Wilmington, N.C.- October may have produced another solid sign that the local housing market is slowing down, or perhaps just returning to a normal pace. For the first time in more than two years the luxury housing market in the Cape Fear region failed to post an increase in year-to-year sales.
Last month a total of 50 high-end homes sold in the tri-county area of New Hanover, Brunswick, and Pender Counties. The properties closed for a combined value of $78.4 million. Those numbers are shy of the mark set in October of 2021 when 53 homes sold for a combined value of $90.5 million.
“It almost seems a little unfair because last month was the second best October ever recorded,” said Scott Saxton of Just for Buyers Realty. “And if you were to look at those numbers, they’re impressive! But when you view them in the context of this record breaking streak, where month after month we witnessed gains in the luxury housing market, and now we see this dip, it says to me that if we’re not seeing a slow down, at least we are seeing a calming down.”
The record sales streak started during the earliest days of the pandemic. Lower interest rates helped to produce a nationwide housing market boom. Here in the Cape Fear region, buyers in all price points found themselves in a very competitive market. That was especially true in the luxury market where a number of people started to explore North Carolina in an attempt to escape some of the more crowded urban areas up north. During the streak, which lasted from May 2020 through September 2022, more than 1,400 luxury homes sold for a whopping $2.3 Billion.
“We knew it couldn’t last forever,” said Saxton. “Certainly the recent increase in interest rates could have played a role in slowing things down, and then it also could simply be that things just ran their course. Having said that- I think when we look back at the record sales, we will see this streak as the time when the Cape Fear region really positioned itself on the luxury map.”
Even though October failed to outpace its year-to-year mark, the month did post several impressive sales.
The most expensive home to sell in the 31 days of the month was located at 1205 Airlie Road in Wilmington. The three bedroom, two bath home, was built in 1945 on a two acre property and is one of only two homes on historic Airlie Road with a private pier. It was listed by Vance Young of Intracoastal Realty, and stayed on the market for only 53 days before going under contract. It closed on October 24, for $5,225,000. The home became the 9th property this year to break the $5 million mark in sales.
(1205 Airlie Road, Courtesy Vance Young Intracoastal Realty Corp.)
| New Hanover County
Oct 2022 / Oct 2021 |
Brunswick County
Oct 2022 / Oct 2021 |
Pender County
Oct 2022 / Oct 2021 |
||||
| Newly Listed | 27 |
28 |
27 | 29 | 6 |
5 |
| Went Under Contract | 9 |
25 |
6 | 32 | 1 |
6 |
| Closed # Homes Sold |
22 |
26 | 24 | 21 | 4 |
6 |
| Total Closed $ Volume | $37.3M | $44.4M | $36.3M | $35.5M | $4.8M |
$10.6M |
| Total Current Listings |
82 |
74 | 100 | 57 | 47 |
25 |
*Luxury homes 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