Real Estate market information and statistics for Folly Beach, SC.
13 properties sold on Folly Beach in March 2011, bringing the 2011 year-to-date closings to 29. If the current pace continues, there could be 120 closings (or more since Q1 is typically a slower time) for the year. This number would reflect a more normal sales pace compared to previous years. Low prices are the reason for the increased transactions.
The lowest priced sale in March was a 2 Bedroom Mariners Cay condominium for $210,000. There were a handful of second row properties sold from $330,000 to $550,000 depending on condition of the property. There was an oceanfront 3500 sq ft home that closed for $1.36 M. The average sales price for March was $464,000, up from $423,000 in February and sharply up from a 2010 average of$386,500.
Have we seen the bottom?
I would not be so bold to call the bottom given what I have seen in the last couple of years. However, from working the beach and watching the market, and talking to the buyers, I feel a shift occurring. Activity is up, and all of the “low hanging fruit” deals have been plucked. Turtle Bay has had a few sales recently over $400,000 where they were selling for $350,000 the last two years. Even though that is a micro-market, I have seen the same thing across the beach.
I would highly recommend a buy strategy right now, as the prices are overall still low, and interest rates remain down. There are still a handful of deals left that when you look back, you will be happy you bought. I believe that downside risk is at a minimum. I do know about a few pending foreclosures, and can put you on the property you want.