The area’s luxury home market experienced an upswing in August compared to the previous month, according to a report released Wednesday, though the inventory of homes priced at $1 million or more remains high.

Thirteen luxury homes, representing more than $26 million, were sold in New Hanover County during August, according to numbers compiled from the N.C. Regional MLS by Wilmington-based firm Just For Buyers Realty.

“That is the largest dollar volume of sales of homes priced in excess of $1 million to close since June 2009, when $26.5 million worth of luxury homes were sold in New Hanover,” the report said. “The August 2016 sales numbers were up 60% from July, when $15.7 million of upscale homes were sold.”

In August 2015, 10 luxury homes were sold in New Hanover County. During the same period this year, no homes priced at $1 million or more sold in Pender County and only two (the same number as August 2015) in Brunswick County, the report said.  

Still, the news is encouraging at a time when luxury buyers are sitting on the sidelines, potentially awaiting the outcome of this year’s election and an improvement in a jittery world market, said Jim Wallace, founder and CEO of Intracoastal Realty.

“I think that in August, we saw some significant price reductions - people reduced the prices on some of the properties - and that usually gets buyers’ attention when you see price reductions,” Wallace said Wednesday of the August improvement.

He said the closed volume number for Intracoastal Realty, whose agents sell homes in Brunswick and Pender counties as well as New Hanover, increased from $18 million in August of last year to $27 million last month for properties over $1 million.

“There’s still a lot of inventory but it’s encouraging that some of it’s starting to move now,” Wallace said.

The Just For Buyers Realty reported highlighted other trends from August, including an increase in the number of homes priced at $1 million or more listed for sale in the Pender County town of Burgaw.

The home at 4656 Highway 117 South, which sits on nearly 135 acres with two creeks, three fishing ponds, 4,688 square feet, three bedrooms and five bathrooms, came on the market Aug. 10 for $3.995 million, the report said. The property also contains two cemeteries dating from the 1700s and 1800s and the remnants of an old mill.

“This newest listing is one of three luxury homes for sale in Burgaw.  Three may not seem like a significant number until you note there has never been a sale at or above $1 million dollars in Burgaw recorded in the multiple listing system,” the report said.

The other two Burgaw properties priced over $1 million are at 561 Aston Lake Road for $4.5 million and 8150 Old River Road for $1.5 million, according to the report.  The Aston Lake Road home has been on the market since December, while the property at Old River Road was listed in March, the report said.

“There are currently 243 homes on the market with asking prices at or above $1 million in New Hanover, Brunswick and Pender counties.  At the current rate of sales, there is a 1.4-year supply of luxury properties available, making this an exceptionally good time for buyers to negotiate the purchase of a high-end home,” the report concluded.

August 2016 Luxury* Home Report by Just For Buyers Realty:
 

	New Hanover County Aug 2016  / Aug 2015		Brunswick County Aug 2016  / Aug 2015		Pender County Aug 2016 / Aug 2015
Newly Listed	12	3	3	2	4	3
Went Under Contract	8	10	1	1	0	0
Closed # Homes Sold	13	10	2	2	0	0
Total Closed $ Volume	$26m	$15.7m	$2.3m	$2.5m	0	0
Total Current Listings	133	n/a	92	n/a	18	n/a

 
*Luxury homes defined as those priced at $1 million or more
Source: N.C. Regional Multiple Listing Service.