719-E-Arctic-Folly-Beach-SCFolly 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.

Interested in buying or selling on Folly Beach?  Contact me here.folly_beach_now_ocean_point

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.

Any questions? or to learn more about specific market activity, contact me here.

719-E-Arctic-Folly-Beach-SCFolly 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.

Interested in buying or selling on Folly Beach?  Contact me here.folly_beach_now_ocean_point

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.

Any questions? or to learn more about specific market activity, contact me here.