Wilmington, N.C.- If the first month of the year is any indicator, then the profitable record breaking days for the local luxury housing market could be over.
In January sales of homes priced at $1 million or more dropped dramatically throughout New Hanover, Brunswick and Pender Counties. The total number of homes sold dropped by 28% while the total volume of those sales dropped by more than 30%
Last month a total of 28 luxury homes closed for a collective $45.3 million. That is compared to January 2022 when 39 homes sold for $64.3 million.
“We knew this was coming,” said Scott Saxton of Just For Buyers Realty. “We saw the slow down first in the overall housing market in the fall. The momentum in the local high-end market managed to keep things going for a few more months, but it’s clear now that the slowdown has arrived.”
The most expensive residential property to sell last month was an oceanfront home on Wrightsville Beach. The five bedroom home was listed by Vance Young of Intracoastal Realty. It is located in one of the most sought after blocks in all of New Hanover County, the so called “500 Block” of Lumina Avenue South. The 1940 home was only on the market for two days before going under contract. It closed on January 4 for $4.4 million. (Photo Courtesy Vance Young, Intracoastal Realty.)
In addition to the drop in sales, the number of luxury homes to go under contract also had a major decline. In 2022 a total of 55 new listing debuted on the market. Last month only 11 luxury homes went under contract. That’s a decrease of 80%.
“There is no reason to sugar coat this, last month was bad news for sellers” said Saxton. “But it could be great news for buyers. After two and a half years where all the leverage was on one side, we now have more of a balanced market… and this may even be the start of the leverage moving to the buyer’s side.”
| New Hanover County
JAN 2023 / JAN 2022 |
Brunswick County
JAN 2023 / JAN 2022 |
Pender County
JAN 2023/ JAN 2023 |
||||
| Newly Listed | 28 | 20 | 15 | 24 | 7 | 6 |
| Went Under Contract | 7 | 26 | 4 | 21 | 0 | 8 |
| Closed # Homes Sold | 18 | 23 | 9 | 10 | 1 | 6 |
| Total Closed $ Volume | $31M | $41.5M | $12.9M | $13.6M | $1.4M | $9.2M |
| Total Current Listings | 81 | 46 | 74 | 38 | 39 | 20 |
*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 advocates 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