Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
2023 Results in Review
|
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 2023 total properties closed
2 023
= $735.0M
2 02 2
=
$742.0M
2 021
=
$1.04B
2 02 0
=
$807.3M
2 019
= $300.4M
2 01 8
= $376.0M
2 017
= $3 2 1 . 1M
2 016
=
$312.2M
2 01 5
=
$362.3M
villa & cottage median price
2 014
= $31 1 . 3 M
2 013
=
$318.8M
(-8% from 2022)
2 01 2
=
$293.7M
total dollar volume
$735M
single-family home median price
$3.0M
(+11% from 2022)
2 0 2 3
AT
A
G L A N C E
340
total Island-wide dollar volume in millions
homesite median price
$795k
(+18% from 2022)
$710k
HI STOR I C AL
O B S E R V AT I O N S : • Kiawah Island saw 340 closings in 2023 for a total of $735M in sales volume. Although total transactions were down 12% year-over-year (YOY), the total dollar volume only varied 1% compared to 2022’s $742M. • Inventory has increased, with 150 properties available for sale on the Island at year-end, which is about five months of inventory compared to 118 at the end of 2022. This increase makes 3.1% of Island-wide properties available for purchase. • 56% of the 148 homes sold in 2023 were within the $2M to $5M range, while homes that sold for over $5M represent the second largest percentage at 26% of Island-wide home sales due to continued rising median and average prices. The median price for a singlefamily home jumped to just under $3M. • There were 65 homesites sold in 2023 compared to 95 in 2022, representing a 32% decrease in transactions. Median homesite prices increased 18% YOY, indicating that 2023 was a seller’s market and 2024 is expected to be the same.
I SL AN D -W I DE
CLOS I N G
$1.00B
AC T I V I T Y 900
$1.04
$700M $600M $500M $400M $300M $200M $100M
VOLUME IN MILLIONS
$800M
$807 $742
$303 $214 2010
2011
$293
2012
$318
2013
$311
2014
$362
2015
$312
2016
$321
2017
$735
$376 $300
2018
2019
2020
2021
2022
2023
ISLAND-WIDE CLOSINGS Q4 (OCTOBER 1 THROUGH DECEMBER 31) 63
45
79
74
79
68
71
87
119
84
251
172
68
76
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.
Number of Transactions
$900M
800 700 600 500 400 300 200 100 0
Kiawah Island Property Report | 2023 Results in Review KIAWAH ISLAND CLOSINGS SNAPSHOT 2022
2023
% OF CHANGE
386
340
-12%
$742,052,000
$735,077,000
-1%
Properties Closed
ALL TRANSACTIONS
Volume
Properties Closed
VILLAS AND COTTAGES
133
127
-5%
$128,016,000
-9%
Median Price
$115,949,000
$775,000
$710,000
-8%
Average Price
$963,000
$913,000
-5%
-6%
Volume
Properties Closed
HOMES
158
148
Volume
$526,787,000
$542,399,000
+3%
Median Price
$2,700,000
$2,995,000
+11%
Average Price
$3,334,000
$3,665,000
+10%
95
65
-32%
Volume
$87,249,000
$76,729,000
-12%
Median Price
$675,000
$795,000
+18%
Average Price
$918,000
$1,180,000
+29%
Properties Closed
HOMESITES
All dollar figures have been rounded to the nearest thousand. Excludes Bulk Sales.
*Excluding Timbers
OTTAGE S & C
L
L
M
HO
C
2.3%
E
7.6% = 40
54% (2,657)
AS
2.9% = 50
35% (1,714)
4895 TOTAL UNITS ON KIAWAH ISLAND
M
n 33 + 40 27
2.3% = 60
11% (524)
HO
V&
I LY H O M E S
33%* (50)
40% (60)
O
ES
L E - F A M I LY
AM
150 ACTIVE LISTINGS AT END OF 2023
H
SIT
NG
-F
27% (40)
JUST 3.1% OF ISLAND-WIDE UNITS ARE LISTED AND AVAILABLE FOR PURCHASE
ME
SI
E
E
L
S
G
2.9%
I
N
7.6%
V
IT
SI
ES
I N V E N T O R Y
S
I S L A N D -W I D E
32.1 2.3 51.7 7.6 3.4 2.9 n 54 11 +
2 0 2 3
Kiawah Island Property Report | 2023 Results in Review FOR-SALE ISLAND-WIDE INVENTORY COMPARISON
18+56+26n
Through Year End 2018 - 2023
TOTAL $
ISLAND-WIDE 2023 SALES
2018
2019
2020
2021
2022
2023
$635M
$633M
$390M
$207M
$320M
$458M
HOMES
$440M
$447M
$278M
$116M
$218M
$274M
VILLAS & COTTAGES
$55M
$55M
$16M
$40M
$44M
$71M
HOMESITES
$140M
$131M
$96M
$51M
$58M
$113M
TOTAL #
447
435
203
65
118
150
HOMES
188
191
77
30
49
60
VILLAS & COTTAGES
94
86
24
12
24
50
HOMESITES
165
158
102
23
45
40
18%
26%
HOMES SOLD = 148
56%
< $2M = 39
$2M - $5M = 83
> $5M = 26
*Excluding Timbers. Rounded to the nearest million.
