Wilmington, N.C.- After a slight dip in October, the luxury housing market in the tri-county area of New Hanover, Brunswick and Pender Counties, posted its most profitable November ever. Last month a total of 47 homes with a price tag of $1 million and above sold for a combined value of $74.9 million. That outpaced November of 2021 when 45 homes sold for a collective $72 million.
A total of 28 out of the last 29 months witnessed increases in year-to-year sales. The only month to buck that trend was October when sales were slightly down from the previous year.
“We saw the trend where each month did better than the last month, now we’re likely going to see more of a yo-yo trend when we’re going up and then going down,” said Scott Saxton of Just For Buyers Realty. “The up and down is a sign that the area housing market is correcting itself and trying to find exactly where it belongs.
One of the homes to sell last month is located at 8400 Bald Eagle Lane in Porters Neck Plantation. The four bedroom home comes with an additional two bedroom mother-in-law suite. In all, the property measures more than 3,700 square feet. It was built in 1979 and overlooks the Intracoastal Waterway with views to Figure Eight Island. On the market for only 10 days before going under contract, the home closed on November 8th for $2.4 Million. (8400 Bald Eagle Lane was listed by Don Harris of Intracoastal Realty Corporation.)
In addition to the homes that sold, another 29 luxury properties went under contract in November. These deals are expected to close anytime from mid December to early February. In all the tri-county area now has 213 million plus dollar homes on the market. That is an increase of 40% from last November.
| New Hanover County
Nov 2022 / Nov 2021 |
Brunswick County
Nov 2022 / Nov 2021 |
Pender County
Nov 2022 / Nov 2021 |
||||
| Newly Listed | 22 | 23 | 18 | 13 | 2 | 12 |
| Went Under Contract | 10 | 11 | 11 | 6 | 8 | 3 |
| Closed # Homes Sold | 30 | 21 | 14 | 18 | 3 | 6 |
| Total Closed $ Volume | $50.1M | $38.6M | $21.1M | $23.4M | $3.7M | $10M |
| Total Current Listings | 86 |
72
|
92 | 56 | 35 | 24 |
*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