Wilmington, N.C. – The luxury real estate market in the Cape Fear region repeated a familiar pattern last month. Once again, sales were down slightly, while prices continued to increase. At the same time, the market started to show a new trend in September, with inventory levels reaching an all-time record high.
As of this writing, there are a total of 283 luxury homes actively for sale throughout New Hanover, Brunswick, and Pender counties. Luxury homes are defined as properties listed with a price tag of $1 million or more. The current listings represent the highest number on the market at any one time, and they have increased not only compared to the same time last year but also compared to pre-pandemic levels. From September 2019 to September 2023, the luxury inventory has risen by 13.2%.
“Any increase in inventory is good news for buyers,” said Scott Saxton of Just For Buyers Realty. “First, and most obviously, having more homes on the market means a larger selection. Additionally, more homes on the market shift the leverage towards buyers, giving them more negotiation power to persuade the seller to lower their original asking price.”
It does appear that many luxury buyers secured good deals last month. A total of 56 luxury properties were sold in the three counties, closing for a combined $103.1 million. While this is an impressive total, the original asking price for these homes totaled $110.3 million. This means that buyers were able to negotiate with sellers to reduce their asking price by $7.2 million.
One of the properties sold in September is located on Wrightsville Beach and offers stunning views of the Intracoastal Waterway. The estate on 11 Bahama Drive is a 1,245-square-foot home built in 1960, featuring two bedrooms, two bathrooms, and a private dock with four boat slips. Listed by the Lanier Property Group of Intracoastal Realty, the home was sold on September 13th for $3.3 million.
| New Hanover County
Sept 2023 / Sept 2022 |
Brunswick County
Sept 2023 / Sept 2022 |
Pender County
Sept 2023 / Sept 2022 |
||||
| Newly Listed | 34 | 21 | 40 | 28 | 10 | 5 |
| Went Under Contract | 25 | 34 | 37 | 21 | 7 | 3 |
| Closed # Homes Sold | 26 | 28 | 25 | 27 | 6 | 4 |
| Total Closed $ Volume | $57M | $48.1M | $39.8M | $41.5M | $6.3M | $5.5M |
| Total Current Listings | 116 | 95 | 136 | 107 | 31 | 48 |
*Luxury homes 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