HOMESITES HOMESITES
TOTAL UNITSTOTAL SOLD UNITS SOLD
UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD
2023
2023
2022
2022
2021
2020 2023
2019 2022
2021
2021 2019 2022 2020 2023 2021
2020
2019
GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY
$1.0
2023
$2.5 $4.0 $2.0 $3.5 $1.5 $3.0 $1.0 $2.5 $0.5 $2.0 0 $1.5
2022
2021
2020 2023
2019 2022
100
2021
300 100 250 50 200 0 150
2020
2019
SINGLE-FAMILY GLE-FAMILY HOMES SOLD HOMES SOLD
2023
2022
2021
2020 2023
2019 2022
2021
2020
250 400 200 350 150
MP
2019
Average Price (AP) vs. Median Average Price (AP) vs. Median $3.0 300 Price (MP) vs. Units PriceSold (MP) vs. Units Sold
AP MP
$550
100
$3.5
MP
$600
250 400 200 350 150 300 100 250 50 200 0 150
$3.5 350 SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES
Price In Millions Price In Millions
$750 $950 $700 $900 $650 $850 $600 $800 $550 $750 $500 $700 $450 $650
300
$4.0
AP MP
$550
MP
$600
$850 $800
$4.0
Price In Millions Price In Millions
$750 $950 $700 $900 $650 $850 $600 $800 $550 $750 $500 $700 $450 $650
AP MP
100
MP
150
AP MP
300 500 250 450 200 400 150 350 100 300 50 250 0 200
2020
2023
2019
2023
2022
2021
2020 2023
2019 2022
2021 2019 2022 2020 2023 2021
2020
HOMESITES SOLD UNDEVELOPEDUNDEVELOPED HOMESITES SOLD
TOTAL UNITS SOLD TOTAL UNITS SOLD
2021
2020
2019 2019
2022
350
Price In Thousands Price In Thousands
ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD
$900
400 $850 Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units $800 Sold 350 Price In Thousands Price In Thousands
VILLAS SOLD & COTTAGES SOLD ILLAS & COTTAGES
$900
400
4%
23%
VILLAS & COTTAGES SOLD = 127
28%
1 Bedroom = 29 2 Bedroom = 36 3 Bedroom = 57 4 Bedroom = 5
17%
AP
400
AP
$950
AP
AP
450
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$950
VILLAS & COTTAGES VILLAS & COTTAGES
$700 $600 $500 $400 $300
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
500
MP
VILLAS & COTTAGES VILLAS & COTTAGES
AP MP
0
$1.4M $1.3M $1.2M $1.1M $1.0M $90045% $1.4M $800 $1.3M $700 $1.2M $600 $1.1M $500 $1.0M $400 $900 $300 $800
Price In Thousands Price In Thousands
100
AP
0
200
MP
0
500 800 400 700 300 600 200 500 100 400 0 300
200 $1.3M HOMESITES HOMESITES $1.2M 180 Average Price (AP) vs. Median Average Price (AP) vs. Median 160 $1.1M Price (MP) vs. Units PriceSold (MP) vs. Units Sold 140 $1.0M 120 $900 $1.4M 220 100 $800 $1.3M 200 80 $700 $1.2M 180 60 $600 $1.1M 160 40 $1.0M $500 140 20 $400 $900 120 $300 0 $800 100 $700 80 $600 60 $500 40 $400 20 $300 0
AP MP
0
200 180 160 140 220 120 100 200 180 80 60 160 40 140 20 120 100 0 80 60 40 20 0
TOTAL SOLD UNITS SOLD TOTAL 600 UNITS
Price In Thousands Price In Thousands
0 0 0 0 0 0 0 0 0 0
700
2023 TRANSACTION TRENDS ISLAND $1.4M 220 220 ON KIAWAH AP
0
TOTAL UNITS TOTAL SOLD UNITS SOLD
0
28+45423n +17n 66
800
0
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$3.0
$2.5 $4.0 $2.0 $3.5 $1.5 $3.0 $1.0 $2.5 $0.5 $2.0 0 $1.5 $1.0
17%
HOMESITES SOLD = 65
66%
< $1M = 43
$1M - $2M = 11
> $2M = 11
Kiawah Island Property Report | 2023 Results in Review KIAWAH ISLAND REAL ESTATE SALES DATA President Dan Whalen's Note:
KIAWAH ISLAND
2nd Most Successful Year in Company History We are thrilled to announce that 2023 marked the second best year in Kiawah Island Real Estate’s (KIRE) history, with 237 properties closed for $579 million. KIRE represented 80% of the dollar volume for all sales on Kiawah and 74% of all transactions. We couldn't do any of this without you; we are thankful for our buyers and sellers who continue to put their trust in us. So far in 2024, buyer demand is still very strong, and we anticipate a continued seller’s market. Inventory has increased slightly, and we look forward to introducing additional buyer opportunities with Ocean Pines, our new West End luxury villas, as well as adding additional built-for-sale homes in The Burn at Cassique. If you have any questions about real estate only on Kiawah Island, we are happy to answer them. Our three sales offices are located at Freshfields Village, just before the main gate at our Main Sales Office, and at The Sanctuary.
2023 CLOSED TRANSACTIONS BY SELLING AGENCY Property Type
KIRE
AE
PHX
CAR
ADDL O/S
TOTAL
HOMES
108
17
9
3
11
148
< $2M
23
6
3
1
6
39
$2M - $5M
63
10
5
2
3
83
> $5M
22
1
1
0
2
26
HOMESITES
60
0
2
0
3
65
< $1M
40
0
1
0
2
43
$1M - $2M
9
0
1
0
1
11
> $2M
11
0
0
0
0
11
VILLAS & COTTAGES*
65
11
8
2
15
101
1 Bedroom & 2 Bedroom
39
7
6
2
11
65
3 Bedroom & 4 Bedroom
26
4
2
0
4
36
Total Closed Transactions
233
28
19
5
29
*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
REAL ESTATE'S HISTORY OF CLOSING ACTIVITY YEAR
PROPERTIES
DOLLAR VOLUME
2 023
237
$ 579M
2 02 2
258
$530M
2 021
493
$ 796M
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
314
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.