Keeping you current on the recent real estate activity on Folly Beach, SC. There were 7 properties sold on Folly Beach in July and August 2011 bringing the total amount sold through August 2011 to 68. We are on pace to reach 100 sales for the year, a moderately low number for yearly sales, although much better than 2008 & 2009. There were 69 properties sold at the same point last year and 2010 ended up with 97 sales.
The average price in July/August 2011 was $474,642, which is up from 407,646 for the same period 2010 . The pace of sales has slowed recently after a fast start of the year with 7 sales in 2 months after averaging 10 sales a month for the first 6 months of 2011.
Here are a few examples of sales in July and August 2011:
Pavilion Watch 3 bedroom oceanview condominium sold for $370,000.
2nd row home on the West side sold for $378,000.
Larger, family home in Sunset Point sold for $455,000.
Oceanfront 4 bedroom home past the washout in great condition sold for $950,000.
The best deal in a while closed during this period, an oceanfront home with 3 bedrooms for $575,000. The lot had been split in two and was more narrow than most, but this is still a low price for oceanfront on Folly. The home was a foreclosure and the bank was selling it cheap. This situation occurs on Folly and if you would like to be kept up to speed with these type of deals contact me here.
Overall, prices are stabilizing, but still at extremely low levels. Because of these low prices and favorable interest rates, now is the time to look into purchasing your new beach house.