Historic Sell Through Continues at the Coast

Despite a flattening of the upward trend, the past three years have seen a historic spike in luxury transactions, both in the $1 million - $1 99 million and $2 million+ ranges. The fourth quarter 2022 sell through totals paralleled that of 2021’s fourth quarter, and are the best on record, having tripled that of 2019.

The fourth quarter saw 169 closings between $1 million and $1.99 million, 36 closings at or above $2 million, with 79 pending transactions between $1 million and $1.99 million and 19 pending transactions above $2 million. The pending transactions for the start of the first quarter in 2023 look to be on par with or even ahead of the recent fourth quarter numbers.

With this data and the seemingly stabilizing interest rates, it appears that continued demand, along with still limited inventory in high demand areas, is likely going to influence a period of price stability.

While inventory has increased slightly from recent historic lows, it remains low by pre-Covid standards.

The rise in home prices has expanded the luxury market and the demand for luxury homes has grown steadily

The limited inventory in high demand areas will also contribute to a period of price stability.

These results are similar to what is happening elsewhere in North Carolina

Financial markets continue to see levels that are three times greater than ten years ago, and luxury real estate continues to not only remain a stable investment, but one in which owners have multiple options in the case of secondary and investment properties