Wilmington, N.C- For local real estate agents, April is the start of their busy season. Typically sales slow down during the holidays, get even colder during the winter months, but finally start heating up with the arrival of spring.
That wasn’t the case last month in the tri-county luxury housing market. Not only did each county in the Wilmington metropolitan area fail to match its sales and total volume mark set the previous April, but they also fell short of the number of newly listed homes, and the number of homes that went under contract during the month.
In all a total of 42 luxury homes, with a price tag of $1 million or more, sold during the month for a total value of 61.5 million.
Those numbers are far below what was recorded in April of 2022 when 65 homes sold for just under $100 million.
“It would be a huge mistake to assume that just because April was off that the rest of the spring and summer will also be off,” said Scott Saxton of Just For Buyers Realty. “Certainly, this is part of a slowdown that we’ve seen for the last couple of months, but as more people come to the region to enjoy the beaches, it will spark in them a desire to move here. No matter what is going on with the market the Cape Fear region remains a place that people dream about.”
The most expensive home to sell last month was located in Landfall. The nearly 8,500 square foot estate on 2017 Balmoral Place, closed on April 13 for $2,800,000. The six bedroom, 8 bathroom home, was listed by Denis Ing of Keller Williams Innovate. The property was only on the market a day before going under contract.
|New Hanover County
April 2023 / April 2022
April 2023/ April 2022
April 2023/ April 2022
|Went Under Contract||18||39||21||33||6||12|
|Closed # Homes Sold||18||24||19||18||5||8|
|Total Closed $ Volume||$27.3M||$49.9M||27.3M||$24.9M||$6.9m||$11.6M|
|Total Current Listings||102||69||89||59||25||19|
*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, 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