According to a residential real estate report released Wednesday, new listings in Brunswick County increased by nearly 28% in March compared to the same period last year, while units sold fell about 4%.
A news release from the Brunswick County Association of Realtors (BCAR) stated the market in the rapidly growing county experienced a "typical seasonal warmup in March, with new listings increasing by more than a quarter compared to last March and a strong luxury market pushing the average sales price to almost $500,000."
The listings jumped from 610 to 780, and the total sales volume increased 5% compared to March 2023, from $240.6 million to $252.6 million, the release stated. The number of homes sold decreased 3.8%, from 527 to 507.
Homes spent an average of 70 days on the market, decreasing by five days compared to last year. The absorption rate is hovering around 3 months; below five months is generally considered a seller’s market, the release stated.
Cynthia Walsh, CEO of BCAR, stated in the release, “March brought higher prices, driven in part by an extremely strong luxury market, and more homes coming onto the market. Homes are spending slightly fewer days on the market than last year, which indicates that demand remains strong.
"Overall, our market is strong as ever, and I see no indications of a slowdown in the coming months.”
The average sales price in March increased 9.2%, from $456,567 to $498,365 while the median sales price increased 2.2%, from $365,000 to $372,990, according to the release.
Of the 38 luxury home sales ($1 million or more) that took place in March, there were 12 in Ocean Isle Beach, 10 in Oak Island, 10 in Holden Beach, five in Bald Head Island and one in Southport. The two highest sales were a $6 million sale on Bald Head Island and a $4.5 million sale in Holden Beach.
The year-to-date sales volume through March totaled $561 million up about 10% from $510 million at the same point in 2023.
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