There were 8 properties sold on Folly Beach in May 2011, bringing the total year-to-date closings to 56. We have had several months of consistent sales activity, returning the Folly Beach real estate market to normal. The average sales price for May was $442,250, also returning to normal levels after a dip in April. The 2011 year-to-date average sales price is $396,920.
Some highlights of the sales in May was a 4 bedroom Charleston Oceanfront Villa for $610,000, a river-view Mariners Cay flat for $260,000 and 520 East Erie closed for $825,000. This home was the subject of numerous inquiries at my office and many people were interested in knowing what it closed for. This home was built with excellent construction, has top-notch finishes, a great lot, and an in-ground pool.
What do I do now?
The prices are still very low on Folly Beach and I believe there is very little downside risk in buying property right now. We have fallen tremendously since the peak, and I do not see prices falling much lower. Demand has increased, showing that there is still interest in beach property. Many of the sales have been lower priced homes, as people realize they CAN own something on Folly Beach. There has been very little appetite for million dollar plus homes, creating a situation where you could have your pick of the litter in that price range.
We have seen ups and downs in the average sales price, but it has mostly hovered around $400,000. the average is swayed by having distress sales or no distress sales in a given month. I do not see that going away, as there are three foreclosed properties getting ready to hit the market right away. In order to take advantage of those home run deals, you must be ready to pounce on them when they hit the market. Working with a professional Folly Beach agent will get you ready to make that move.