8 properties sold on Folly Beach in October 2012 bringing the total sales year to date to 93. That is a solid pace and should put us at normal levels for the year. This continues a trend started last year, after several years of below normal sales. While demand has improved and absorbed some of the excess inventory, a frequent arrival of the distressed sale property keeps the pressure downward on prices. Still if you are not willing to wait for the deal, and will not accept some of the pitfalls associated with distressed property, then you have less to choose from than before. Our current figure is 17 months of inventory, which has fallen from over 24 months of inventory.
The average sales price year to date is $475,390, which is slightly down from October 2012, but higher compared to 2011. The median price year to date is $420,000.
Some examples of sales in November 2012 were:
An oceanfront home on the east side for $832,500.
A 3 Bedroom condominium with Marsh Views for $97,000.
A Folly River view condominium for $225,000.