Wilmington, N.C.- Typically, the real estate market starts to slow down in the fall. The tourism season has ended, and buyers put their beach dreams on hold until spring. Plus, with kids back in school, parents are usually hesitant to move them in the middle of the year.
However, this year breaks the norm. Thus far, more luxury properties in the tri-county area, with price tags of $1 million or more, were sold in October than in any other month this year.
A total of 71 luxury homes closed last month in New Hanover, Brunswick, and Pender Counties. These numbers surpassed April, the previous high of the year, with 69 luxury home sales.
Despite the increase in the number of homes sold last month, the transactions occurred at significantly lower prices. In October, the 71 sales totaled $98.2 million, while in April, the 69 deals resulted in a combined $110 million changing hands.
“This is great news for buyers,” said Scott Saxton of Just For Buyers Realty. “Across the board, including the luxury market, buyers can come to the table and negotiate better deals.”
The most expensive home to close last month was a new construction property located in Scotts Hill, just across the county line in Pender County. The four-bedroom custom-built home on 2324 Scotts Hill Loop Road overlooks the Intracoastal Waterway and measures more than 3,700 square feet. It was listed by Shelly Wagner of Wicker Properties of the Carolinas. The estate closed on October 12th for $4,527,000.
| New Hanover County
Oct 2023 / Oct 2022 |
Brunswick County
Oct 2023 / Oct 2022 |
Pender County
Oct 2023 / Oct 2022 |
||||
| Newly Listed | 39 |
27 |
39 | 27 | 5 |
6 |
| Went Under Contract | 17 |
9 |
19 | 6 | 5 |
1 |
| Closed # Homes Sold |
29 |
22 | 35 | 24 | 7 |
4 |
| Total Closed $ Volume | $38.6 | $37.3M | $47.7 | $36.3M | $11.9 |
$4.8M |
| Total Current Listings |
127 |
82 | 159 | 100 | 35 |
47 |
*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