Brunswick County’s residential real estate market showed higher prices and low inventory in August, which also came with a dip in sales, according to a news release from the Brunswick County Association of Realtors.
The number of units sold in August was down 11% compared to August 2020, from 667 to 593, according to the BCAR statistics from the N.C. Regional Multiple Listing Service.
While the number of units sold fell, the six-month average remained at about 600 to 650 sales a month, the release stated.
The sales volume decrease in August compared to the same month last year was negligible at .7%, from about $248 million to $246.6 million.
“On the surface, it might seem like last month saw a slight downturn, but when you look closely, the big picture shows that the market is maintaining strength.” said BCAR CEO Cynthia Walsh in the release.
The year-to-date sales volume is up 44.5% compared to 2020, an increase from $1.2 billion to nearly $1.8 billion, according to the release.
Walsh said, "It is more than a possibility we will reach $2 billion in sales before the fourth quarter.”
The average sales price in August increased 11.7% over August last year, from $372,449 to $415,883, fueled by a higher number of luxury home purchases, the release stated.
BCAR's data showed that 112 homes sold between $500,000 and $999,999, and 23 homes sold for more than $1 million, with the largest two sales being over $3 million.
The number of units sold through August is up from 3,820 to 4,666, a 22% increase, the release stated.
Demand is high with listings on the market for about 20 days. New listings in August 2021 saw a 7% increase, growing from 636 to 682.