Brunswick County real estate market sees decreases during May, overall numbers still outpace 2019

June 12, 2020

SHALLOTTE N.C. — Brunswick County’s residential real estate market felt the effects of COVID-19 in May, with decreases in new listings, units sold and total sales. While listings and sales were down, pending sales increased sharply and the market is ahead of last year’s $1.4 billion pace.

“We all knew that May would tell the tale of the Coronavirus,” said BCAR CEO Cynthia Walsh, “Given that new listings were down in May, this month’s lower sales numbers are no surprise. May is the first month we’ve seen a drop in sales this year, and we are ahead of last year’s red-hot pace. While our market hasn’t been totally immune to the effects of COVID-19, overall we are in strong, healthy shape moving into summer.”

The number of new listings in May decreased 11.3% compared to 2019, dropping from 638 to 566. The number of units sold decreased 29.6%, from 496 to 349. Average sale prices increased 7.5%, from $282,369 to $303,439. Total sales volume fell 24.4%, from $140,050,000 to $105,900,000. Pending sales are up 30% over last May, jumping from 525 to 683 — the highest total so far this year.

The number of units sold during May is also higher than any month during the 11 years prior to February 2017. January and February 2020 had a similar number of units sold as May 2020, and the numbers for those months were 40% higher than normal.

While sales were down in May, year-to-date sales figures are up compared to 2019. The number of units sold so far in 2020 is up 3.7%, increasing from 1,810 to 1,877. Average sale prices increased 9.5%, from $276,739 to $303,095, and total sales volume is up 13.2%, increasing from $505,180,000 to $571,740,000.