Wilmington, N.C.- The weather is not the only thing that cools down during the winter months. Traditionally speaking, the real estate market follows suit. December to February tend to be the slowest months of the year- especially for the luxury market. Still, it’s been a while since we’ve seen a month like the one we just exited.
Luxury home sales in the tri-county area of New Hanover, Brunswick and Pender Counties posted its worst numbers in more than two years. In February a total of 30 homes sold in the lower Cape Fear Region for a combined volume of $47.9 million. That compares to February of 2022 when 39 properties sold for $64.3 Million.
The last time the region has seen such low numbers was 25 months ago in January of 2021 when 27 luxury properties sold for 36.6 million.
“What we’re seeing is a nationwide issue,” said Scott Saxton of Just For Buyers Realty. “From coast to coast sales are down, but Wilmington and the surrounding areas are still places where people want to move. This is a very desirable location and that alone brings stability to this market.”
The most expensive home to sell last month was located at 6 Pelican Drive on Wrightsville Beach. The four bedroom, two bath condo, overlooks Lee’s Cut. The property is a boaters dream with a covered dock, a newer floating dock and two 50 foot boat slips. Listed by the Rising Tide Team at Intracoastal Realty the home closed on February 23 for $3,990,000.
(6 Pelican Drive, Wrightsville Beach courtesy Rising Tide Team/Intracoastal Realty)
|New Hanover County
FEB 2023 / FEB 2022
FEB 2023/ FEB 2022
FEB 2023/ FEB 2022
|Went Under Contract||24||26||21||17||9||11|
|Closed # Homes Sold||14||17||12||19||4||3|
|Total Closed $ Volume||$23.6M||$28.5M||$19.2M||$31.5M||$1.3M||$4.3M|
|Total Current Listings||104||46||103||45||31||13|
*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