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Folly Beach real estate showed signs of life in 2011, with more buyers taking advantage of the low prices to find a new beach home. That may be good news for the future, as a rise in demand is exactly what sellers are looking for. 94 properties sold on Folly Beach in 2011 compared with 89 in 2010. Looking back, a range between 100-120 has been the normal pace of sales activity. The year started off with a bang, and sales were on pace to well exceed 100, then cooled off in the second half of the year. The median price overall on Folly Beach for 2011 was $397,500 down from $405,000 in 2010. Below is information on home sales, condominium sales, and land sales.

Interested in buying or selling on Folly Beach? Contact me here.

Out of 94 sales this year, only 14 were $600,000 or over and only 2 were above $1 million. These low prices make it affordable for many to own a property on Folly Beach. Also, sellers in these price ranges are talking to less buyers and may be more aggressive with their sales plans. The average price for an oceanfront home sale was $924,600 and the average oceanfront lot sold for $792,250. In the condominium market of Folly the average oceanfront condominium sold for $565,333 with Charleston Oceanfront Villas selling 2 for an average of $634,500. Out of 94 sales, 58 (62%) sold with the buyer obtaining a loan, and 36 (38%) sold for cash. The average sold/list ratio was 91.82% for 2011. There are currently 192 properties for sale on Folly Beach, which is off nearly 60% from the peak in Spring 2009. The current inventory still represents a 24 month supply of inventory, at our current sales pace. A normal market would have between 6-9 months inventory. In some condominium complexes and micro-markets of Folly, inventory has dried up completely, pushing prices higher. Any questions? or to learn more about specific market activity, contact me here.

Keeping you current on real estate information, including home and condo sales, and market trends on Folly Beach, SC.  5 properties sold in September 2011 bringing the year to date total to 73.  The average sales price for September was $534,750, up from $493,500 in 2010.  We are still on pace for 100 sales in 2011, which is a moderate year.  Some examples of sales in September 2011:

A small 2nd row cottage sold for $350,200.

A 3 BR Little Oak Island condominium sold for $192,900.

An oceanfront home, which was foreclosed on and was nearly a tear down, sold for $735,000.  It was a beautiful full lot, and this may be the new comparable price for oceanfront lots.

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The 2011 year to date average sales price on Folly Beach is $431,000, down from $476,000.  This is discouraging news to sellers, but if you are looking to buy, the timing is right.  It seems like most of the purchases are occurring in the lower price range, only 2 houses have sold this year over $1 million and only 7 have sold above $650,000.  If you have ever considered owning on Folly Beach, now is the time.  There are still lower priced island homes available, and the premium property is priced lower than it has been in years.

There has been some foreclosure activity out here this year, and those properties tend to sell fast.  If you are looking to purchase one of these great deals, you must be ready to act fast when they are listed.  Having the help of a professional Folly Beach realtor will help you acheive your goal of owning on Folly.  I can learn what you are looking for and contact you as soon as something comes on the market.  Let's get the ball rolling!

YES!  I want to buy on Folly Beach!

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.

Interested in buying or selling on Folly Beach?  Contact me here.

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.

1113 East Arctic

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.