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Kiawah Island Property Report A

K I A W A H

I S L A N D

2019 Results in Review

R E A L

|

E S T A T E

P U B L I C A T I O N

|

kiawahisland.com

8 0 0 . 2 7 7. 7 0 0 8

YEAR-END ISLAND-WIDE SALES RESULTS FOR 2019 properties sold

318

2 0 1 9

AT

A

G L A N C E

(-1% from 2018)

dollar volume

$300.4M (-20% from 2018)

total Island-wide dollar volume in millions 2 019

=

$300.4M

2 01 8

=

$376.0M

2 017

=

$3 2 1 . 1M

2 016

=

$312.2M

2 01 5

=

$362.3M

average sales price single-family home

2 014

=

$31 1 . 3 M

$1.5M

2 013

=

$318.8M

2 01 2

=

$293.7M

(-26% from 2018)

median sales price single-family home

$1.2M

(-20% from 2018)

2 011

=

$214.7M

2 01 0

=

$303.4M

2 0 09

=

$194.0M

2008

=

$301.7M

2 0 1 9

F A C T S

O B S E R V AT I O N S :

• Kiawah saw 318 sales transactions in 2019, virtually the same

number seen in 2018’s record year (320), which was the most transactions since 2007. Because 2018 was a banner year for sales transactions, essentially mirroring that in 2019 points to a strong market.

Aside from 2018, the number of transactions in 2019 is the most the Island has seen since 2007.

• Kiawah ended 2019 with $300 million in total Island-wide

closed sales volume, 20% less than 2018’s record number. This can be attributed to a 71% YOY drop in sales of houses priced above $2.5M, while the sale of homes priced between $1M and $2.5M grew YOY at 29%.

• The trend of decreasing ultra-high-end home sales has been

felt nationwide for some time now and was a consistent theme in each quarter of 2019 on the Island. Kiawah saw the fewest number of transactions above $2.5M since 2014. Similar markets like the Hamptons reported sales declines in seven of the eight price categories monitored, resulting in overall sales volume to drop by nearly 20%.*

*Source: Town and Country Real Estate

&

F I G U R E S

THIS PROPERT Y REPORT REPRESENTS ALL SALES ISL AND-WIDE.

LE-FAMIL

Y

H

*Excluding Timbers

SI

NG

36% (158)

V

IL

LA

C O T TA G E S S &

26

20% (86)

HOMESITES

44% (191)

435 * ACTIVE LISTINGS AT 2019 YEAR END

$4.9M

D

properties sold on Cassique

highest homesite sold

E

O

M

V

PE

292

DE

O

properties sold on Kiawah Island

E

S

L

KIAWAH ISLAND AND CASSIQUE SALES

UN

highest villa and cottage sold

$1.8M highest single-family home sold

$7.8M


Kiawah Island Property Report |

2019 Results in Review

KIAWAH ISLAND SALES SNAPSHOT 2018

2019

% OF CHANGE

Properties Closed Volume

320 $375,561,000

318 $300,435,000

-1% -20%

HOMES

Properties Closed Volume Median Price Average Price

126 $255,400,000 $1,538,000 $2,027,000

128 $191,369,000 $1,238,000 $1,495,000

+2% -25% -20% -26%

VILLAS AND COTTAGES

Properties Closed Volume Median Price Average Price

107 $59,903,000 $455,000 $560,000

Properties Closed Volume Median Price Average Price

52 $38,763,000 $385,000 $745,000

Properties Closed Volume Median Price Average Price

35 $21,495,000 $475,000 $614,000

HOMESITES

TIMBERS KIAWAH OCEAN CLUB & RESIDENCE

98 -8% $50,787,000 -15% TOTAL UNITS SOLD-1% $450,000 $518,000 -7% 320

54 310$33,089,000 $375,000 300 $613,000 290 38 280 $25,190,000 270 $510,000 $663,000 260

+2% -15% -3% -16%

TOTAL UNITS SOLD

ALL TRANSACTIONS

+9% +17% +7% +8%

2019

2018

TRANSACTION TRENDS ON KIAWAH

2017

2015

240

2016

Char t does not include bulk sales. All dollar figures have been rounded to the nearest thousand. 250

Homesites, Villas & Cottages, and Single-Family Homes (SFH)

LAS & COTTAGESVILLAS & COTTAGES

ge Price (AP) vs. Median Average Price (AP) vs. Median ce (MP) vs. Units Sold Price (MP) vs. Units Sold

90

$500

80

$400

70

$300

60 2019

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold

$700 $600 $500

$550 $525 $500 $475 $450

$400

$425

$300

$400

2019

$600

$800

2018

100

$900

2017

$700

VILLAS & COTTAGES SOLD

110

2018

2016

2019 2015

$800

2017

UNDEVELOPED HOMESITES SOLD 2018

40

2017

2016

50 2015

2019

2018

2017

2016

2019 2015

40

2018

240

2017

2016

50

120

$575

$1.0M

MP

250

60

$900

MP

60

70

130

Price In Thousands

70

80

$1.0M

Price In Thousands

80

90

MP

260

90

100

Price In Thousands

270

TOTAL UNITS SOLD

100

110

AP

300

280

Average Price (AP) vs. Median Price (MP) vs. Units Sold

AP

110

AP

310

UNDEVELOPED HOMESITES SOLD

320

290

VILLAS & COTTAGES

HOMESITES

2016

HOMESITES

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold

2015

OTAL UNITS SOLD TOTAL UNITS SOLD


Kiawah Island Property Report |

2019 Results in Review

NOTABLE SALES SOLD BY:

