Brunswick County’s real estate market again sees tight inventory, higher prices in February

Brunswick County’s residential real estate market continued a familiar pattern in February, with higher prices, fewer new listings and low inventory. Thanks to the increase in average sale prices, total sales volume jumped 6.5% despite a 17.3% drop in homes sold.

“When it comes to our real estate market’s performance in February, it’s ‘same story, different month,’” said BCAR CEO Cynthia Walsh. “We continue to see fewer listings, and inventory is at a 12-month low. Additionally, the number of active listings dropped nearly 45% from January to February. The tight inventory, coupled with strong demand and a strong luxury market, is driving average sale prices and total sales volume upward. We continue to see a strong seller’s market with plenty of interested buyers, but not enough homes to accommodate them.”

Brunswick County saw $175,080,000 in total sales volume in February 2022, a 6.5% increase from last February’s $164,449,429. New listings dropped 22.2%, from 563 to 438, and the number of units sold dropped 17.3% compared to last year, from 463 to 383. The absorption rate, which is the amount of time it would take to sell all available inventory, is less than one month, and homes are spending an average of 30 days on the market. The average sales price increased 28.7%, from $355,182 to $457,130. Brunswick County once again saw a strong luxury home market in February, with 19 sales in excess of $1 million, two sales in excess of $3 million and two in excess of $2 million.

Total sales volume is ahead of last year’s record pace, while the number of homes sold is down. The total year-to-date sales volume in 2022 is $336,520,000, up from $328,339,429 last year, a 2.5% increase. Average sales prices are 10% higher than last year, jumping from $398,772 to $438,770. The number of units sold through February is down 17.3%, dropping from 928 to 767. Brunswick County has seen 825 new listings this year, down from 1,115 at the same point last year, a 26% drop.

Brunswick County Residential Real Estate Market Update - February 2022

New Listings

February 2022: 438

February 2021: 563

Increase/Decrease: -22.2%

Units Sold

February 2022: 383

February 2021: 463

Increase/Decrease: -17.3%

Average Sales Price

February 2022: $457,130

February 2021: $355,182

Increase/Decrease: +28.7%

Median Sales Price

February 2022: $356,991

February 2021: $292,000

Increase/Decrease: +22.3%

Total Sales Volume

February 2022: $175,080,000

February 2021: $164,449,429

Increase/Decrease: +6.5%

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