2012 Folly Beach Market Report
By Vince Perna, dunes properties of Charleston agent, 843.425.6414
Information on real estate and property sales for Folly Beach, SC in 2012. It appears that an awakening occurred on Folly Beach, as buyers have returned, and demand is back. Property sales increased for the 3rd year in a row, this time by 23%. Inventory is shrinking as more of the lower-priced properties are bought up. Sales in the upper price ranges increased also, showing signs of life in the luxury home and condominium market.
There were 116 total sales for 2012, which is consistent with sales figures from previous normal levels. The median sales price on Folly Beach was $425,000, up 7% from 2011. At the end of 2011, there were 312 active listings. That number dropped 21% to 246 at the end of 2012. The average time on the market for sales in 2012 was 217 days, which is not too bad for a luxury market with higher priced properties.
Condominium sales showed the biggest improvement, with a 57% increase in the number of sales, and a 21% increase in median price. Last year saw an absorption of lower priced condominiums resulting in very little to choose from near $200,000. The new bottom number is $300,000, and this will get you something off Folly Beach. On the island that number increases over $400,000. There was an oceanfront luxury townhome sale of $1.1 million in 2012. There were 6 Charleston Oceanfront Villas sold at a median price of $625,000, but with current inventory, that number will be hard to find. A Waters Edge townhome with the best views of the Folly River and the sunset sold for $505,000.
There was a modest gain in the number of home sales on Folly Beach in 2012; 56 homes changed hands compared to 54 in 2011. The most significant rise was in average price, up 22% from 2011 to $628,625. The median price also rose 18% to $547,500. The reason for these gains are the increase in higher-priced home sales. There were fewer deals this year compared to years past, although a handful of foreclosures sold, most selling in the first days on the market. The breakdown by location was pretty typical, with homes back from the beach selling in the $400’s, closer to the beach $550’s, 2nd row properties in the $750’s and oceanfront in the $900’s and up. The lowest oceanfront home sold for $832,500. There was a sale of a home for $1.6 million, the highest priced sale since 2007.
The graphs below clearly show how prices have increased. While the majority of sales were in the $300’s and $400’s, there were 31 sales above $600,000 compared to 13 in 2011. Take a look at the higher priced sections of the right side of the graph below, and you will really see a difference.
– Vince Perna, 843.425.6414