2011 Folly Beach Real Estate Market Report

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. Average $ Median $ 94 Total Sales $428,460 $397,500 21 Condominium Sales $255,533 $210,000 6 Vacant Lot sales $381,583 $315,000 67 Home Sales $486,858 $410,000 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.