Getting Back to Normal?
Real estate market sees fewer new listings, homes sold
Brunswick County’s residential real estate market appears to be returning to a more normal pace, with fewer new listings, fewer homes sold, slightly higher inventory and a slightly higher absorption rate in November compared to last year. Average sale prices were up compared to November 2021, thanks in part to a strong luxury market. On average, homes sold for 97% of their list price last month.
“This November looked a whole lot like Novembers of the past,” said Cynthia Walsh, BCAR CEO. “The market typically slows as we move through the holidays into winter, and that’s what we saw in November. With that said, it’s important to look at the big picture. We saw 396 sales in November, which was lower than the last couple of years, but is still on the high side of normal. Additionally, nearly 60% of the homes sold in November sold in 30 days or less, which is a pretty good clip. The bottom line is that Brunswick County’s market continues to demonstrate strength as we move into what is typically a winter cool-down.”
Brunswick County saw $179,500,000 in total sales volume in November, a 12.7% decrease from last year’s $205,540,000. The average sales price increased 10.9%, from $408,628 to $453,283. New listings were down 5.7%, from 473 to 446. The number of units sold dropped 21.3%, from 503 to 396. The absorption rate, which is the amount of time it would take to sell all available inventory, increased from 2 to 2.5 months. Brunswick County’s luxury market was strong in November, with 14 sales in excess of $1 million, the highest a $2.5 million transaction on Holden Beach.
Year-to-date sales volume through November totaled $2,347,830,000, down 4.6% from last year’s $2,461,099,429. Average sales prices for the year are 11.5% higher than 2021, increasing from $395,059 to $440,574. The number of units sold through November is down 17.3%, from 6,226 to 5,152, and the number of new listings is down 10.9%, from 6,789 to 6,048.
Brunswick County
New Listings
- November 2022: 446
- November 2021: 473
- Increase/Decrease: -5.7%
Units Sold
- November 2022: 396
- November 2021: 503
- Increase/Decrease: -21.3%
Average Sales Price
- November 2022: $453,283
- November 2021: $408,628
- Increase/Decrease: +10.9%
Median Sales Price
- November 2022: $384,240
- November 2021: $330,000
- Increase/Decrease: +16.4%
Total Sales Volume
- November 2022: $179,500,000
- November 2021: $205,540,000
- Increase/Decrease: -12.7%
Bladen County
New Listings
- November 2022: 34
- November 2021: 11
- Increase/Decrease: +209.1%
Units Sold
- November 2022: 6
- November 2021: 14
- Increase/Decrease: -57.1%
Average Sales Price
- November 2022: $258,983
- November 2021: $281,854
- Increase/Decrease: -8.1%
Total Sales Volume
- November 2022: $1,550,000
- November 2021: $3,950,000
- Increase/Decrease: -60.8%
Columbus County
New Listings
- November 2022: 16
- November 2021: 22
- Increase/Decrease: -27.3%
Units Sold
- November 2022: 27
- November 2021: 24
- Increase/Decrease: +12.5%
Average Sales Price
- November 2022: $208,545
- November 2021: $198,496
- Increase/Decrease: +5.1%
Total Sales Volume
- November 2022: $5,630,000
- November 2021: $4,760,000
- Increase/Decrease: +18.3%
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. For more information, please visit https://bcarnc.com.