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Real Estate - Residential

Brunswick Co. Home Sales Fell In June; Average Price Rises To $477K

By Staff Reports, posted Jul 22, 2022
The number of homes sold dipped 22% in Brunswick County last month, while the average price shot up 23%, Realtors said in a recent report.

“Our market’s performance continues to impress me despite the tight inventory, and at this rate I don’t see prices dipping anytime soon,” said Cynthia Walsh, CEO of the Brunswick County Association of Realtors, in the report. “With the majority of homes selling for list price or more, strong demand is apparent, and I have no doubt that we’ll hit the $2 billion mark by the end of the year.”

Brunswick County's June sales volume of about $248 million signified a nearly 4% decrease from last June’s $258 million, according to the report, a change Realtors blamed on a tight inventory. The average sale price jumped 23%, from $387,170 to $477,185.

The median sale price, typically a stronger indicator without luxury homes skewing the number, increased by about 2%, from $379,000 to nearly $388,000

"The number of units sold in June dropped 21.9% compared to last year, from 666 to 520, and homes spent an average of 27 days on the market," according to the report. "The absorption rate, which is the amount of time it would take to sell all available inventory, is 1.7 months."

New listings increased only slightly, from 678 to 701. Meanwhile, a trend that remained prevalent in June was homes selling above list price. Of the 520 home sales that closed, 68% fit that bill.

The report also pointed out Brunswick County’s luxury market "remained strong" in June with 33 sales of homes priced at $1 million or more.

BCAR's report shared some year-to-date stats, including the number of units sold through June: 2,850 compared to 3,485 during the same period last year. That's a decrease of about 18%, while the number of new listings fell by 8%, from 3,772 to 3,468.
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