Thursday, August 18, 2022

‘Perplexing’: April luxury home sales soar in Brunswick, dire in New Hanover County

At $2,995,000, the most expensive home sold in Brunswick County in April was the state's southernmost oceanfront property in Sunset Beach. (Port City Daily photo/Courtesy Landmark Sotheby's International Realty)
At $2,995,000, the most expensive home sold in Brunswick County in April was the state’s southernmost oceanfront property in Sunset Beach. (Port City Daily photo/Courtesy Landmark Sotheby’s International Realty)

SOUTHEASTERN, N.C. — Last month’s luxury home sales figures cannot be immediately explained by Just For Buyers Realty’s broker-in-charge, Kathleen Baylies.

While Brunswick County saw a strong month, New Hanover County logged one of its worst months ever in luxury sales, with total sales on par with September 2018 when Hurricane Florence made landfall. A luxury sale is a transaction of $1 million or more. Last month, two homes sold for a combined $2.9 million. In September 2018, one home sold for $2.1 million.

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

In March, New Hanover County had its best luxury month since June 2005, bringing in $44.9 million between 20 transactions. However, it’s important to note that March numbers were likely unaffected or far less impacted by the pandemic, considering paperwork is initiated typically at least 30 days out from the final closing date.

Normally, Baylies would contribute this fall off to Covid-19-related impacts.

“When there is a particularly slow month, especially in New Hanover County, it’s almost always due to a situation beyond anyone’s control,” Baylies said in a press release. “Two years ago, you had Florence. It would be tempting to say ‘and this year you had Covid-19.’ While I have no doubt the virus was a factor, it’s perplexing that Brunswick County, the county right next door, didn’t see the same falloff.”

Brunswick County had nine closings totaling $14.9 million. The most expensive home sold for $2.9 million in Sunset Beach — the southernmost oceanfront home in North Carolina. The last time Brunswick County had this amount of luxury sales volume was in May 2006 when 12 homes sold for a combined $15.9 million.

“Frankly, I don’t know how to explain that,” Baylies said about the difference between the two counties.

However, Baylies expects the coming month’s figures to balance out after reviewing homes that went under contract in April.


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