Q4 2020 Kiawah Island Property Report

Page 1

Kiawah Island Property Report A

K I A W A H

I S L A N D

2020 Results in Review

R E A L

|

E S T A T E

kiawahisland.com

P U B L I C A T I O N

|

843.396.1522

YEAR-END ISLAND-WIDE SALES RESULTS FOR 2020 total Island-wide dollar volume in millions

properties sold

656

2 02 0

=

$807.3M

2 019

=

$300.4M

2 01 8

=

$376.0M

average sales price single-family home

2 017

=

$3 2 1 . 1M

2 016

=

$312.2M

(+33% from 2019)

2 01 5

=

$362.3M

average sales price homesite

2 014

=

$31 1 . 3 M

$685k

2 013

=

$318.8M

(+12% from 2019)

2 01 2

=

$293.7M

average sales price villa & cottage

2 011

=

$214.7M

2 01 0

=

$303.4M

(+8% from 2019)

2 0 09

=

$194.0M

dollar volume

$807M

(169% from 2019)

$2M

2 0 2 0

AT

A

G L A N C E

(+106% from 2019)

$603k

HI STOR I C AL

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

• Kiawah Island as a whole saw the greatest sales volume in

the history of the Island generating $807M in closings across 656 transactions in 2020. This represents a 169% increase in year-over -year (YOY) volume and a 106% YOY increase in transactions.

Accounting for 69% of the total sales volume, single-family home (SFH) transactions more than doubled YOY and nearly quadrupled in volume. This was the most SFH transactions ever recorded on Kiawah Island in one calendar year.

• Homesite sales also soared, with a 131% increase in

transactions and a 159% increase in volume YOY. It was the highest grossing year for homesites in 15 years. Sales of homesites priced under one million more than doubled, between $1M and $2M quadrupled, and greater than $2M nearly tripled.

• With inventory at the lowest ever recorded closing out the

year (203 properties), the Island has become a seller’s market. Because of that, we saw average sales prices increase by 27% and median prices increase by 20% YOY.

I SL AN D -W I DE

CLOS I N G

AC T I V I T Y

800

$800M

700

$700M 656

600

$600M

500

$500M

400

$400M

300

291

200 100

2007

235 184

178

2008

2009

2010

266

276

275

287

2012

2013

2014

2015

278

292

321

318

$300M $200M

203 2011

2016

2017

2018

2019

2020

ISLAND-WIDE CLOSINGS Q4 (OCTOBER 1 THROUGH DECEMBER 31) 61

28

51

63

46

79

74

80

68

71

87

119

84

251

Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.

$100M


Kiawah Island Property Report |

2020 Results in Review

KIAWAH ISLAND SALES SNAPSHOT 2019

2020

% OF CHANGE

Properties Closed Volume

318 $300,435,000

656 $807,288,000

+106% +169%

HOMES

Properties Closed Volume Median Price Average Price

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

273 $542,564,000 $1,525,000 $1,987,000

+113% +184% +23% +33%

VILLAS AND COTTAGES

Properties Closed Volume Median Price Average Price

98 $50,787,000 $450,000 $518,000

203 $120,216,000 $475,000 $592,000

+107% +137% +6% +14%

Properties Closed Volume Median Price Average Price

54 $33,089,000 $375,000 $613,000

125 $85,673,000 $385,000 $685,000

+131% +159% +3% +12%

Properties Closed Volume Median Price Average Price

38 $25,190,000 $510,000 $663,000

54 $34,860,000 $540,000 $646,000

+42% +38% +6% -3%

ALL TRANSACTIONS

HOMESITES

TIMBERS KIAWAH OCEAN CLUB & RESIDENCE

All dollar figures have been rounded to the nearest thousand. Total volume includes one bulk sale of $23.975M.

