First Quarter Sales Results on Kiawah
total properties closed 72
(+6% from Q1 2023)
total dollar volume
$124M
(-12% from Q1 2023)
single-family home median price
$2.8M
(-6% from Q1 2023)
homesite median price
$537K
(-46% from Q1 2023)
villa & cottage median price
$988K
(+52% from Q1 2023)
• Kiawah Island saw 72 closings in Q1 2024 for a total of $124M in sales volume, signifying a slight increase in the number of transactions but a decrease in total dollar volume by 12% year-over-year (YOY).
• Inventory remains low at 148 available properties out of 4,895 total units on Kiawah, continuing the slow increase in the amount of inventory on the Island seen since the record low of 58 available properties at the end of Q1 2022. Inventory of available villas & cottages has nearly doubled since the end of Q1 2023 and represents 37% of current listings, followed by single-family homes (36%) and homesites (27%).
• With the increased inventory of villas & cottages, we also saw a 52% YOY increase in median prices and an 87% YOY increase in volume.
• Island-wide homesites that sold for less than $1M represented 90% of all homesite sales in Q1 2024, up from 50% last year. As prices tend to trend up for homes and villas & cottages, there has been a 46% YOY decrease in the median homesite prices; this is due in large part to fewer high-end homesites being available for sale.
Q1 2024 AT A GLANCE
A KIAWAH ISLAND REAL ESTATE PUBLICATION 2024 First Quarter Results | kiawahisland.com | 843.396.1522
total Island-wide dollar volume in millions (end of Q1 each year) 2024 $124.0M 2023 $140.6M 2022 $182.0M 2021 $205.1M 2020 $74.4M 2019 $51.6M 2018 $65.6M 2017 $60.6M 2016 $48.8M 2015 $52.2M 2014 $41.3M OBSERVATIONS: HISTORICAL ISLAND-WIDE Q1 CLOSING ACTIVITY 2021 2022 2023 $0 $25M $50M $75M $100M $125M $150M $175M $200M VOLUME IN MILLIONS Number of Transactions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $51.6 $41.7 $52.2 $65.6 25 0 50 75 100 125 150 175 200 $48.8 $41.3 $60.6 $40.9 $37.8 $74.4 $182.0 $140.6 2024 $124.0 $205.1 Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. = = = = = = = = = = =
FIRST QUARTER 2024 KIAWAH ISLAND CLOSINGS SNAPSHOT
| 2024 First Quarter Results All
rounded
FIRST QUARTER 2024 ISLAND-WIDE INVENTORY* 3.3% = 56 2.0% = 53 7.4% = 39 JUST 3% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE *Excluding Timbers 23 3 n H O MESITES SINGLEFA M I L Y H O M E S 38%* (56) 26% (39) 36% (53) 148 ACTIVE LISTINGS AT END OF Q1 2024 VILLAS & C O T T A G E S 2024 2023 % OF CHANGE Properties Closed Volume Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price ALL TRANSACTIONS VILLAS AND COTTAGES HOMES HOMESITES 72 $123,812,000 30 $35,657,000 $988,000 $1,189,000 22 $73,894,000 $2,823,000 $3,359,000 20 $14,262,000 $537,000 $713,000 68 $140,600,000 23 $19,113,000 $650,000 $831,000 31 $103,663,000 $2,995,000 $3,344,000 14 $17,824,000
Kiawah Island Property Report
dollar figures have been
to the nearest thousand. Excludes Bulk Sales.
