folly beach looking east10 properties were sold in August 2014 on Folly Beach, bringing the total sold to 82 for 2014.  This is a normal sales pace and accounting for a drop off in the cooler months, should put us at around 100 for the year, which is typical.  The average sales price in August was $496,316 and the median sales price was $475,000.  Year to date 2014, the average sales price is $459,506 and the median is $412,500.  There are currently 94 homes available for sale, and 29 condominiums.  I see the inventory of condominiums as critically low, with nothing on Folly Island available under $400,000.  The inventory of homes seems stable with little quality construction until about the $500,000 price range, but there are 20 homes listed under $500,000, which present good opportunities.  Many of these homes have been sitting a long time andthe sellers must be getting worn out.  The average days on market for active homes on Folly Beach is 376 days (1 year!).  For homes over a million dollars, that number increases to 472 days.  As a buyer, it is time to reach out to some of these tired sellers.

Some of the highlights of  August were:

2 Three Bedroom oceanview condominiums selling under $400,000 in Pavilion Watch.

A vacant lot zoned multi family selling for $263,764.

A second row 4 bedroom home selling for $840,000.

For more information on buying, selling, and the Folly Beach real estate market, contact me here.