Below is a summary of the real estate market for Folly Beach, SC for the entire year of 2009.
There was a total of 64 properties sold on Folly Beach in 2009. That is down 28% from a total of 83 in 2008. It is also a far cry from the totals of years past. Folly Beach has a history of regularly selling over 100 properties. Will this be the new normal sales volume?
The average sales price in 2009 was $477,000,down 10% from $531,000 in 2008 and off 30% from a 2006 peak of $680,000. The average difference between sale price and list price was roughly 10%.
There were 3 sales of condominiums under $200,000 in the Palmettos, Pelican Pointe, and Marsh View Villas. The lowest Mariners Cay condominium sold for $215,000. The lowest lot on the island sold for $295,000 and was a full street to street lot. A 3 bedroom condominium at the Charleston Oceanfront Villas sold for $675,000, and an oceanfront lot sold for $775,000. The most expensive home sold for $1.2 million and was an oceanfront triplex.
The price of the average home sale is very low relative to the location of Folly. We are beginning to see rock-bottom prices and when homes are priced right, they are being put under contract immediately. People are taking advantage of the low prices and making the move onto the island that they previously thought was out of reach.
There is still high inventory with nearly 400 homes for sale. Sellers are eager to talk to qualified buyers and the leverage is absolutely in the buyers favor. If you are interested in buying on Folly Beach, or want to talk to an expert on selling you home, contact me here.