Brunswick County’s real estate market experienced higher prices, fewer homes sold and fewer new listings in August, according to a report this week.
The number of units sold in August dropped 13.8% compared to last year, from 593 to 511, the Brunswick County Association of Realtors (BCAR) stated in a release.
But Cynthia Walsh, CEO of BCAR, said national talk of a real estate slowdown doesn’t indicate a local problem.
Walsh said, “When looking at these numbers, it’s important to remember just how abnormal the past few years have been. While the number of homes sold is down slightly compared to last year, sales have been pretty much steady month over month for the past two years, generally hovering between 500 and 600 sales per month, with our usual seasonal dip in December, January and February.
“Overall, our market remains on track to once again do something that was unheard of prior to 2020: surpass $2 billion in total sales before the end of the year.”
The report stated the sales volume in August totaled a little over $232 million last month, a 5.7% decrease from last August’s $246.6 million.
“The average sales price increased 9.4%, from $415,883 to $455,130. New listings were down 10.4%, from 682 to 611,” according to the report.
Homes spent an average of 26 days on the market, the report stated. The absorption rate, which is the time it would take to sell all available inventory, is two months.
Brunswick County’s luxury market remained strong in August with 19 sales in excess of $1 million and two sales of $2 million or more.
According to the BCAR report, compiled from the N.C. Regional Multiple Listing Service, year-to-date sales volume through August was $1,741,530,000, down 3.1% from $1,797,989,429 last year.
The report stated, “Average sales prices for the year are 14.8% higher than 2021, increasing from $383,919 to $440,574. The number of units sold through August is down 17.6%, from 4,666 to 3,846, and the number of new listings is down 9.2%, from 5,135 to 4,664.”