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Real Estate - Residential

High-end Home Sales Increase In October

By Staff Reports, posted Nov 2, 2021
October luxury sales included the 7,300-square-foot home on 313 Fair Lakes Drive. The five-bedroom home was built in 2019 and sold for nearly $2.3 million. (Photo courtesy of Intracoastal Realty)

Luxury home sale numbers in the Wilmington area climbed again in October, continuing a 17-month streak of year-to-year sale increases, according to a report released Tuesday. 

The streak for New Hanover, Brunswick and Pender counties started in June 2020, when experts say COVID-19 worries led people to flee larger cities and move to less-congested areas, a news release stated.

Last month's statistics, compiled from the N.C. Regional Multiple Listing Service, show that high-end homes are still selling at a record pace.

“The October numbers surprised me,” said Scott Saxton, agent with Wilmington-based residential real estate firm Just For Buyers Realty, in the release. “We have seen the first signs of a slow down when it comes to lower-priced homes. Anything under $1 million dollars, overall sales are down about 12% to 17% from where they were last year. But it’s a different story when you look at homes priced at $1 million or more. That is still a very hot market.”

Last month, 54 luxury homes sold for a combined value of $90 million, according to the release. That's compared to 46 luxury homes sold in October 2020 that had a combined value of $82 million.

Nine of the homes that sold last month were located in the Landfall subdivision.

In addition to home sales, another 63 luxury properties went under contract in October and 62 debuted as listings.

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