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Real Estate - Residential

April's Luxury Home Sales Bounce Back After April 2020 Slowdown

By Staff Reports, posted May 4, 2021
The house at 138 Beach Road S. on Figure Eight Island sold recently for $3.25 million. (Photo courtesy of Buzzy Northen, Intracoastal Realty)
More than triple the number of luxury homes purchased last April were sold during the same month this year, according to a report released Tuesday.

In April 2020, more than a month into the coronavirus pandemic shutdown, 10 homes with selling prices of $1 million or more were purchased in New Hanover, Brunswick and Pender counties. Last month, 35 high-end homes sold in the tri-county region, stated a report by Wilmington-based Just For Buyers Realty.

Total dollar volume also more than tripled, according to the report. In April 2020, sales were $17.8 million compared to $58.4 million this April.  

Meanwhile, inventory continues to drop. A year ago, high-end buyers had 250 homes with asking prices at or over $1 million to choose from. That number has shrunk to 115.

“The drop in inventory will, no doubt, push the prices of these special homes even higher,” said Kathleen Baylies, broker in charge of Just For Buyers Realty, in the report. “Factor in extremely low interest rates and the continuing influx of people moving to southeast North Carolina, and you have a textbook example of supply and demand driving prices.”

According to the report, the most expensive home to sell in April this year is at 138 Beach Road S. on Figure Eight Island, a four-bedroom oceanfront home listed by Buzzy Northen of Wilmington-based Intracoastal Realty. The buyer was represented by Lexi Taylor of Nest Realty, according to Realtor.com.

It was on the market for 20 days before going under contract, and then the sale closed with a price tag of $3.25 million.
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