Wilmington- The June luxury housing sales sent some mix messages to those who watch the local real estate market. On one hand the number of luxury properties that sold, those are homes with a price tag of $1 million or more, were down slightly when compared to the same time last year. On the other hand the total volume of the sales, when you add the closing prices together, increased by nearly $6 million dollars.
Simply put fewer homes sold, but the homes that sold are being bought at much higher prices.
“The headline, not just for the luxury market but for all price points, is that that sales are down but prices are up,” said Scott Saxton of Just For Buyers Realty. “This is one of the few places in the country that can make that statement. Every where else sales are going down along with prices. What it says to me is that people have fallen in love with this area- and that there are so many that want to move here that the housing market remains very competitive!”
Last month a total of 68 luxury homes sold in the tri-county area of New Hanover, Brunswick and Pender Counties. The collective price of those homes was $115.6 million. Last year a total of 73 luxury homes sold for a total of only $109.7 million.
One of the most expensive transactions of the month was for the home located at 6401 Old Military Road in the Cedar Island neighborhood. The 3,000 square foot, four bedroom property overlooks a tidal basin with views of the Intracoastal Waterway. It was listed by Vance Young of Intracoastal Realty, and was only on the market four days before going under contract. The home, which was sold with a private pier and boat lift, closed on June 9th for $3.5 million.
| New Hanover County
June 2023 / June 2022 |
Brunswick County
June 2023 / June 2022 |
Pender County
June 2023 / June 2022 |
||||
| Newly Listed | 32 | 48 | 50 | 50 | 10 | 18 |
| Went Under Contract | 21 | 23 | 22 | 27 | 10 | 7 |
| Closed # Homes Sold | 34 | 36 | 30 | 32 | 4 | 5 |
| Total Closed $ Volume | $59.5 | $53.8M | $49.6 | $48.5M | $6.5M | $7.4M |
| Total Current Listings | 110 | 101 | 111 | 110 | 25 | 38 |
*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