In 2018, the streaky market of the past became a balanced market, which is good for both buyers and sellers. There were far fewer properties sold in 2018 but demand hasn’t cooled off. Shrinking inventory in the last half of 2017 left buyers with little to buy which meant lower closings at the start of 2018, but inventory finally started to arrive and supply met demand. One thing you can say about Folly Beach is that it will always be in demand! Towards the end of the year, there was a build-up of supply as buyers became more picky, signalling a healthy balanced market. Demand is still there for quality homes, but sellers will need to be priced right as the leverage move back towards the middle. This is why it is critical to choose a market expert when buying or selling on Folly Beach.
Folly Beach Home Sales
Sales of single-family homes on Folly Beach fell in 2018 compared to the year before, attributed to the lack of inventory mentioned above. But take a look at the spike in average sales price to nearly $900,000. The days it took to sell dropped as well, meaning higher-end properties sold quickly in 2018. Demand was willing to make moves in the first half of the year from a dried up 2017 inventory, but as the year went on, the market began to balance out. An oceanfront home sold for $2 million on Folly, and there were 6 homes sold over $1.5 million. Only 19 out of 77 home sales was below $700,000. The average price/sq ft for homes was $464.
Folly Beach Condominium Sales
2018 couldn’t keep up with the year before in the total number of sales but the market stayed steady on price and days on market. Prices eased higher as they became more attractive to buyers in the 300-400,000’s with no inventory of homes to buy. Condominiums across the bridge in Mariners Cay and Marsh Winds could be bought in the upper $300,000’s but the lowest priced condominium on the island sold for $485,000. A few oceanfront condominiums sold in the $600,000’s and there were 5 Charleston Oceanfront Villa sales last year with the highest reaching $1,075,000.
Folly Beach Lot Sales
Vacant lot sales stayed low in 2018 and can be attributed to rising construction costs. Interior lots sold between $350,000-$400,000. An oceanfront lot sold for $935,000 last year. Oceanfront lot sites may vary widely depending on location, size, and protection. This is why you need to trust a Folly Beach expert when selecting your homesite.
2018 Folly Beach Sales by the numbers
Taking a look at the charts below, you can see how from year to year there is an upward shift in prices. Where the bulk of sales used to be in the 500’s, it now starts in the 500’s and peaks from there. The lower end property sales are disappearing, a great representation of rising prices.
