory of luxury homes- meaning buyers had more options. Then in July we noticed a decrease in the number of luxury homes going under contract, and now we are seeing an overall dip in prices. What all that tells me is that this is once again becoming a more balanced market.”
The most expensive transaction for the month was of a concept home that has yet to be built on Wrightsville Beach. The property that will eventually be located on 15 Augusta Street closed on the first of August for $5.9 million.
The most expensive sale of an existing home was located in Wilmington’s Shandy Point neighborhood. The four bedroom, four bath, custom built home is located on a peninsula at 136 Skystasail Drive. It measures more than 4,100 square feet. The property was listed by Vance Young of Intracoastal Realty. It closed on August 5th for $3,875,000.
(136 Skystasail Drive Courtesy of Vance Young and Intracoastal Realty.)
August also saw a continuation of another trend. More and more luxury buyers are opting for Pender County. For the first time luxury sales in Pender County hit double digits with 10 homes selling at prices of $1 million or more- its best month ever.
“It’s not Topsail and Surf City,” said Saxton. “Three of those sales were in Hampstead neighborhoods, away from the water. That’s a sign that luxury buyers have fallen in love with this entire region and that is going to continue- not just in Pender County, but pretty soon you will see more and more luxury buyers looking at Onslow County, too.”
| New Hanover County
Aug 2022 / Aug 2021 |
Brunswick County
Aug 2022 / Aug 2021 |
Pender County
Aug 2022 / Aug 2022 |
||||
| Newly Listed | 52 | 21 | 39 | 30 | 12 | 10 |
| Went Under Contract | 9 | 21 | 10 | 23 | 0 | 7 |
| Closed # Homes Sold | 27 | 24 | 23 | 23 | 10 | 7 |
| Total Closed $ Volume | $46.8m | $49.5M | $35.1m | $36.8M | $14.1M | $10.7M |
| Total Current Listings | 119 | 75 | 106 | 72 | 43 | 29 |
*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