Folly Beach real estate showed signs of life in 2011, with more buyers taking advantage of the low prices to find a new beach home. That may be good news for the future, as a rise in demand is exactly what sellers are looking for. 94 properties sold on Folly Beach in 2011 compared with 89 in 2010. Looking back, a range between 100-120 has been the normal pace of sales activity. The year started off with a bang, and sales were on pace to well exceed 100, then cooled off in the second half of the year. The median price overall on Folly Beach for 2011 was $397,500 down from $405,000 in 2010. Below is information on home sales, condominium sales, and land sales.
|Average $||Median $|
|94 Total Sales||$428,460||$397,500|
|21 Condominium Sales||$255,533||$210,000|
|6 Vacant Lot sales||$381,583||$315,000|
|67 Home Sales||$486,858||$410,000|
Out of 94 sales this year, only 14 were $600,000 or over and only 2 were above $1 million. These low prices make it affordable for many to own a property on Folly Beach. Also, sellers in these price ranges are talking to less buyers and may be more aggressive with their sales plans. Here is a chart showing transactions sorted by price for 2011.
The average price for an oceanfront home sale was $924,600 and the average oceanfront lot sold for $792,250. In the condominium market of Folly the average oceanfront condominium sold for $565,333 with Charleston Oceanfront Villas selling 2 for an average of $634,500.
Out of 94 sales, 58 (62%) sold with the buyer obtaining a loan, and 36 (38%) sold for cash. The average sold/list ratio was 91.82% for 2011.
There are currently 192 properties for sale on Folly Beach, which is off nearly 60% from the peak in Spring 2009. The current inventory still represents a 24 month supply of inventory, at our current sales pace. A normal market would have between 6-9 months inventory. In some condominium complexes and micro-markets of Folly, inventory has dried up completely, pushing prices higher.