SOLD BY:

Kiawah Island Real Estate

Kiawah Island Real Estate

THIS HOME SOLD AFTER JUST 19 DAYS ON MARKET

PROPERTY SOLD AFTER JUST 23 DAYS ON MARKET

PRICE: $4,050,000

PRICE: $1,800,000

(92% of list price)

(96% of list price)

40 Atlantic Beach Court

6008 Green Dolphin Way

2019 SALES 9% 36% HOMES SOLD = 128 55%

HOMESITES

view: Lagoon

square feet: 2,740

bedrooms: 4

bathrooms: 4.1$500

bedrooms: 4

bathrooms: 4

2019 HIGHLIGHTS:

SINGLE-FAMILY HOMES

Average Price (AP) vs. Median Price (MP) vs. Units Sold

2019

2018

2017

90

$1.75 $1.50 $1.25 $1.00

2016

100

MP

110

$2.00

2015

120

SINGLE-FAMILY HOMES SOLD

130

$2.25

Price In Millions

140

$2.50 AP

150

VILLAS & COTTAGES SOLD = 98

$300

160

32% 37%

$400 2019

40

3%

$700

square feet: 3,452 $600

2018

50

$800

MP

60

> $2.5 = 10

view: Ocean

2017

70

2016

80

$1 - 2.5MM = 71

$900

Price In Thousands

90

AP

100

< $1MM = 47 $1.0M

2015

110

UNDEVELOPED HOMESITES SOLD

Average Price (AP) vs. Median Price (MP) vs. Units Sold

0

Sales of homes priced below $1M rose 27% YOY while homes priced between $1M and $2.5M rose 29%, causing average and median prices to drop. While the number of villas & cottages sold decreased, we continue to see a strong demand for 1-bedroom properties. Sales in that category increased 48% YOY. Because the price point for a 1-bedroom property tends to be less than that of multiple bedrooms, the increase in 1-bedroom sales explains largely the decrease in average sales price. After declining significantly in 2018, homesite sales activity remained virtually flat in 2019 with a slight uptick. Aligning with home sales trends, the sale of homesites above $2M dropped 40%, while homesites priced between $1M and $2M increased 33%.

28% 1 Bedroom = 31 2 Bedroom = 28 3 Bedroom = 36 4 Bedroom = 3

6%

7%

HOMESITES SOLD = 54

87%

< $1MM = 47 $1 - 2MM = 4

> $2MM = 3


Kiawah Island Property Report |

2019 Results in Review

PRESIDENT'S NOTE I couldn’t be more thrilled to be the new President of Kiawah Island Real Estate. I assumed this position on January 6 after many years in the luxury residential and commercial real estate space across the Carolinas. Being named President helps me realize a lifelong dream of leading one of the finest planned communities in the world. I look forward to working with each of you and I thank you for the warm welcome.

HISTORY OF KIAWAH ISLAND AND CASSIQUE

In this report, we are pleased to share a snapshot of our Kiawah Island Real Estate

ARB PERMITS

market. While many overall sales figures have decreased in relation to 2018, it’s important

FOR NEW HOMES

to note that 2018 was the best year of sales across the Island in a decade by a significant margin. A decrease would be expected after such a banner year. In those same numbers, however, you will see another remarkably active year on the Island, with 318 sales (the second most since 2007). That is nearly one sale every single day on our Island. In fact, in December alone KIRE had 6 homes ranging from $1.6M to $3.3M all with multiple offers.

Our expectations for 2020 are at an all-time high. Listed inventory is the lowest it has

YEAR

PERMITS

2 019

55

2 01 8

52

2 017

65

2 016

56

2 01 5

61

2 014

53

2 013

24

2 01 2

33

been since 2006, dropping 3% from last year which at the time held a record low. And in January alone, the Island saw 23 sales transactions.

We hope you will turn to us at KIRE with any questions about the state of our market. Regards,

Dan Whalen, President Kiawah Island Real Estate

For-Sale Kiawah Inventory Comparison Through Year End 2014 - 2019 2014

2015

2016

2017

2018

2019

TOTAL $

$634M

$661M

$650M

$726M

$635M

$633M

HOMES

$376M

$406M

$419M

$478M

$440M

$447M

VILLAS & COTTAGES

$83M

$88M

$76M

$71M

$55M

$55M

2 011

25

HOMESITES

$176M

$167M

$154M

$177M

$140M

$131M

2 01 0

33

TOTAL#

502

507

479

503

447

435

20 0 9

28

HOMES

169

174

182

193

188

191

VILLAS & COTTAGES

142

145

127

112

94

86

2008

47

HOMESITES

191

188

170

198

165

158

1 Kiawah Island Parkway • Kiawah Island, SC 29455 | KiawahIsland.com | 800.277.7008 Please email RealEstateInfo@Kiawah.com with any questions or to request clarification. Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.

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