The residential real estate market in Brunswick County set a record in 2020 with more than $2 billion in total sales volume, according to a Brunswick County Association of Realtors report on Friday.
That volume is up 51% compared to 2019, a news release stated.
The year "was full of unknowns and uncertainty, but Brunswick County’s real estate market did more than merely stay consistent – it smashed all expectations,” said BCAR CEO Cynthia Walsh in the release. “Total sales for the year topped $2 billion for the first time ever, and we saw record sales in December compared to last year. These numbers are nothing short of amazing, and I’m excited to see what 2021 holds for our market.”
Brunswick County saw a 6.5% increase in new listings in 2020, going from 6,603 to 7,032. The number of units sold increased by 28.8% from 4,916 to 6,331, and the average sale price increased 17.5%, rising from $290,077 to $340,741.
The largest sale of the year was over $3 million, 16 sales were $2 million or greater, and 248 sales were between $800,000 and $1 million, the release stated.
In December, the market also saw increased sales volume, higher prices and a shrinking inventory, according to the release. Total sales volume spiked 65.7% compared to last year, rising from $129 million to more than $214 million.
Average sale prices increased 13.7%, from $326,857 to $371,768. The number of new listings increased 13.6%, rising from 339 to 385, while the number of units sold increased by 45.7%, from 396 to 577.
The inventory of available homes continued to drop, closing out at nearly 1,200 available homes with an absorption rate and days on market of just over two months, according to the release.