BRUNSWICK COUNTY — While the housing market remains strong in Brunswick County, sales could be slowing down in Leland.
According to the Brunswick County Association of REALTORS® July release, the county’s housing inventory is at its lowest since 2005.
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The county’s absorption rate, the amount of time required to sell existing housing inventory based on the current sales rate, is also at its lowest since 2005, according to the release.
Leland sales down
Though the Brunswick County Association of REALTORS® said July sales in the county outpaced last year’s, Leland’s numbers may be slowing down.
Sales in Leland dropped by 1.7 percent last month, according to data provided by Coldwell Banker Sea Coast Advantage. Meanwhile, county’s sales increased by 6.2 percent. Comparatively, sales in New Hanover County are up by 20 percent and in Wilmington by 17.9 percent.
Tim Milam, CEO of Coldwell Banker Sea Coast Advantage, said Leland is the closest of area markets to follow national trends in a release.
“There has been a lot of recent discussion nationally that a decrease in sales is beginning to impact the pace of rising home prices, especially on the West Coast,” Milam said. “But we have not really seen that occur here yet, although Leland comes closest in mimicking that national trend.”
In a healthy market, Milam said the median days on market should fall at around 120 days. Homes in Leland are selling quickly, spending an average of 55 days on the market; the county’s average is 87 days.
Last month, median home sale prices were up 7.7 percent in Leland and 13.8 percent in the County, according to Coldwell Banker Sea Coast Advantage. The median sale price in the county was $234,800, and in Leland, was $237,637. Brunswick County’s home sale price increase was higher than both New Hanover and Pender County’s medians.
In short, Leland’s population is rising, home sales are dropping, while prices are increasing.
Cynthia Walsh, Brunswick County Association of REALTORS® CEO, said this combination has led to a competitive seller’s market in the county.
“July saw a steady demand and an increasingly tight supply of available homes in Brunswick County,” she said.
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