$993,000 $1,273,000
+6% -12% +30% +87% +52% +43% -29% -29% -6% 0% +43% -20% -46% -44%
35% (1,714) 11% (524) 54% (2,657) 4895 TOTAL UNITS ON KIAWAH ISLAND 7.4% 2.0% 3.3% HOME S I T E S SI N G L EF A M I L Y SEMOH ALLIV S & C O T T A G E S
3 1 5n3 3 3 7 5 2n
Kiawah Island
Report | 2024 First Quarter Results 2 Bedroom = 13 $2M - $5M = 15 < $2M = 3 3 Bedroom = 11 4 Bedroom = 1 > $5M = 4 1 Bedroom = 5 ISLAND-WIDE Q1 2024 SALES Price In Thousands Price In Millions Price In Thousands 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 UNDEVELOPED HOMESITES SOLD AP MP 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 10 0 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 SINGLEFAMILY HOMES SOLD AP MP 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 VILLAS & COTTAGES SOLD AP MP 2020 2021 2022 2023 2024 TOTAL UNITS SOLD TOTAL UNITS SOLD 50 100 125 150 175 200 Q1 2024 TRANSACTION TRENDS ON KIAWAH ISLAND Price In Thousands Price In Millions Price In Thousands 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLEFAMILY HOMES SOLD AP MP $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 20 30 40 50 60 70 80 90 100 110 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2020 2021 2022 2023 2024 TOTAL UNITS SOLD TOTAL UNITS SOLD 25 0 50 75 100 125 150 175 200 Price In Thousands Price In Millions Price In Thousands 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 UNDEVELOPED HOMESITES SOLD AP MP 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 10 0 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 SINGLEFAMILY HOMES SOLD AP MP 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 10 0 20 30 40 50 60 70 80 90 100 110 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 VILLAS & COTTAGES SOLD AP MP 2020 2021 2022 2023 2024 TOTAL UNITS SOLD TOTAL UNITS SOLD 25 0 50 75 100 125 150 175 200 Price In Thousands Price In Millions Price In Thousands 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 2024 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLEFAMILY HOMES SOLD AP MP $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2020 2021 2022 2023 2024 TOTAL UNITS SOLD TOTAL UNITS SOLD 100 125 150 175 200 Rounded to the nearest million. FOR- SALE ISLAND - WIDE INVENTORY
Through End of Q1 2019 - 2024 $656M $461M $66M $129M $637M $452M $61M $124M 469 201 105 163 444 198 92 154 TOTAL $ HOMES VILLAS & COTTAGES HOMESITES TOTAL # HOMES VILLAS & COTTAGES HOMESITES 2019 2020 $1M - $2M = 1 < $1M = 18 > $2M = 1 2021 2022 2023 2024 $308M $205M $11M $92M $192M $114M $6M $72M $373M $216M $52M $105M $443M $273M $80M $90M 136 45 13 78 58 27 4 27 121 46 32 43 151 53 56 39 9 5 n5 HOMESITES SOLD = 20 5% 90% 4 133 VILLAS & COTTAGES SOLD = 30 43% 3% 37% 1 61 n HOMES SOLD = 22 14% 68% 18% 5% 17%
Property
COMPARISON
Kiawah Island Property Report
KIAWAH ISLAND REAL ESTATE SALES DATA
President Dan Whalen's Note:
Our team at Kiawah Island Real Estate (KIRE) kicked off 2024 by closing on 45 properties for $90 million, representing 73% of the total dollar volume for all sales on Kiawah.
The number of transactions closed this year is back to pre-pandemic levels, but the dollar volume has continued to increase exponentially. With the low inventory of 148 available properties and continued buyer demand, we expect prices across all property types to continue to remain elevated this year.
We are proud that 81% of single-family homes and 95% of all villas & cottages listed through KIRE sold in less than six months last year. If you are considering selling, please don’t hesitate to give us a call or stop by one of our three sales offices.
Q1 2024 CLOSED TRANSACTIONS BY SELLING AGENCY
*Excludes Timbers Kiawah Sales. | KIRE: Kiawah Island Real Estate, AE: Akers Ellis, PHX: Pam Harrington Exclusives, CAR: Carolina One, ADDL O/S: Additional Outside Sales
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. 1 Kiawah Island Parkway Kiawah Island, SC 29455 | kiawahisland.com | 843.396.1522 Please email RealEstateInfo@Kiawah.com with any questions or to request clarification.
| 2024 First Quarter Results
KIAWAH ISLAND REAL ESTATE'S HISTORY OF Q1 CLOSING ACTIVITY YEAR PROPERTIES DOLLAR VOLUME 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 45 49 79 118 35 27 39 42 33 31 29 33 35 25 $90M $111M $127M $152M $49M $28M $56M $48M $41M $45M $29M $31M $30M $34M
KIRE Property Type HOMES < $2M $2M - $5M > $5M Total Closed Transactions HOMESITES < $1M $1M - $2M > $2M VILLAS & COTTAGES * 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom+ 16 1 11 4 17 3 7 6 1 6 0 4 2 0 2 0 0 2 0 0 0 0 0 0 4 2 2 0 0 45 4 12 10 1 1 3 2 1 0 10 0 12 71 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 2 0 2 0 22 3 15 4 0 0 0 0 7 7 0 0 20 18 1 1 29 5 13 10 1 PHX CAR ADDL O/S TOTAL AE