Q1 2021 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

|

2021 First Quarter Results

E S T A T E

kiawahisland.com

P U B L I C A T I O N

|

843.396.1522

Record Breaking First Quarter On Kiawah properties sold

total Island-wide dollar

177

volume in millions (end of Q1 each year)

Q 1

2 0 2 1

AT

A

G L A N C E

(+181% from Q1 2020)

2 021

= $205M

2 02 0

=

$74M

2 019

=

$52M

2 01 8

=

$67M

2 017

=

$75 M

2 016

=

$49M

2 01 5

=

$52M

2 014

=

$4 1M

median sales price villa & cottage

2 013

=

$38M

2 01 2

=

$4 1M

(+10% from Q1 2020)

2 011

=

$42M

dollar volume

$205M

(+176% from Q1 2020)

median sales price single-family home

$2.0M

(+20% from Q1 2020)

median sales price homesite

$350K

(+21% from Q1 2020)

$569K

HI STOR I C AL

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

• Following the most successful year in the history of Kiawah Island,

the Island as a whole saw the best first quarter of sales in Island history, generating $205M in sales across 177 total transactions. This represents a 181% increase in transactions and 176% increase in volume over Q1 2020; and a 250% increase in transactions and 297% increase in volume over Q1 2019.

• Inventory on Island is the lowest ever recorded, with only 2.7%

of Island properties available for sale. Villa & cottage inventory is the most remarkably low, with only 13 properties available for sale across the Island (0.8% of total villa and cottage inventory), compared to 98 available this time last year.

• As single-family home inventory decreased, sales of homesites and

villa & cottages grew exponentially in Q1 2021. Homesite sales increased by 207% YOY and villa & cottage sales increased 243% YOY.

• In a typical quarter, single-family home (SFH) sales make up the

vast majority of transactions by far. That changed in Q1 2021. We saw other property types compete for more share than normal and villa & cottages were the most active property type. SFH made up 35% of transactions, villa & cottages 41%, and homesites 24%.

I SL AN D -W I DE

Q1

CLOS I N G

AC T I V I T Y $225M

200 175

177

$200M

150

$175M

125

$150M

100

$125M

75 50 25 0

37

2008

26 2009

31

35

2010

2011

47

2012

42

46

2013

2014

42

44

2015

2016

$100M

63

63 51

$75M

50

$50M 2017

2018

2019

2020

2021

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

$25M


Kiawah Island Property Report |

2021 First Quarter Results

FIRST QUARTER KIAWAH ISLAND SALES SNAPSHOT 2020

2021

% OF CHANGE

Properties Closed Volume

63 $74,404,600

177 $205,133,100

+181% +176%

HOMES

Properties Closed Volume Median Price Average Price

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

61 $134,940,400 $2,000,000 $2,212,100

+154% +178% +20% +9%

VILLAS AND COTTAGES*

Properties Closed Volume Median Price Average Price

16 $8,657,900 $385,000 $541,100

55 $35,364,500 $490,000 $643,000

+244% +308% +27% +19%

HOMESITES

Properties Closed Volume Median Price Average Price

14 $11,551,200 $288,500 $825,100

43 $23,448,200 $350,000 $545,300

+207% +103% +21% -34%

TIMBERS KIAWAH OCEAN CLUB & RESIDENCE

Properties Closed Volume Median Price Average Price

9 $5,705,000 $525,000 $633,900

18 $11,380,000 $577,000 $632,200

+100% +99% +10% 0%

ALL TRANSACTIONS

*Excluding Timbers

All dollar figures have been rounded to the nearest hundred.

Q 1

2 0 2 1

I S L A N D -W I D E

I N V E N T O R Y

F A C T S

&

F I G U R E S

T TA G E S

&

CO

E

ES

IT

&

D

S L

N

A

VI L

ED HO M

50% (2,485)

S

LOP

34% (1,656)

4980 TOTAL UNITS ON KIAWAH ISLAND

1.8%

EHS O

E EV

16% (768)

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

OMES Y H V

10% = 78

M

L IE GS

IL

0.8% = 13

10%* (13)

O

S

IN

M

1.8% =45

*Excluding Timbers

0.8%

TE

S

FA

57% (78)

136 ACTIVE LISTINGS AT END OF Q1 2021

33% (45)

JUST 2.7% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE

I ES

E

LE

-

S

NG

M

SI

H

10%

C

U


Kiawah Island Property Report | FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through End of Q1 2015 - 2021 2015

2016

2017

2018

2019

2020

2021

TOTAL $

$740M

$750M

$750M

$738M

$656M

$637M

$308M

HOMES

$475M

$465M

$499M

$503M

$461M

$448M

$205M

VILLAS & COTTAGES

$91M

$99M

$79M

$80M

$66M

$65M

$11M

HOMESITES

$174M

$186M

$172M

$155M

$129M

$124M

$92M

TOTAL #

551

569

543

520

469

444

136

HOMES

200

208

217

205

201

192

45

VILLAS & COTTAGES

154

161

132

128

105

98

13

HOMESITES

197

200

194

187

163

154

78

*Excludes Timbers Kiawah Sales

TOTAL UNITSTOTAL SOLD UNITS SOLD

UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD

2021

2020

2020

2021

2019

2018 2021

2021 2019

2017 2020

2020 2018

2019

2019 2017

2017

2018

2018

2021

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

2020

2019

20

2018 2021

20

2017 2020

$300

40 70 30 60 20 50 10 40 0 30

2019

40 70 30 60 20 50 10 40 0 30

2018

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

SINGLE-FAMILY GLE-FAMILY HOMES SOLD HOMES SOLD

2021

2020

50

$1.25

$2.25

Price In Millions

$600

Average Price (AP) vs. Median Average Price (AP) vs. Median PriceSold (MP) vs. Units $2.00 Sold Price 50(MP) vs. Units

