Wilmington, N.C.- The most expensive residential real estate transaction in January was the sale of the largest home on the market in the tri-county.
The home located on 7319 Carolina Beach Road was the only estate on the market to measure more than 10,000 square feet (10,690 according to the official listing). The five bedroom, eight bathroom property sits on 10 acres off the Intracoastal Waterway. The home offered all the perks including a handcrafted staircase, a two story dining room, putting green and a separate pool house. It was listed by Nick Phillips of Landmark Sotheby’s International Realty and sold on January 31 for $5,900,000.
The sale was one of 39 luxury transactions in the tri-county area during January. Collectively the sales had a total volume of $62.4 million. Those numbers out performed January 2021 when 22 homes sold for a combined $34 million. January became the 20th consecutive month when luxury homes sales in the tri-county area saw increases in year-to-year-sales. The streak started in June 2020.
And while that is impressive some real estate experts say there is a sign for concern. Currently the inventory of luxury homes is at an all-time low. Right now there are only 104 homes with a price tag of $1 million or more on the market. A year ago that number was 190. Two years ago it stood at 221 homes.
“As long as inventory is low the ball is firmly in the seller’s side of the court,” said Scott Saxton of Just For Buyers Realty, “Buyers in all price points, including the luxury market, are at a disadvantage. Records are going to continue to break, and sellers are going to continue to cash in, until things start leveling off.”
In addition to the January sales another 55 luxury homes went under contract during the month and another 50 homes made their debut on the market.
| New Hanover County
JAN 2022 / JAN 2021 |
Brunswick County
JAN 2022 / JAN 2021 |
Pender County
JAN 2022/ JAN 2021 |
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| Newly Listed | 20 | 25 | 24 | 8 | 6 | 3 |
| Went Under Contract | 26 | 28 | 21 | 18 | 8 | 4 |
| Closed # Homes Sold | 23 | 13 | 10 | 6 | 6 | 2 |
| Total Closed $ Volume | $41.5M | $20.4M | $13.6M | $9.7M | $9.2M | $2.8M |
| Total Current Listings | 46 | 110 | 38 | 65 | 20 | 15 |
*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