While 2020 was a record year for Brunswick County’s residential real estate market, the stats for January and February this year are even stronger, according to a news release Monday.
So far in 2021, the number of units sold is up 33.5% and total sales volume is up 60% compared to the first two months of 2020, stated a report by the Brunswick County Association of Realtors (BCAR).
“Our weather was cold and dreary last month, but that didn’t dampen Brunswick County’s real estate market,” said BCAR CEO Cynthia Walsh in the release. “In February we saw strong increases in homes sold, average sale prices and total sales volume, and the number of units sold was higher than any single month between January and May of last year."
She said the only decreases were in new listings and the absorption rate, "pointing to an increasingly competitive sellers’ market. This is evidenced by the fact that 44% of all homes sold in February were at or above asking price."
Demand is strong, Walsh said, and inventory remains elusive. Factors involved in the low inventory locally and nationally include the need for new home construction to catch up to demand, homes being bought up to serve as rental properties and people aging in place.
"We expect the market to remain strong and competitive as we move into spring,” Walsh said.
Some of that strength can be attributed to Brunswick County's ongoing growth. And it's not all retirees that are contributing to that growth as some buyers are younger or close to retirement age.
"There’s a certain portion of those in that close-to-it range where their jobs have gone remote and they have this ability to work from anywhere for the next four years or whatever it is until they retire," Walsh said. "So they’re doing it."
Brunswick County saw more than $166 million in total sales in February 2021, a 57% spike over last February’s $106 million, according to the BCAR report.
"The number of units sold jumped 32.7%, from 352 to 467. The average sales price increased 20.5%, from $295,910 to $356,457, driven in part by luxury sales," the report stated. "Eight homes sold for more than $1 million last month, with the highest sale being $2.4 million, and 68 homes sold for between $500,000 and $1 million."
Active listings fell below 1,000, according to the report, and the absorption rate was under two months.
Read more about Brunswick County's best-selling areas and other info in the upcoming March 19 print edition of the Greater Wilmington Business Journal.
Christina Haley O'Neal - Apr 9, 2021
Scott Nunn - Apr 9, 2021
Cece Nunn - Apr 9, 2021
Christina Haley O'Neal - Apr 8, 2021
Jenny Callison - Apr 8, 2021
A legal industry accolade that comes out each year is the Super Lawyers list,....
As COVID-19 vaccines are becoming more widely available across the nation, employers in the region are starting to ask questions about havin...
The Wilmington area economy is doing better than expected a year after the COVID-19 pandemic took a toll on many businesses across the regio...