Competitive pricing, desirable mortgage rates and more viable buyers are heating up the multi-million dollar residential sales market in New Hanover County.

Since April 1, 13 residences exceeding $1 million in price have been sold. That’s a 160 percent spike from the five multi-million dollar homes sold between April 1 and May 15 in 2012, according to the Wilmington Regional Association of Realtors’ Multiple Listing Service (MLS).   

Many of the sales have occurred on Figure Eight Island, Landfall, the Pleasure Island area and Wrightsville Beach.

Area Realtors recently completed nearly $10 million in multi-million dollar residential sales.

Buzzy Northen, a realtor with Wilmington-based Intracoastal Realty Corp., completed one of the largest residential transaction in the region, selling a residence at 25 Backfin Point on Figure Eight Island to an undisclosed buyer for $4.4 million.

The transaction, which was completed May 3, is one of the highest in the area since February 2010, according the MLS.

Another home at 67 S. Beach Road on Figure Eight Island was also sold on May 8 for $2.6 million to an undisclosed buyer.

Hugh MacRae, a Realtor with Intracoastal Realty, was the listing agent, while Vance Young, served as the selling agent during the transaction, according to MLS records.

A $2.6 million home at 1064 Ocean Ridge Drive in Landfall also has new owners.

Young was the selling agent and Alison Bernhart, a Realtor with Wilmington-based Landfall Realty, was the listing agent during the transaction that closed May 9.

Tina Abraham, a Realtor with Wilmington-based Coldwell Banker Sea Coast Advantage, sold a $1.1 million home at 8 Conch Lane in Wrightsville Beach to an undisclosed buyer on April 9.

A $1 million home at 1826 S. Churchill Drive in the Highland Hills neighborhood of Wilmington was also sold April 15 to undisclosed buyer.

Wade Wilson, a Realtor with Coldwell Banker Sea Coast Advantage, completed the Highland Hills sale.  

Justin Donaton, owner and broker with Carolina Beach-based Coastwalk Real Estate, said Tuesday that buyers were beginning to take advantage of stabilizing home prices and finding comfort in the economy.

He recently sold a $1.6 million home to an unnamed foreign investor at 217 S. Fort Fisher Blvd. in Kure Beach.

“People are really coming off the wall about purchasing high-end homes,” Donaton said. “The traction in the market is increasing, and that’s a good thing for our housing market.”