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Real Estate - Residential

A New Record For Luxury Homes; Market As A Whole Improves

By Cece Nunn, posted Jul 8, 2020
The luxury home at 274 Beach Road North on Figure Eight Island went under contract for an undisclosed amount in June. The listing price is more than $4 million. (Photo courtesy of Intracoastal Realty Corp.)
The tide is high for luxury home sales in the Cape Fear region, and home sales in general are improving, according to MLS reports.

The month of June turned out to be one of the most successful months ever when it comes to homes going under contract for the area's luxury home market, according to a report released Wednesday.

The data, compiled by Wilmington-based Just For Buyers Realty from the N.C. Regional Multiple Listing Service, showed a record number of 51 homes priced at $1 million or more going under contract.  

"The bulk of the homes were located in New Hanover County, where offers were accepted on 29 luxury properties. Brunswick County saw an additional 20 homes go under contract, with two more in Pender County," the report stated.

These numbers surpassed a high set in June 2005, when 42 homes went under contract in the tri-county area. 

"The number of closed deals were also up with each of the three counties compared to June 2019. In New Hanover County, 20 homes sold for a collective value of $28.7 million," the report stated.

Eight properties sold in Brunswick County for $12.3 million, and in Pender County, four homes sold for a combined $6.6 million, according to the report, which is presented by Just For Buyers broker in charge Kathleen Baylies.    

The report stated that a new listing distinguished itself as the most expensive home currently on the market.

"The 4-acre estate located on 407 Sylvan Lane, featuring four bedrooms, four-and-a-half baths, horse stables, a fenced pasture, and a private pier, was listed for $7,995,000," according to the report.

According to Cape Fear Realtors, homebuyers and sellers in the tri-county region of New Hanover, Brunswick and Pender counties have gradually become more active each month "as we continue to navigate and adjust to COVID-19. In June, the Cape Fear region market activity returned to more typical levels consistent with the summer season."

Last month showed a rebound in pending sales with an increase of 56%, and new listings climbed to 1,440, a 12.5% increase over the previous month and 8% increase over last June.


The CFR report was also compiled from the N.C. Regional MLS.

"New listings are posting but not lingering for long," the CFR report stated. "Closed sales totaled 1,322, which is an increase of 11.9% over June 2019."

The price for single-family and townhome/condo properties combined is up 5.9% to $264,563, the report stated. The price range with the strongest sales gain of 40.5% are properties priced $450,000 or more.

According to the report, despite the recent gains in sales and price, months’ supply continues to trend down. 

“There is a real resurgence in market activity. Buyers are taking full advantage of the record low mortgage rates and sellers are receiving multiple offers,” said CFR President Tony Harrington in the release. “We continue to gain traction in home sales and selling prices while our inventory is low. The pressure on limited inventory is not a new element seen in our market and is one we continue to monitor closely.”

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