What a busy year for buyers on Folly !
Home prices were down (see why below)
Condominium prices were up.
It is still a sellers market.
Wow, what a year! 139 properties sold on Folly Beach in 2014, which is an outstanding number compared to the historical benchmark of 100 properties sold each year. Demand continues the steady growth of the real estate market and it seems that supply can’t keep up. I am talking to buyers who just can’t seem to find the right place. Then a good property will be available and immediately there will be multiple offers. If you have a quality piece of property, I can show you several buyers who would love to join us out here and enjoy Folly’s lifestyle.
The 2014 real estate sales volume totaled over $61 million compared to $52 million last year. Buyers were flocking to Folly Beach. As we can see in the chart, the total number of sales went up 29% from 2013. Both median and average prices remained around the same level showing that even though demand is high, homeowners have not been able to push prices upward. Folly Beach is a very unique island and properties can have their own specific qualities, which is why you need an expert to evaluate the sales and show you how to set the value.
Condominiums were the hot spot this year, with both total sales and prices higher than the year before. Mariners Cay was the most active with 14 total sales between Marsh View Villas and Mariners Cay proper. Palmetto Point was very popular in 2014 with 9 sales, spurned by new construction in the neighborhood. Palmetto Point has a quality home, with views and water access, starting in the $400,000’s.
The Charleston Oceanfront Villas had 4 sales in 2014 ranging from $600,000-$665,000. The highest sale in COV was a 4 bedroom oceanfront condominium, that needed to be gutted and completely renovated. There was little to choose from in Charleston Oceanfront Villas last year causing some buyers to head nearby to the Seaside Villas and Pavilion Watch, totaling 7 sales between them.
More homes sold in 2014 compared to the year before, but prices were lower. This may make sellers nervous, but don’t panic, there is an explanation. Inventory is scarce (which is a good thing for prices). Very few homes were available of significant quality on Folly Beach, until you reach the $600,000’s and up. Many buyers last year chose to purchase homes in lower price ranges for the value of the land, and perform extensive renovations or even tear them down and build new. Building permits were up last year as evidence of this. Also see the spike in the chart at the bottom. I can help show you how to accomplish your goal of living on Folly Beach whether finding you the perfect home, or building what you need.
9 oceanfront homes sold last year, from $760,000-$1,595,000. The lower range is an example of a lot value purchase,with intentions to improve the building. There are currently 9 oceanfront homes available under $925,000, and as low as $670,000. These represent the best values on Folly Beach, for both enjoyment and investment return. But there are many components of purchasing beachfront property, let an expert put you on the right property.
Looking for a place on Folly Beach in the $400,000 range? You are not alone. As you can see in the chart below, this was far and away the most popular price range. Typically Folly Beach, like most communities, has some spreading out of home purchase prices, but 2014 saw a large proportion of homes in the $400’s. This spike is the reason that average home price numbers were affected. 2012 and 2013 show a little more bell curve shaped proportions, but 2014 has one giant spike. Home sales in the upper end stayed constant so the movement was from under $400,000 into that range. So momentum is upward, and average prices are soon to follow. If you want to live on Folly, I can show you how.
