Real estate sales well ahead of last year’s record pace

0

SHALLOTTE, N.C. (WWAY) – Brunswick County’s residential real estate market once again saw record numbers in May, with the number of units sold year-to-date 50% ahead of last year’s record pace.

Additionally, the number of units sold in May is higher than any May in the past 20 years.

- Advertisement -

The inventory of available homes is at a record low level. Homes are selling faster than the market has seen in the past 20 years and sellers are receiving more than their listed price.

“Our market’s performance continues to amaze me, and we are seeing numbers we haven’t seen in a long time, if ever,” said BCAR CEO Cynthia Walsh. “The number of pending listings is high, and homes are selling quickly without price drops. Brunswick County remains red-hot, and I see no indications of a slowdown in the near future.”

Brunswick County saw $246,960,000 in total sales in May 2021, a 133.2% increase over last May’s $105,900,000. The number of units sold jumped 77.7%, from 349 to 620. The average sale price increased 31.3%, from $303,439 to $398,323.

The number of active listings is at an all-time low of 655, while the number of active listings in the entire N.C. Regional MLS is lower than Brunswick County’s active listings in May 2011 and May 2016.

The absorption rate dropped to one month compared to 4.5 months in 2020, and the average day on the market is 38 days.

Total year-to-date sales are up 81.7% compared to the same point in 2020, increasing from $572,670,000 to $1,040,609,429.

Average sale prices are up 21.3% compared to last year, increasing from $303.133 to $367.641, and the number of units sold is up from 1,880 to 2,819, a 49.9% increase.