Wilmington, N.C. – If January is any indication, Cape Fear’s luxury housing market should explode in 2024.
The year started off by shattering numbers posted in January 2023. Every single category saw massive positive increases. Sales were up by 50%. Total volume was up by 100%. New luxury listings shot up by 50%. Pending sales skyrocketed by more than 430%, and finally, luxury inventory increased by 52%.
When combining the sales of properties priced at $1 million or more in New Hanover, Brunswick, and Pender counties, a total of 53 properties sold in the first month of the year for a total value of $90.6 million. That’s compared to anemic January 2023 when only 28 homes sold for a combined $45.3 million.
“When the numbers came out last January, the entire real estate industry was bracing for a tough year… which fortunately never came,” said Scott Saxton of Just For Buyers Realty. “So, we don’t want to read too much into these amazing numbers from last month, but it’s clear that the luxury market has never gotten off to this good of a start. There should be momentum to produce a profitable February and March, and then we move into the spring and summer months which are always busy. Obviously, a number of factors could slow things down, but for right now, the early indicators are this will be a very special year.”
The most expensive sale of the month was the transaction of a four-bedroom, four-and-a-half-bath, 5,100 square-foot home overlooking the Intracoastal Waterway. The property located on 2307 Middle Sound Loop Road closed on January 16th for $7.5 million. It was listed by The Phillips Group of Landmark Sotheby’s International Realty. The Shingle Style masterpiece is set on four-plus acres behind a private gate with 149 feet of water frontage. It was on the market for 120 days before going under contract.
(Picture of 2307 Middle Sound Loop Road courtesy The Phillips Group of Landmark Sotheby’s International Realty.
| New Hanover County
JAN 2024 / JAN 2023 |
Brunswick County
JAN 2024 / JAN 2023 |
Pender County
JAN 2024/ JAN 2023 |
||||
| Newly Listed | 32 | 28 | 34 | 15 | 9 | 7 |
| Went Under Contract | 31 | 7 | 20 | 4 | 8 | 0 |
| Closed # Homes Sold | 53 | 18 | 25 | 9 | 4 | 1 |
| Total Closed $ Volume | $50.8M | $31M | $32.7M | $12.9M | $7.1M | $1.4M |
| Total Current Listings | 122 | 81 | 136 | 74 | 37 | 39 |
*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 info@JustForBuyersRealty.com, or visit www.JustForBuyersRealty.com