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.