Real Estate Sales on Folly Beach remain strong in 2017
Through half of 2017, 92 properties have sold, up 15% over 2016. These numbers have been climbing steadily for years now. and when I think back several years ago, that would have been a good number for the whole year. In 2014 139 sold for the year, and in 2015 149 sold for the year, so our pace to hit 184 sales shows the buyers are still flocking to Folly Beach and more and more people want to own on the island. I talk to buyers every day, and decreased inventory of available homes is the challenge many are facing. Prices are rising throughout all styles of homes, and entry level priced homes are higher than they used to be.
Home Sales on Folly Beach
The biggest jump so far this year has been sales of homes on the island, up 46% from last year. This has definitely taken it's toll on inventory. In June 2016, there were 77 homes for sale on Folly and in 2017 that number has dropped to 30. There are many buyers out there just waiting for the right home to pop up, and sellers have been getting multiple offers on properties within just a few days of hitting the market. Because of this demand, the average sales price has climbed to $720,130 for a home on Folly Beach and cut down on the number of days a home is on the market.
Condominium Sales on Folly Beach
Condominium sales remained steady but prices have pushed upwards, with the average price at over $436,000, up 6% from 2016. It appears there is a lack of inventory up towards the beach, with little to no beachfront or 2nd row condominiums available. Owners must be happy up there and receiving high rents. Prices in the Charleston Oceanfront Villas have risen and demand is on a wait list to get in that building. Several sold this year in the riverfront communities of Turtle Bay and Waters Edge, but the majority sold across the river in Mariners Cay, Palmetto Pointe, and the newly built Preserve at the Clam Farm. There are a few communities in legal wranglings or involved in construction deficiencies, so working with someone with knowledge of these situations is essential. Contact me for an introduction to these communities and find out which one is the best fit for you.
Sales of Vacant Land on Folly Beach
Lot sales have cooled off from last year, with a 50% drop off from this time last year. Since there are statistically fewer sales and opportunities to buy lots, these number can skew easily. There is still pent up demand in purchasing a home, which leads many buyers to look for a lot where they can build a new home. This is why prices are still high, up 3% from last year, and why you can see the number of days on the market lower, and sellers getting a higher percentage of what they are asking for. Inventory is affecting purchase power here too, with fewer available lots, especially up towards the beach. There are several oceanfront homes many would consider tear downs, that would qualify as available lots, and these properties are asking for nearly a million dollars or higher for really premium and protected pieces of land.
I work with buyers and sellers on Folly Beach and look forward to helping you in any way I can. Most buyers seek their own private piece of property on Folly that they can live in or possibly rent out during the summer. I can help determine what works best for you. If you have a goal of owning on Folly, increase your chances by contacting me, especially in a market like this one. I have my eyes and ears on the market 24/7 and am passionate about helping people find their perfect Folly Beach home. Sellers can find out what their home is worth and learn about how I can match you up with the buyer pool I created.