Monday, October 3, 2022

Wilmington-area realtor report touts best luxury sales in 15 years, acknowledges ‘changing trajectory’

March sales of luxury homes valued at $1 million or more were the highest in 15 years. But Covid-19’s impact on the market is starting to emerge. (Port City Daily photo / File)

WILMINGTON — A monthly report from Just for Buyers Realty shows the highest level of luxury home sales for Wilmington in 15 years — but also evidence that concerns over Covid-19 are starting to impact the market.

“In a month filled with so much uncertainly, a plummeting stock market, a worldwide health crisis, and millions filling for unemployment, New Hanover County luxury home sales somehow managed to record their best month well over a decade,” according to a release sent from Broker in Charge Kathleen Baylies.

According to the report, compiled by Baylies, “20 properties with a sales price of $1 million or more were sold countywide. The transactions collectively totaled $44.9 million. That makes March the third-best month ever recorded. In June 2005, 27 luxury homes sold in New Hanover County. The next month, July of 2005, saw 23 homes close.”

March also caps a record-breaking first quarter, with 42 luxury homes priced $1 million or more sold, significantly more than the previously record set in 2007, when 33 homes were sold in January, February, and March.

Baylies noted that countywide sales were “very close” to breaking the all-time record, but six deals fell through, likely due to Covid-19 and the financial downturn triggered by government-mandated shutdowns around the country. Another sign of these concerns, Baylies noted, was the decrease in homes put under contract compared to March 2019.

“We can also see the number of luxury homes that went under contract was significantly lower than last March. So, not surprisingly, it appears the growing concerns about the virus are changing the strong trajectory we’ve been seeing in the high-end market,” according to Baylies.

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