The sale of luxury homes in the Wilmington area slowed in January, with the number of units sold dropping 28% and the sales volume falling by 30%, according to a recent report.

Last month, 28 luxury homes priced at $1 million or more closed for a collective $45.3 million, while the same month last year showed 39 home sales and a total volume of $64.3 million, stated the report, which is compiled monthly by Wilmington-based Just For Buyers Realty. 

“We knew this was coming,” stated Scott Saxton of Just For Buyers Realty in the report. “We saw the slow down first in the overall housing market in the fall. The momentum in the local high-end market managed to keep things going for a few more months, but it’s clear now that the slowdown has arrived.”

According to the report's numbers, which are based on statistics from the N.C. Regional Multiple Listing Service, the number of homes that went under contract declined to 11 in January this year compared to 55 in January 2022.

“There is no reason to sugarcoat this, last month was bad news for sellers,” said Saxton in the release. “But it could be great news for buyers. After two and a half years where all the leverage was on one side, we now have more of a balanced market… and this may even be the start of the leverage moving to the buyer’s side.”

The most expensive residential property sold last month was an oceanfront home on Wrightsville Beach. The five-bedroom house in the 500 block of Lumina Avenue South was listed by Vance Young of Intracoastal Realty.

"The 1940 home was only on the market for two days before going under contract. It closed on Jan. 4 for $4.4 million," the release stated.