$2.00

MP

2019

*Excluding Timbers

40%

1 Bedroom = 14 2 Bedroom = 22 3 Bedroom = 18 4 Bedroom = 1

9%

$2.50

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

Price In Millions

2018 2021

VILLAS & COTTAGES SOLD* = 55

3%

AP MP

2017 2020

0

AP

2019

0

$2.50

MP

60

70

AP MP

2018

$400

$200

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES 60 $2.25 Price In Millions Price In Millions

LLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD

0

$800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600

$200

AP

MP

$300

70

$700

Price In Thousands Price In Thousands

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

AP MP

2017

$800 AP

MP

20

AP MP

40 70 30 60 20 50 10 40 0 30

Price In Thousands Price In Thousands

Average Price (AP) vs. Median Average Price (AP) vs. Median PriceSold (MP) vs. Units $600 Sold Price 50(MP) vs. Units

10

$400

32%

$1.0M

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

$800 AP

VILLAS SOLD & COTTAGES SOLD LLAS & COTTAGES

70

20

$800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600

25%

$1.2M

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

VILLAS & COTTAGES VILLAS 60 & COTTAGES $700

40 70 30 60 20 50 10 40 0 30

GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY

2020 2018 2021 2019

2021

0

2020

0

2019 2017

10

2017

2021

2020

2019

2018 2021

2017 2020

2019

2018

20

25 2018

2017

40 70 30 60 20 50 10 40 0 30

HOMESITES HOMESITES $1.2M 60

Average Price (AP) vs. Median Average Price (AP) vs. Median PriceSold (MP) vs. Units Sold Price 50(MP) vs. Units $1.0M

MP

2017

50

3% $1.4M Price In Thousands Price In Thousands

60

MP

50

> $2.5M = 19

AP MP

0

$1 - 2.5M = 36

AP

5

< $1M = 6

$1.4M

AP MP

0

70

TOTAL TOTAL SOLDUNITS SOLD 150 UNITS 125 200 100 175 75 150 50 125 25 100 0 75

30%

60%

HOMESITES HOMESITES

Price In Thousands Price In Thousands

5 0 0 5

HOMES SOLD = 61

AP

0

10%

Q1 2021 TRANSACTION TRENDS ON 70 KIAWAH ISLAND

2017

175

ISLAND-WIDE Q1 2021 SALES

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

HOMESITES SOLD UNDEVELOPEDUNDEVELOPED HOMESITES SOLD

5

TOTAL UNITS SOLD TOTAL UNITS SOLD

200 TOTAL UNITS SOLD TOTAL UNITS SOLD

0

0

2021 First Quarter Results

$1.25

HOMESITES SOLD = 43

88%

< $1M = 38 $1 - 2M = 4

> $2M = 1


Kiawah Island Property Report |

2021 First Quarter Results

KIAWAH ISLAND REAL ESTATE (KIRE) SALES DATA President Dan Whalen's Note: As many of you know, 2020 was the most successful year in the history of our company (KIRE). While those types of sales years come along only once every few decades and are certainly tough to match, that momentum completely carried over into 2021 - yielding KIRE’s best first quarter of sales in our company’s history. In addition, KIRE saw a 237% increase in the number of sales this quarter vs. the same time last year, and a 337% increase over the same time in 2019. Quite frankly, I expected sales to slow in 2021 as we did not have the inventory to meet the interest and demands of prospective buyers at the start of the year. But our agents have worked tirelessly to find their clients properties and to meet the needs of their sellers. That commitment continues and while inventory is at a record low closing the first quarter, we know enthusiasm for Kiawah will only grow stronger after the 2021 PGA Championship.

KIAWAH ISLAND REAL ESTATE'S (KIRE) HISTORY OF Q1 CLOSING ACTIVITY YEAR

PROPERTIES

DOLLAR VOLUME

2 021

11 8

$1 52 M

2 02 0

35

$ 49M

2 019

27

$29M

2 01 8

40

$ 57M

2021

2 017

44

$ 62 M

Q1 2021 CLOSED TRANSACTIONS BY SELLING AGENCY

2 016

33

$ 41 M

2 01 5

31

$45M

2 014

29

$29M

2 013

33

$ 31 M

2 01 2

35

$30M

2 011

25

$34M

2 01 0

23

$2 2 M

20 0 9

20

$ 32 M

2008

26

$44M

Q1 KIRE CLOSING PRICE VS. LISTING PRICE SINGLE-FAMILY HOMES

100%

HOMESITES

VILLAS & COTTAGES

95% 90% 85%

2011

2012

Property Type

2013

2014

2015

2016

2017

2018

2019

2020

KIRE

AE

PHX

CAR

NV

ADDL O/S

TOTAL

HOMES

46

3

5

2

0

5

61

< $1.5M

10

1

3

2

0

4

20

$1.5M-$2.5M

19

2

1

0

0

1

23

> $2.5M

17

0

1

0

0

0

18

HOMESITES

39

2

1

0

0

1

43

< $1M

34

1

1

0

0

1

37

$1M - $2M

3

0

0

0

0

0

3

> $2M

2

1

0

0

0

0

3

V&C *

33

8

8

1

1

4

55

1 Bedroom

10

1

2

0

0

1

14

11

5

3

0

1

2

22

2 Bedroom 3 Bedroom 4 Bedroom Transactions

11

2

3

1

0

1

18

1

0

0

0

0

0

1

118

13

14

3

1

10

159

*V&C (Villas & Cottages) Excludes Timbers Kiawah Sales KIRE: Kiawah Island Real Estate, AE: Akers Ellis, PHX: Pam Harrington Exclusives, CAR: Carolina One, NV: NV Realty, 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.


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