10 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.