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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 Half Results

|

E S T A T E

kiawahisland.com

P U B L I C A T I O N

|

843.396.1522

total Island-wide inventory total properties closed

K E Y

2020

=

370

total dollar volume

2 019

=

+1%

491

2 01 8

=

524

(from first half 2019)

2 017

=

average single-family home sales price

57 1

2 016

=

584

$1.70M

2 01 5

=

553

2 014

=

561

2 013

=

576

$1.33M

2 01 2

=

562

(+3% from first half 2019)

2 011

=

626

2 01 0

=

648

(+12% from first half 2019)

median single-family home sales price

I S L A N D -W I D E

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

• 132 properties were put under contract Island-wide in the

(end of Q2 each year)

145

F I R S T

H A L F

2 0 2 0

AT A G L A N C E

Island-Wide Sales Results for First Half 2020 second quarter of this year, which represents the most second quarter activity the Island has seen in more than 13 years.

• Of the 132 properties put under contract in the second

quarter, 76 of those were executed just in the month of June which represents a 270% increase over June of 2019.

• The statistical data reflected in this report is based on data

from properties that closed in Q2. Because closings take place anywhere from 30-90 days after a property goes under contract, the majority of contracts in Q2 will close in Q3 as the closings in Q2 were from contracts executed in March and April of this year, when the pandemic had shut the economy down.

• With the surge of contract activity, the Island is seeing its

lowest Q2 inventory in more than 13 years. With 370 properties available for sale, the inventory is below 9%.

C O N T R A C T

A C T I V I T Y

APRIL 1ST - JUNE 30TH 150 132

125 100 75

93

83

80 64

62

2007

2008

2009

30

22

50

83

80

90

92

2015

2016

96

99

2018

2019

2020

28

76

82

63

25 0

2010

2011

2012

2013

2014

2017

ISLAND-WIDE CONTRACTS FROM JUNE 1 THROUGH JUNE 30 23

19

29

36

23

24

28

31

25

23

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


Kiawah Island Property Report |

2020 First Half Results

FIRST HALF 2020 KIAWAH ISLAND CLOSINGS SNAPSHOT 2019

2020

% OF CHANGE

Properties Closed Volume

162 $159,165,000

145 $161,289,000

-10% +1%

HOMES

Properties Closed Volume Median Price Average Price

73 $109,315,000 $1,300,000 $1,498,000

68 $114,437,000 $1,333,000 $1,683,000

-7% +5% +3% +12%

VILLAS & COTTAGES

Properties Closed Volume Median Price Average Price

46 $24,245,000 $425,000 $527,000

Properties Closed Volume Median Price Average Price

25 $14,156,000 $375,000 $566,000

Properties Closed Volume Median Price Average Price

18 $11,450,000 $490,000 $636,000

HOMESITES

TIMBERS KIAWAH OCEAN CLUB & RESIDENCES

-22% 36 -21% $19,176,000 -2% $416,000 +1% $533,000 TOTAL UNITS CLOSED +12% +29% -20% +13%

28 180 $17,961,000 $301,000 170 $641,000 160

TOTAL UNITS CLOSED

ALL TRANSACTIONS

-28% -15% +107% +17%

13 150 $9,715,000 $1,015,000 140 $747,000 130

Char t does not include bulk sales. All dollar figures have been rounded to the nearest thousand. 120

45

$200

40

0

35

Q2-2020

$800 $600 $400

$500 $450 $400 $350 $300

0

$250

*Includes Timbers Kiawah Sales

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES

$550

$200 Q2-2020

$400

$1.0M

Q2-2019

50

$1.2M

Q2-2016

$600

VILLAS & COTTAGES CLOSED

55

Q2-2020

$800

Q2-2019

Q2-2017

60

Q2-2018

UNDEVELOPED LOTS CLOSED Q2-2020 Q2-2016

Q2-2019

0

Q2-2018

Q2-2017

Q2-2020

Q2-2019

Q2-2018

Q2-2017

Q2-2020 Q2-2016

LAS & COTTAGES*VILLAS & COTTAGES*

5 Q2-2016

TOTAL UNITS CLOSED

0

Q2-2019

100

Q2-2018

5

$1.0M

$600

MP

110

10

65

MP

10

MP

120

15

$1.2M

$1.4M

Price In Thousands

15

20

70

AP

20

25

$1.4M

Price In Thousands

130

VILLAS & COTTAGES*

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

AP

140

25

30

Price In Thousands

150

30

35

AP

160

Q2-2017

35

UNDEVELOPED LOTS CLOSED

180 170

HOMESITES

Q2-2018

HOMESITES

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units ClosedPrice (MP) vs. Units Closed

Q2-2017

TAL UNITS CLOSED TOTAL UNITS CLOSED

Q2-2019

Q2-2016

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

Q2-2018

100

2020 CLOSED TRANSACTIONS THRU Q2 TRENDS ON KIAWAH ISLAND*

Q2-2017

110


Kiawah Island Property Report | NOTABLE TRANSACTIONS SOLD BY:

