Wilmington, N.C- The tri-county luxury housing market ended its most profitable year ever by breaking a milestone that once seemed totally out of reach. For the first time luxury home sales in New Hanover, Brunswick and Pender Counties collectively broke the $1 billion mark in a single calendar year.
From January 1 to December 31, 2022, a total of 663 homes with a price tag of at least $1 million, sold for a collective $1,059.516,745. That out paced 2021 (the previous most profitable year ever,) by more than one hundred million dollars. Last year a total of 558 homes sold for a collective $926.2 million.
“This is an incredible streak we’re on,” said Scott Saxton of Just For Buyers Realty. “It really goes back three years. When we used to talked about the glory days in this region’s market, we meant 2005 to 2007. Those days are long since gone! These are the new glory days, the only question is will the streak continue in 2023?”
| RANKING | YEAR | NUMBER OF HOMES SOLD | TOTAL VOLUME |
| 1 | 2022 | 663 | $1.1 Billion |
| 2 | 2021 | 558 | $926.2 Million |
| 3 | 2020 | 361 | $594.1 Million |
| 4 | 2005 | 268 | $414.8 Million |
| 5 | 2006 | 203 | $347.3 Million |
One possible sign that the luxury market is cooling off are the sales posted in December. For only the second time in the last two and a half years a month failed to post an increase in volume when compared to the same time the previous year. Last month 42 homes sold in the tri-county area for a collective $63.7 million. That is down from December 2021 when 45 luxury homes sold for $69.2 million.
“In every price point we are seeing a bit of a cooling off,” said Saxton. “That very well may continue during the first quarter of 2023, but when spring and summer arrive, the housing market- including the luxury housing market, heats up! I think that pattern will probably play out again this year.”
Last month’s luxury sales included one the historic crown jewels in downtown Wilmington.
On December 1, the estate located on 322 South Third Street sold for $1.2 million. Built in 1881 the property is known as the Honnet House- named after its first owners, who happened to be a renowned Wilmington jeweler. It was purchased through an auction with an opening bid of $750,000. The Honnet House overlooks the Cape Fear River, and is best known for its enormous ionic columns and expansive porches. The property was listed by Lynne Boney of Intracoastal Realty Corporation.
| New Hanover County
Dec. 2022 / Dec. 2021 |
Brunswick County
Dec 2022 / Dec 2021 |
Pender County
Dec 2022 / Dec 2021 |
||||
| Newly Listed | 13 | 21 | 19 | 28 | 5 | 5 |
| Went Under Contract | 6 | 34 | 2 | 21 | 0 | 3 |
| Closed # Homes Sold | 19 | 28 | 17 | 27 | 6 | 4 |
| Total Closed $ Volume | $30.0M | $48.1 M | $25.5M | $41.5M | $8.2M | $5.5 |
| Total Current Listings | 77 | 95 | 91 | 107 | 23 | 48 |
*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