2023 Year End Property Report

Page 1

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.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.