SOLD BY:

Kiawah Island Real Estate

Kiawah Island Real Estate

THIS HOMESITE SOLD AFTER 11 DAYS ON MARKET

THIS HOME SOLD AFTER 20 DAYS ON MARKET

PRICE: $2,480,000

PRICE: $1,930,000

(93% of list price)

(88% of list price)

90 Surfsong Road

24 Bufflehead Drive

2020 First Half Results

Q2 2020 SALES 7%

29%

$800 $600

0

40

MP

45

$2.00

Q2-2019

Q2-2018

Q2-2017

Q2-2016

35

Q2-2020

50

$2.25

Price In Millions

55

$2.50 AP

60

SINGLE-FAMILY HOMES CLOSED

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

65

square feet: 3,570

bedrooms: 5

bathrooms: 5.1

25% 40%

VILLAS & COTTAGES CLOSED = 20

single family homes (SFH) decreased

7% YOY, but the sales of homes priced

above $2M increased 50% YOY,

causing average and median sales

prices to rise, along with volume.

Villa and cottage closing activity

decreased 23% YOY. One, two, and

four-bedroom properties all saw a

decrease in sales, while three-

$1.75

bedroom properties remained flat.

$1.50

Homesite closing activity increased

$1.25

YOY, along with volume and average

$1.00

pricing. This can be attributed to

50% increase YOY of homesites sold

above $2M.

0

35%

TAKE AWAYS

• Year to date, closing transactions for

SINGLE-FAMILY HOMES

70

view: Lagoon

$400

Q2-2020

Q2-2019

Q2-2016

0

$1.0M

$200 Q2-2018

5

location: behind Vanderhorst gate

MP

10

$1.2M

acres: .45

view: Ocean

Q2-2017

15

UNDEVELOPED LOTS CLOSED

20

> $2.5M = 3 $1.4M Price In Thousands

25

$1 - 2.5M = 28

AP

30

64%

< $1M = 13

HOMESITES

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

35

HOMES CLOSED = 44

1 Bedroom = 5 2 Bedroom = 7 3 Bedroom = 8 4 Bedroom = 0

7%

HOMESITES CLOSED = 14

93%

< $1M = 13 $1 - 2M = 0

> $2M = 1 *Includes Timbers Ocean Club and Residence Sales


Kiawah Island Property Report |

2020 First Half Results

PRESIDENT'S NOTE The second quarter of this year has been the most impressive

Now, we find ourselves more informed and comfortable with the

in recent memory, if not ever. While the closing data for Q2

challenges COVID presents and also more able to work remotely.

doesn’t yet reflect the unprecedented contract activity we

We have seen a huge uptick in sales activity for that reason alone.

saw in May and June, it sends a strong message not only to our

More families are able to spend time away from their primary

sales team but to our Island as a whole that Kiawah is a place

residence and work from wherever they choose, so they are

people want to invest in financially and emotionally. It’s a

choosing Kiawah.

place to not only protect our families from the recent global challenges, but also simply a place to nurture them. We will

We hope you find this report informative and helpful. We are in

see the fruits the remarkable sales activity from the latter

unique and fascinating times and look forward to what the

part of this quarter in Q3.

remainder of 2020 will bring. As I write this, we have already sold more properties in July than we did in June and are once again

The data in this current report speaks to closing activity, which means properties that went under contract in the first quarter or first part of the second quarter. Because the economy shut

on track to have another record breaking quarter. Please do not hesitate to reach out with any questions about our current market or if you are interested in exploring listing your home.

down and there was so much uncertainty during that time,

Regards,

closings came to a standstill. We expected to see a decline in activity and are pleased the decline was moderate. Even at the peak of the pandemic, there was still great interest in Kiawah as

Dan M. Whalen, President Kiawah Island Real Estate

families searched for retreats.

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

2016

2017

2018

2019

2020

TOTAL $

$748M

$786M

$786M

$802M

$753M

$539M

HOMES

$464M

$494M

$494M

$551M

$520M

$368M

VILLAS & COTTAGES

$97M

$105M

$105M

$83M

$75M

$64M

HOMESITES

$187M

TAKE AWAY All property types are seeing their lowest inventory in at least 12 years. SFH inventory is 25% less than it was this time last year, which at that time was a

$187M

$187M

$168M

$157M

$107M

record low for the Island. Villa and cottage inventory has

TOTAL#

553

$786M

571

571

491

370

steadily decreased every Q2

HOMES

190

$494M

226

226

225

145

significant drop of 17% this year.

VILLAS & COTTAGES

161

$105M

145

145

107

89

And homesite inventory is 25%

HOMESITES

202

$187M

200

200

159

136

since 2015, with its most

lower closing out this quarter than the 13-year average.

Char t includes figures as of June 30th each year.

1 Kiawah Island Parkway • Kiawah Island, SC 29455 | k i a w a h i s l a n d . c o m | 8 4 3 . 396 . 1 5 2 2 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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