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Kiawah Island Property Report A

K I A W A H

I S L A N D

R E A L

|

2020 First Quarter Results

E S T A T E

P U B L I C A T I O N

|

kiawahisland.com

843.396.1522

The Island's Best First Quarter Since 2007

AT 2 0 2 0 Q 1

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

(end of Q1 each year)

total properties sold

2020

=

444

2 019

=

469

2 01 8

=

520

(from Q1 2019)

2 017

=

543

average single-family home sales price

2 016

=

569

2 01 5

=

551

(+45% from Q1 2019)

2 014

=

552

median single-family home sales price

2 013

=

551

2012

=

527

62 total dollar volume

+43%

A

G L A N C E

total Island-wide inventory

$2M

$1.67M

(+39% from Q1 2019)

Q 1

2 011

=

603

2 01 0

=

620

2 0 2 0

• The first quarter of 2020 was the strongest first quarter the

Island has seen in 13 years on a transactional and dollar volume basis.

• Volume was up nearly 13% over Q1 2018’s previous high and

a staggering 43% higher than Q1 2019. This was due in large part to a 250% increase in the number of homes sold over $2.5M year-over-year (YOY).

• Transactions on Kiawah were off to a racing start as Kiawah

Island Real Estate alone closed 19 deals for $28.7M through

the end of February 2020 compared to 10 deals for $11.7M during Q1 2019; an increase of 90% in units and 145% in volume.

• Each property category saw an equal or greater number of

transactions and volume YOY.

• For-sale inventory is at its lowest point in more than 13 years,

with 444 total Island-wide properties available for sale. This is approximately 10% of all Island inventory, the sign of a very healthy market.

F A C T S

&

F I G U R E S

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

*Excluding Timbers

LY LE-FAMI

SI

NG

35% (154)

V

IL

LA

COT TAG E S S &

2

22% (98)

HOMESITES

43% (192)

444 * ACTIVE LISTINGS AT END OF Q1 2020

$4.9M

D

properties sold on Cassique

highest homesite sold

E

H

O

V

PE

60

E

DE

O

properties sold on Kiawah Island

M

S

L

KIAWAH ISLAND AND CASSIQUE SALES

UN

highest villa and cottage sold

$2M highest single-family home sold

$4.8M


Kiawah Island Property Report |

2020 First Quarter Results

KIAWAH ISLAND SALES SNAPSHOT 2019

2020

% OF CHANGE

Properties Closed Volume

50 $51,637,900

62 $73,879,600

+24% +43%

HOMES

Properties Closed Volume Median Price Average Price

24 $33,424,400 $1,199,500 $1,392,700

24 $48,490,500 $1,665,000 $2,020,400

0% +45% +39% +45%

VILLAS & COTTAGES

Properties Closed Volume Median Price Average Price

10 $4,248,500 $447,500 $424,900

Properties Closed Volume Median Price Average Price

8 $7,495,000 $475,000 $936,900

Properties Closed Volume Median Price Average Price

8 $6,470,000 $490,000 $808,800

HOMESITES

+60% 16 +104% $8,657,900 TOTAL UNITS SOLD-14% $385,000 +27% $541,100 60

45

PRIVATE RESIDENCE CLUB

+75% +54% -39% -12%

14 55 $11,551,200 $288,500 50 $825,100 TOTAL UNITS SOLD

ALL TRANSACTIONS

0% -20% +7% -20%

8 40 $5,180,000 35 $525,000 $647,500 30

Char t does not include bulk sales. All dollar figures have been rounded to the 25nearest hundred.

Q1-2020

Q1-2019

Q1-2018

Q1-2017

Q1 2020 TRANSACTION TRENDS ON KIAWAH

Q1-2016

20

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

LAS & COTTAGES*VILLAS & COTTAGES*

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

10

$200

5

0

0

$600 $400

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

$600 $500 $400 $300 $200

0

$100

*Excluding Private Residence Club.

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES

$700

$200 Q1-2020

$400

$800

Q1-2019

15

$1.0M

Q1-2018

$600

$800

$1.2M

Q1-2016

20

VILLAS & COTTAGES SOLD

$800

Q1-2020

25

Q1-2019

Q1-2017

Q1-2020 Q1-2016

Q1-2019

Q1-2018

Q1-2017

0

$1.0M

Q1-2018

UNDEVELOPED LOTS SOLD

5 Q1-2016

Q1-2020

Q1-2019

Q1-2018

Q1-2017

Q1-2020 Q1-2016

0 Q1-2019

20 Q1-2018

Q1-2017

5

30

$1.4M

MP

25

10

$1.2M

MP

10

15

35

Price In Thousands

15

20

$1.4M

Price In Thousands

20

25

MP

30

25

30

Price In Thousands

35

TOTAL UNITS SOLD

30

35

AP

50

40

VILLAS & COTTAGES*

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

AP

35

AP

55

UNDEVELOPED LOTS SOLD

60

45

HOMESITES

HOMESITES

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

Q1-2017

OTAL UNITS SOLD TOTAL UNITS SOLD


Kiawah Island Property Report |

2020 First Quarter Results

NOTABLE SALES SOLD BY:

