Cape Fear luxury housing market continues to remain at record-levels

May 3, 2022

WWAY News,

WILMINGTON, NC (WWAY) — In a very busy month of April, the local luxury housing market (houses priced at $1 million dollars or higher) witnessed the single most expensive sale ever recorded in the tri-county area of New Hanover, Brunswick and Pender County.

According to the North Carolina Regional Multiple Listing Service, on Friday April 28, the last business day of the month, the home located at 258 Beach Road on Figure Eight Island sold for $6,750,000.

The ocean front property measures more than 3,500 square feet and features five bedrooms and four and a half baths. It was on the market for only one week before going under contract. Buzzy Northen of Intracoastal Realty listed the home and also represented the buyer. The previous record for the most expensive home was set in November when a property on Wrightsville Beach sold for $6.4 Million.

In addition, last month saw a record number of $1 million dollar homes going under contract, and the continuation of a sales streak that started in June 2020.

April became the 23^rd month in a row to experience an increase in year-to-year sales. A total of 50 luxury homes sold during the 30 days for a combined value of $86.5 million. That compares to last year when 35 homes sold for a combined total of $58.5 million.

Perhaps more impressive is the number of homes that went under contract during the month.

Offers were accepted on 84 luxury homes in April. Of these deals only a dozen homes were closed by the end of the month, which means there are still 72 pending deals that should be finalized in the next 30 to 60 days.

“With these numbers, I don’t think the end is anywhere in site” Scott Saxton of Just For Buyers Realty said. “Some of the pending sales will fall through. There may be appraisal issues, or problems with the inspections and buyers choosing to walk away… but that will likely only be a few of these deals. With the vast majority of the sales going through it is very likely that we will see records breaking all summer long.”