SHALLOTTE, N.C – Brunswick County’s residential real estate market is continuing its consistent growth in the new year, with sales volume and average sale prices increasing and the number of new listings decreasing, according to the latest statistics released by the Brunswick County Association of REALTORS®.
“Brunswick County’s residential real estate market continued its trend of steady, consistent growth in the first month of 2018,” said BCAR CEO Cynthia Walsh. “The fact that the number of units sold continues to increase while the number of new listings continues to decrease points to a strong sellers’ market in 2018. If the current trends continue, we could see an absorption rate as low as three months by December.”
According to the latest BCAR statistics, the number of new listings dropped 11 percent last month compared to January of last year, going from 557 to 496. The number of units sold increased 8.3 percent, from 242 in January 2017 to 262 last month, and the average sales price jumped from $239,739 to $269,320, a 12.3 percent increase.
Total sales volume in January 2018 was 21.6 percent higher than the same period last year, increasing from $58 million to $70.56 million.
The absorption rate, which measures how long it would take to sell the existing inventory at the current rate of sales, dropped to exactly five months, a nearly 28% drop from January 2017. According to Walsh, there are fewer than 2,000 active listings in Brunswick County. The average number of days a home spends on market is hovering at around three months.
February also looks to be a good month for residential sales, Walsh said, noting that pending sales are up 30 percent over last year, and 35 percent of those are homes priced at $300,000 or higher.
“The groundhog may have seen its shadow, but there is no darkness in Brunswick County’s real estate market,” she said."
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The Brunswick County Association of REALTORS® (BCAR) is the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. Chartered in 1959 by the National Association of REALTORS® (NAR), BCAR represents the interests of its members in southeastern North Carolina and northeastern South Carolina.
The Association is a founding member of the North Carolina Regional Multiple Listing Service (NCRMLS), which features a comprehensive list of available properties for sale and general property information for southeastern North Carolina and northeastern South Carolina. For more information, please visit http://www.bcarnc.com.