Wilmington, N.C.- The July luxury housing market can be summed up in a simple sentence: Sales were down, but contracts were up.
In the tri-county area of New Hanover, Brunswick and Pender Counties a total of 49 luxury homes, with a price tag of $1 million or more, sold during July 2023 for a combined amount of $74.9 million. Those numbers fall far short of July 2022 when a total of 59 luxury homes sold in the area for a collective $91.1 million.
But that’s only half the story. July sent mixed messages about the current conditions of the housing market. Even though the number of homes that closed in the month were down on a year-to-year basis, the number of homes that went under contract during the same time increased. Last month deals were reached on 77 luxury properties. That’s an increase of 29% when compared to July of 2022.
“Some of those deals will close in August and some will close in September,” said Scott Saxton of Just For Buyers Realty. “I think what we’re seeing is the summer remains the time that buyers come to the coast for vacation and start looking for ways to make this their permanent home.”
One of the most expensive homes to close last month is located at 8204 Bald Eagle Lane in Porter’s Neck Plantation. The four bedroom, 6,100 square foot property overlooks the Intracoastal Waterway. The estate is made up of a main house with an adjacent guest wing. The home was listed by Vance Young of Intracoastal Realty. It was on the market for 99 days before going under contract. It closed on July 28th for $3,650,000.
|
New Hanover County July 2023 / July 2022 |
Brunswick County
July 2023 / July 2022 |
Pender County July 2023 / July 2022 |
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| Newly Listed | 47 | 36 | 21 | 34 | 4 | 17 |
| Went Under Contract | 39 | 23 | 31 | 24 | 7 | 6 |
| Closed # Homes Sold | 24 | 27 | 21 | 24 | 4 | 8 |
| Total Closed $ Volume | $40M | $46.4M | $30.5 | $34.2M | $4.5M | $10.6M |
| Total Current Listings | 116 | 108 | 115 | 111 | 27 | 45 |
*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