SOLD BY:

Kiawah Island Real Estate

Kiawah Island Real Estate

THIS VILLA SOLD AFTER 28 DAYS ON MARKET

THIS HOME SOLD AFTER 22 DAYS ON MARKET

PRICE: $2,045,000

PRICE: $4,200,000

(98% of list price)

(93% of list price)

6018 Green Dolphin Way

17 Turtle Beach Lane

Q1 2020 SALES

17% 29% HOMES SOLD = 24

54% HOMESITES

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

20 15

5

$1.0M

bedrooms: 4

bathrooms: 4

$400

Q1-2020

Q1-2019

Q1-2018

Q1-2017

Q1-2016 SINGLE-FAMILY HOMES SOLD

5

$2.00

MP

10

$2.25

Price In Millions

15

$2.50 AP

20

bedrooms: 4

bathrooms: 4.1

31% 31%

VILLAS & COTTAGES* SOLD = 16

$1.75 $1.50 $1.25 $1.00

0

31%

TAKE AWAYS

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

25

square feet: 3,149

0

SINGLE-FAMILY HOMES

30

view: Ocean

$200

0

35

7%

$800

square feet: 2,700 $600

MP

10

view: Ocean

> $2.5 = 7

$1.2M

Price In Thousands

25

AP

30

$1 - 2.5MM = 13

$1.4M

UNDEVELOPED LOTS SOLD

35

< $1MM = 4

While the number of transactions for

SFH was equal to that of Q1 2019, the

Island saw a 22% decrease in home

sales priced below $2.5M and a

dramatic 250% jump in homes

priced above $2.5M, sending average

prices to their highest since 2016.

Villas and Cottages* saw a 60%

increase in transactions YOY and a

104% increase in volume. This can be

explained by an increase in sales for

every villa category (1, 2, 3, and

4 bedroom).

1 Bedroom = 5 2 Bedroom = 5 3 Bedroom = 5 4 Bedroom = 1

14% 7% HOMESITES SOLD = 14 79%

Q1-2020

Q1-2019

Q1-2018

Q1-2017

Q1-2016

0 CONTINUED ON PAGE 4

< $1MM = 11 $1 - 2MM = 1

> $2MM = 2


Kiawah Island Property Report |

2020 First Quarter Results

PRESIDENT'S NOTE If I may begin by introducing myself: my name is Dan Whalen

immune by any means to economic variables, I think so many

and at the start of this year, I had the privilege of taking over

of us can relate to the fact that it is in the most trying times

as President of Kiawah Island Real Estate. Since 1997, I’ve been

that we find ourselves retreating here or seeking out our

leading sales operations in upscale golf-oriented communities

safe haven.

in the Southeast. I first came to Kiawah as a guest for the 1991 Ryder Cup Championship and it has been my lifelong goal to

We will see this market and many others around the country

return here professionally. Although cliché, this is truly a dream

fluctuate and adjust with the changing landscape in the months

come true.

to come, but we are very pleased to see our strongest first quarter in more than 12 years in the books. We will work around

What a whirlwind these first three months have been. After a

the clock to maintain that momentum and do our best to

remarkable and exciting start to the year, we saw our economy

continue to bring value to you and this Island.

virtually come to a screeching halt with the spread of COVID-19. While so many of us have wondered and worried how this will directly impact our lives (myself included), I look at

Regards,

the sales the Island has seen in this first quarter (one-third of that time being under the COVID-19 umbrella) and am reminded that these impressive numbers speak to the magic

Dan Whalen, President

and intangibles of Kiawah Island. While this Island is not

Kiawah Island Real Estate

For-Sale Kiawah Inventory Comparison Through First Quarter 2015 - 2020 2015

2016

2017

2018

2019

2020

TOTAL $

$740M

$750M

$750M

$738M

$656M

$637M

HOMES

$475M

$465M

$499M

$503M

$461M

$448M

VILLAS & COTTAGES

$91M

$99M

$79M

$80M

$66M

$65M

HOMESITES

$174M

$186M

$172M

$155M

$129M

$124M

TOTAL#

551

569

543

520

469

444

HOMES

200

208

217

205

201

192

VILLAS & COTTAGES

154

161

132

128

105

98

HOMESITES

197

200

194

187

163

154

TAKE AWAYS (CONTINUED)

Homesites saw a 75% increase

in transactions YOY including

79% of the transactions below

$1M. Because the majority of

transactions came from

homesites priced below $1M,

average and median sales

price dropped 12% and 39%

respectively.

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.

Profile for Kiawah Island

Q1 2020 Real Estate Report  

Q1 2020 Real Estate Report