Information on real estate sales activity for Folly Beach, SC for 2013. Through June 2013 on Folly Beach there have been 50 properties sold, which is the pace for a normal sales year. We have seen an interesting dip in home values for 2013 as the median sales price on Folly Beach has been $375,000 compared to $425,000 in 2012. We were beginning to gain ground and reverse the downward trend of home and condominium sales prices in 2012, however there has been a return of the distress sale in the condominium and vacant lot market. I am surprised by this number as I am personally experiencing high demand and low numbers of properties for sale. Although there will still be a handful of distressed properties that will be priced aggressively and will sell quickly, buyers should be prepared to extend their budgets if they want to purchase a home on Folly Beach. Lately, I have been involved in searching beyond the available listings in the multiple listing service to find properties for my clients. Unless you have an appetite for renovations, the $300,000’s are gone and the $400,000’s are quickly being bought up. Right now, in my opinion, the real quality homes start at about $625,000. If you have been thinking about selling, now would be the time to market to the large number of buyers coming in the door.
If we take a look at the charts below you can see the trend towards higher priced properties selling. In 2011, there was very little sales in the upper price ranges, but both 2012 and 2013 have shown a return of the luxury home buyer.