| Wilmington StarNews
After a record-breaking year in 2020, January saw the Wilmington area mark even more unprecedented luxury home sales.
In 2020, a total of 363 luxury properties, defined as those listing for $1 million or more, were sold in the tri-county area for a total of $597 million. This broke records set in 2019 when 179 luxury homes were sold and 2005 when 266 luxury homes were sold.
And the region continued to break prior records into the new year, with a total of 21 homes sold in January throughout New Hanover, Brunswick and Pender, according to a report from Just For Buyers Realty.
This beats a January 2006 record when 18 luxury homes were sold.
“The year is off to a great start,” Kathleen Baylies, broker-in-charge at Just For Buyers Realty, said in a news release. “And given the second half of last year, it is not all that surprising. We are right now in the hottest real market this area has ever seen, and that of course includes luxury homes sales.”
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In January, New Hanover County saw 13 closed homes sales while Brunswick saw six and Pender two. This is in comparison to January 2019, when New Hanover saw 12 closed luxury home sales while Brunswick sold one and Pender had none.
According to Just for Buyers Realty, there are various reasons why the region has seen such record-setting sales. Some of them include record-low interest rates, low inventory and the desire of many to upgrade their home environments after having to work from home.
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In addition to the homes that sold, another 50 luxury properties went under contract in January.
“Assuming most of these pending contracts turn into successful closings, we expect sales records will continue to be broken as we progress through winter,” said Baylies. “Luxury buyers are continuing to discover southeastern North Carolina. And the more that come, the more this remains a seller’s market with prices reaching new record highs.”
Noah Johnson can be reached at 910-343-2364 or firstname.lastname@example.org