2 0 2 0

I S L A N D -W I D E

F A C T S

&

F I G U R E S

V&

C

T TA G E S

A

S

&

CO

MESITES

HO

51% (2,485)

3%

EHS O

LL

HOMES

13% = 102

33% (1,656)

4980 TOTAL UNITS ON KIAWAH ISLAND

E -I LF Y A MHI F AL M N- G O L YM

I LY

12%* (24)

16% (768)

VI

AM

1.4% = 24

M

L IE GS

-F

3% = 77

O

IN

E

*Excluding Timbers

1.4%

S

L

50% (102)

38% (77)

203 ACTIVE LISTINGS AT END OF 2020

JUST 4% OF ISLAND-WIDE UNITS ARE LISTED AND AVAILABLE FOR PURCHASE

S

S

G

TE

E

N

I ES

M

SI

H

13%


Kiawah Island Property Report | FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through Year End 2015 - 2020 2016

2017

2018

2019

2020

TOTAL $

$661M

$650M

$726M

$635M

$633M

$390M

HOMES

$406M

$419M

$478M

$440M

$447M

$278M

VILLAS & COTTAGES

$88M

$76M

$71M

$55M

$55M

$16M

HOMESITES

$167M

$140M

$131M

55%

$96M

507

479

503

447

435

203

HOMES

174

182

193

188

191

77

VILLAS & COTTAGES

145

127

112

94

86

24

HOMESITES

188

170

198

165

158

102

*Excludes Timbers Kiawah Sales

TOTAL UNITSTOTAL SOLD UNITS SOLD

HOMES SOLD = 273

UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD

2020

2019

2020 2018

2019 2017

2020

2019

2018 2016 2019 2017 2020 2018

2018 2016

2016

2017

2017

2020

100

2020

100

$1.75 $2.50 $1.50 $2.25 $1.25 $2.00 $1.00 $1.75 0 $1.50

2019

$475

200 350 150 300 100 250 50 200 0 150

2018 2016 2019 2017 2020 2018

200 350 150 300 100 250 50 200 0 150

2017

$525 $600 $500 $575 $475 $550 $450 $525 $425 $500

GLE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD

250

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES 300 $2.25

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units Sold 250 $2.00

2016

$550

GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY

2020

2019

3 Bedroom = 120 4 Bedroom = 13

$2.50

$1.25

$2.25

Price In Millions

2018 2016 2019 2017 2020 2018

1 Bedroom = 50 2 Bedroom = 74

12%

$2.00

MP

ILLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD

29%

6%

$1.75 $2.50 $1.50 $2.25 $1.25 $2.00 $1.00 $1.75 0 $1.50

Price In Millions MP

2017

$300

AP

2016

$300

AP

300

MP

ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD

$400

$2.50

AP MP

$575

350

Price In Millions Price In Millions

MP

MP

$475

AP

$525 $600 $500 $575 $475 $550 $450 $525 $425 $500

$400

AP

350

Price In Thousands Price In Thousands MP

AP MP

100

Price In Thousands Price In Thousands

200 350 150 300 100 250 50 200 0 150

$600 AP

AP

VILLAS VILLAS & COTTAGES 300 & COTTAGES $575

$500

VILLAS & COTTAGES SOLD = 257

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

$600

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units Sold 250 $550

0

$800

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES

VILLAS & COTTAGES VILLAS & COTTAGES

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

350

20 2016

2020

2019

2018

2019

2020 2018

2019 2017

2017

2018 2016

0

UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD

TOTAL UNITS SOLD TOTAL UNITS SOLD

2018 2016 2019 2017 2020

2017

2016

0

2016

20

$500

$900

$700 $1.0M47% $600 $900 $500 $800 $400 $700 $300 $600

MP

100

40

$700 $1.0M $600 $900 $500 $800 $400 $700 $300 $600

