Information on real estate sales and activity for Folly Beach, SC.
Where did everybody go? Only 2 properties sold on Folly Beach in April 2013 bringing the total sales year to date to 28. That would put Folly Beach on pace to sell 84 properties in 2013 which would be a slow year. The low number of closings can be attributed to the low number of contracts written in January and February. Such is the sales cycle of real estate. The summer season should boost those numbers, and that is evidenced by the fact that 11 properties went under contract in April, so buyers are out there shopping. The average sales price year to date is $389,292 with a median price of $362,500. There have been a good number of low priced vacant lots sell in the first part of the year. 7 properties have sold for $500,000 or more, including an oceanfront home for $1.4 million.
Overall, inventory is low on Folly Beach. Recently, several properties have been gobbled up within days of coming on the market, because they offered a quality product and were priced right. The average nuber of days on market year to date is 118, which is way down from recent years of 275 days and higher. Further, in March and April that number dropped to 68. It seems that market momentum is swinging in the sellers’ direction of late.