Print
Real Estate - Residential

Brunswick County Realtors Report Lower Numbers, Rapid Sales

By Cece Nunn, posted May 19, 2022
While homes in Brunswick County sold quickly in April, the ongoing challenges of a manic market led to a 22.5% drop in the number of units sold compared to April 2021, according to a report released this week.

A majority of homes sold last month spent less than five days on the market, according to numbers compiled from the N.C. Regional Multiple Listing Service by the Brunswick County Association of Realtors.

“Thanks to strong demand and a limited inventory of available homes, Brunswick County once again saw a strong seller’s market in April,” said BCAR CEO Cynthia Walsh, in a news release.

She said some homes sold in April for more than list price, likely a result of sellers receiving multiple offers.

"The combination of strong demand and limited inventory once again drove prices upward," Walsh said.

According to the BCAR stats, the median sale price jumped 28.6%, from $295,000 in April 2021 to $379,450 last month. The average sale price increased 23%, from $367,127 to $451,993.

The number of units sold in April dropped from 622 to 482, and 54% of the homes sold spent five days or less on the market, the report stated.

The absorption rate, which is the time it would take to sell all available inventory, is one month.

"Brunswick County saw $217,860,000 in total sales volume in April 2022, a [nearly 5%] decrease from last April’s $228,350,000," according to the BCAR report. "New listings dropped 7.1%, from 631 to 586, the lowest differential since the beginning of 2022. As of May 10, there were only 481 active listings."

Additionally, the report stated, Brunswick County’s luxury market remained strong in April, with 19 sales of $1 million or more, including a $3.2 million sale on Bald Head Island and a $2.8 million sale in Holden Beach.

"Year-to-date totals are following a similar pattern," according to the report. "Year-to-date sales volume through April is $774,220,000, down 2.5% from $793,649,429 last year."

In other year-to-date market indicators, the number of homes sold through April was down about 20%, from 2,199 to 1,757 and new listings  were down nearly 17%, from 2,438 to 2,026. The luxury market saw 73 sales in excess of $1 million, up from 44 at the same time last year.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mikeharrington carolinaretreats 2

Fall Vacation Rentals and Rising Cost of Real Estate

Mike Harrington - Carolina Retreats
Jasonpathfinder3

Finding Success in Succession Planning

Jason Wheeler - Pathfinder Wealth Consulting
Cd

Your Communication Style is Your Strength

Hoop Morgan - The Forté Institute, LLC

Trending News

Inaugural Avelo Flight Touches Down At ILM

Johanna F. Still - Jun 30, 2022

New Hanover Community Endowment Names Advisory Council

Neil Cotiaux - Jun 30, 2022

Stepping Up Burgaw's Parks And Rec

Beth A. Klahre - Jul 1, 2022

Commercial Rises In Surf City

Cece Nunn - Jul 1, 2022

Studio Apartments Near Hospital Trade For $3.6M

Cece Nunn - Jul 1, 2022

In The Current Issue

Canapi Ventures Enables 2-year-old Startup Able

An investment by Canapi Ventures is increasing the capacity of a tech startup to serve commercial lenders. Canapi led the recent Series A ca...


Bank Embraces ESG Principles

A growing number of institutional investors have steered their money toward companies that are environmentally and societally responsible an...


Dosher Expands Robotic-arm Assisted Surgery

Dosher Memorial Hospital recently added Stryker’s Mako Robotic-Arm Assisted Total Hip replacement procedures....

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100