MP

40

80 140 60 120 40 100 20 80 0 60

Price In Thousands Price In Thousands

0

80 140 60 120 40 100 20 80 0 60

AP

0

100

HOMESITES HOMESITES $900 120

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units Sold 100 $800

MP

200

120

19%

$1.0M AP

TOTAL SOLDUNITS SOLD TOTAL 600 UNITS

5%

$1.0M

AP MP

0

> $2.5M = 62

HOMESITES HOMESITES

2020 TRANSACTION TRENDS ON KIAWAH ISLAND 140 140

500 800 400 700 300 600 200 500 100 400 0 300

$1 - 2.5M = 150

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

Price In Thousands Price In Thousands

00 0 00 0 00 0 00 0 0 0 0 0

< $1M = 61

AP

00

TOTAL UNITS SOLD TOTAL UNITS SOLD

700

0

$177M

TOTAL#

00

0

$154M

22%

23%

800

0

ISLAND-WIDE 2020 SALES

2015

00

0

2020 Results in Review

$1.25

HOMESITES SOLD = 125

82%

< $1M = 102 $1 - 2M = 15

> $2M = 8


Kiawah Island Property Report |

2020 Results in Review

KIAWAH ISLAND REAL ESTATE SALES DATA President Dan Whalen's Note:

KIAWAH ISLAND

Most Successful Year In Company History

REAL ESTATE'S HISTORY OF

Kiawah Island Real Estate (KIRE) saw the most successful year in the history of the company. Of the $807M in closed Island-wide volume in 2020, KIRE was responsible for $568M – the most in our history. Of the 656 closed Island-wide transactions, KIRE was

CLOSING ACTIVITY

responsible for 406. The next closest firm closed 76 Kiawah properties for a total of $66M. We are able to achieve these results because of our disciplined investment in

YEAR

PROPERTIES

DOLLAR VOLUME

2 02 0

406

$568M

2 019

186

$19 9M

2 01 8

200

$26 0 M

2 017

21 0

$2 5 6M

2 016

214

$26 3 M

2 01 5

21 2

$ 3 07M

2 014

196

$2 4 8 M

2 013

21 5

$2 5 4 M

2 01 2

2 03

$2 4 5 M

2 011

14 8

$174 M

2 01 0

173

$2 51 M

20 0 9

137

$167M

2008

156

$26 3 M

2 0 07

2 07

$ 3 69M

bringing new buyers to Kiawah. In 2020 alone, through strategic marketing initiatives and research, we introduced nearly 3,000 potential new buyers to the Island.

Not included in the data written in this report is that as of January 1, 2021, we have

already secured buyers for an additional 58 contracts totaling more than $100M. So while 2020’s numbers are historic, 2021 buyers are still eager to find their Kiawah property.

2020 TRANSACTIONS BY SELLING AGENCY Property Type

ADDL TOTAL O/S

KIRE

AE

PHX

CAR

NV

DRR

HOMES

187

34

28

2

1

1

20

273

< $1.5M

74

27

20

1

1

0

10

133

$1.5M-$2.5M

62

4

6

1

0

0

7

80

> $2.5M

51

3

2

0

0

1

3

60

HOMESITES

98

7

5

0

3

0

12

125

< $1M

77

6

5

0

3

0

11

102

$1M - $2M

15

0

0

0

0

0

0

15

> $2M

6

1

0

0

0

0

1

8

121

35

18

1

1

2

25

203

COTTAGE & VILLAS* 1 Bedroom

28

12

4

0

0

1

5

50

2 Bedroom

40

14

6

0

1

0

13

74

3 Bedroom

46

9

8

1

0

1

7

72

4 Bedroom

7

0

0

0

0

0

0

7

406

76

51

3

5

3

57

601

Total Closed Transactions

*Excludes Timbers Kiawah Sales KIRE: Kiawah Island Real Estate, AE: Akers Ellis, PHX: Pam Harrington Exclusives, CAR: Carolina One NV: NV Realty, DRR: Daniel Ravenel, ADDL O/S: Additional Outside Sales

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. Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.