Cape Fear recorded $1.1 billion in luxury home sales in 2022
WILMINGTON, NC (WWAY) — For the first time ever, luxury home sales in New Hanover, Brunswick and Pender County collectively broke the $1 billion mark in a single calendar year in 2022.
From January 1 to December 31, 2022, a total of 663 homes with a price tag of at least $1 million sold for a collective $1,059,516,745.
That out paced 2021 (the previous most profitable year ever,) by more than one hundred million dollars. Last year a total of 558 homes sold for a collective $926.2 million.
“This is an incredible streak we’re on,” said Scott Saxton of Just For Buyers Realty. “It really goes back three years. When we used to talked about the glory days in this region’s market, we meant 2005 to 2007. Those days are long since gone. These are the new glory days, the only question is will the streak continue in 2023?”
One possible sign that the luxury market is cooling off are the sales posted in December. For only the second time in the last two and a half years a month failed to post an increase in volume when compared to the same time the previous year. Last month 42 homes sold in the tri-county area for a collective $63.7 million. That is down from December 2021 when 45 luxury homes sold for $69.2 million.
“In every price point we are seeing a bit of a cooling off,” Saxton said. “That very well may continue during the first quarter of 2023, but when spring and summer arrive, the housing market- including the luxury housing market, heats up! I think that pattern will probably play out again this year.”
