Market on Fire

by SBM ContributorNov 15, 2020Real Estate, South Brunswick

According to data from the Brunswick County Association of Realtors, the real estate market is showing no signs of slowing.

Brunswick County’s residential real estate market saw a 63% increase in homes sold and a 114.5% spike in sales volume in October 2020 as compared to October 2019. October marks the third highest number of homes sold in a single month (trailing only July and September) so far in 2020, which is on track to be a record year.

BCAR October 2020

“While many things have been unpredictable in 2020, Brunswick County’s real estate market has been consistently red-hot all year,” says Brunswick County Association of Realtors CEO Cynthia Walsh. “We are on a record pace that could see us break $2 billion in residential home sales for the first time ever. These numbers demonstrate that Brunswick County is an attractive place to live, and we see no indication that the market will cool down any time soon.”

Brunswick County saw $261,340,000 in total sales in October 2020, an 114.5% spike over last October’s $121,860,000. The number of units sold jumped 63%, from 411 to 670, which is equivalent to 22 homes sold every day. Of the 670 homes sold, 304 sold for 100% of list price or higher, with 84 homes selling above list price. The average sale price increased 44.7%, from $269,497 to $390,062. There were 22 luxury sales of $1 million and greater, with the largest sale being a $3.2 million transaction on Bald Head Island, $1 million higher than September’s highest sale.

Total year-to-date sales are up 48.7% compared to the same point in 2019, increasing from $1,171,710,000 to 1,742,633,000. Average sale prices are up 17.1% compared to last year, increasing from $280,995 to $328,924, and the number of units sold is up from 4,104 to 5,172, a 26% increase.

BCAR YTD Brunswick County NC