Low inventory is still driving sales prices 🆙 🆙 🆙
Updated: Sep 6, 2021
Low inventory is still the driver of record setting sales prices in Brunswick County’s residential real estate market. We saw an increase in total sales volume in July compared to July 2020 however the number of units sold did drop a little bit.
Total sales volume year to date was up 55.8% compared to the same point last year. A large part of this increase can be attributed to the volume of sales in the luxury market.
“Our market told two stories last month,” said BCAR CEO Cynthia Walsh. “First, 2021 is on a red-hot pace that is shattering 2020’s record numbers. Second, while prices were higher in July compared to last year, the number of homes sold saw a slight decrease and fell below 600 for the first time since February. It’s important to note that the average price increase was fueled in part by a higher number of sales in the luxury market.”
Brunswick County saw $252,900,000 in total sales in July 2021, a 3.9% increase over last July’s $243,350,000. The number of units sold fell 18.3%, from 720 to 588 – the first time units sold has dipped below 600 since February.
The average sale price increased 27.2%, from $337,993 to $430,096, fueled in part by a large number of luxury home sales. July 2021 saw a 6.2% decrease in new listings, dropping from 726 to 681.
One hundred sixteen homes sold between $500,000 – $999,999 and 24 homes sold for over $1 million, with the largest sale being over $6 million. The absorption rate, which is the amount of time it would take to sell off the current inventory, and average days on market are both still around one month.
Total year-to-date sales are up 55.8% compared to 2020, increasing from $996,010,000 to $1,551,369,429. Average sale prices for the year are up 21.9% compared to last year, increasing from $311,305 to $379,353, and the number of units sold through July is up from 3,153 to 4,073, a 29.2% increase.
July 2021: 681
July 2020: 726
July 2021: 588
July 2020: 720
Average Sale Price
July 2021: $430,096
July 2020: $337,993
Total Sales Volume
July 2021: $252,900,000
July 2020: $243,350,000