Wilmington, N.C.- The month of May was a mixed bag for the luxury housing market throughout New Hanover, Brunswick and Pender Counties. The good news is high-end real estate transactions saw more than $100 million changing hands in May.
The not-so-good news is those sales fell short of the record breaking numbers posted just last year, in both total number of homes sold and the collective volume.
Last year 71 homes with a price tag of $1 million or more sold in the tri-county area for a total of $127 million. This May those numbers dropped to 69 homes closing for $110 million.
“Those figures are still amazing!” said Scott Saxton of Just For Buyers Realty. “If we compare sales to what happened last year, which was a year unlike anything we’ve seen before, then everything is going to pale in comparison. But if you focus on the larger picture, when you look at the 20 years that we’ve been keeping records, then what happened last month was another impressive sign. The Cape Fear region continues to be in very high demand for luxury buyers and there is no sign of that slowing down.”
One of the homes that sold last month is the 8,600 square foot home located at 1 Auditorium Circle on Wrightsville Beach. The property attracted a lot of attention on social media for its unique Hawaiian inspired architecture. It was listed by the Nick Phillips Group and Sam Crittenden of Landmark Sotheby’s International Realty. Originally the property, that overlooks the Intracoastal Waterway, was priced at $13 million and sold last month for $10 million. As was reported by the Wilmington Business Journal the sale is now tied as the second most expensive transaction in New Hanover County history.
|New Hanover County
May 2023 / May 2022
May 2023 / May 2022
May 2023/ May 2022
|Went Under Contract||42||38||19||31||7||11|
|Closed # Homes Sold||32||33||29||28||8||10|
|Total Closed $ Volume||$57.6M||$65.2M||$41.5M||$47.9M||$11M||$13.9M|
|Total Current Listings||103||81||101||85||25||26|
*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