Q2 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

|

January - June 2021 Results

E S T A T E

kiawahisland.com

P U B L I C A T I O N

|

843.396.1522

Island-Wide Sales Results for First Half 2021 total Island-wide inventory

AT A G L A N C E

total properties closed

378

(end of Q2 each year)

2021

=

121

2020

=

370

2 019

=

491

2 01 8

=

524

2 017

=

57 1

2 016

=

584

median villa & cottage sales price

2 01 5

=

553

$585K

2 014

=

561

(+13% from first half 2020)

2 013

=

576

median homesite sales price

2 01 2

=

562

2 011

=

626

2 01 0

=

648

total dollar volume

$466M

(+189% from first half 2020)

median single-family home sales price

20 2 1

$1.9M

F I R S T

H A L F

(+42% from first half 2020)

$375K

(+25% from first half 2020)

K E Y

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

Following the most successful first quarter of sales in Kiawah Island's history, the Island recorded its best first half ever with $466M in closed sales across 378 total transactions. This represents a 189% increase in volume and a 161% increase in transactions year-over-year (YOY).

The second quarter of 2021 was also the strongest Q2 the Island has ever seen, with $261M in volume across 201 transactions - an increase of 200% and 145% YOY respectively.

Island-wide volume nearly tripled YOY due to a 340% increase in the number of homes closed over $2.5M, including the most expensive home ever sold in the Charleston area at $20.5M. Additionally, the number of homesites sold between $1M-2M increased by an unprecedented 1200%.

The record low inventory story from the last few quarters continues as we close out the first half of the year at a new historic low. Current Island-wide inventory across all property types is 121 which represents only 2.5% of the total number of properties on Kiawah Island. Over the last three years, we have seen inventory drop more than 76%.

HISTORICAL ISLAND-WIDE FIRST HALF CLOSING ACTIVITY 450

$500M

400

$450M 378

350

$400M

300

$350M

250

$300M

200

$250M

150 100

100

50 0

2008

76 2009

100

101

126

125

127

129

130

141

147

162

$200M

145

$150M $100M

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

$50M

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


Kiawah Island Property Report |

January - June 2021 Results

FIRST HALF 2021 KIAWAH ISLAND CLOSINGS SNAPSHOT 2021

2020 145

378

+161%

$161,289,000

$465,811,000

+189%

Properties Closed

ALL TRANSACTIONS

Volume Median Price

$750,000

$693,000

-8%

Average Price

$1,112,000

$1,232,000

+11%

49

148

+202%

$28,891,000

$95,073,000

+229%

$518,000

$585,000

+13%

$590,000

$642,000

+9%

Properties Closed

VILLAS AND COTTAGES

Volume Median Price Average Price

Properties Closed

HOMES

Volume Median Price Average Price

Properties Closed

HOMESITES

% OF CHANGE

Volume

68

132

+94%

$114,437,000

$313,575,000

+174%

$1,333,000

$1,898,000

+42%

$1,683,000

$2,376,000

+41%

28

98

+250%

$17,961,000

$57,163,000

+218%

$301,000

$375,000

+25%

$641,000

$583,000

-9%

Median Price Average Price

All dollar figures have been rounded to the nearest thousand. Excludes Bulk Sales.

F I R S T

H A L F

2 0 2 1

I S L A N D -W I D E

I N V E N T O R Y *

T TA G E S

& S

E

ES

IT

&

D

CO

L

N

A

VI L

ED HO M

52% (2,520)

S

LOP

33% (1,595)

4828 TOTAL UNITS ON KIAWAH ISLAND

*Excluding Timbers

1.4%

EHS O

E EV

15% (713)

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

OMES Y H V

9.6% = 69

M

L IE GS

IL

0.9% = 15

12%* (15)

O

S

IN

M

1.4% = 37

0.9%

TE

S

FA

57% (69)

121 ACTIVE LISTINGS FIRST HALF OF 2021

31% (37)

JUST 2.5% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE

I ES

E

LE

-

S

NG

M

SI

H

9.6%

C

U


Kiawah Island Property Report |

January - June 2021 Results

FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through First Half 2015 - 2021* 2015

2016

2017

2018

2019

2020

2021

TOTAL $

$748M

$787M

$802M

$753M

$679M

$539M

$300M

HOMES

$464M

$494M

$551M

$520M

$489M

$368M

$168M

VILLAS & COTTAGES

$97M

$105M

$83M

$75M

$61M

$64M

$30M

HOMESITES

$187M

$188M

$168M

$157M

$129M

$107M

$102M

TOTAL #

553

584

571

524

491

370

121

HOMES

190

219

226

216

225

145

37

VILLAS & COTTAGES

161

158

145

123

107

89

15

HOMESITES

202

207

200

185

159

136

69

*Excluding Timbers

UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD

2021

2020

2021 2019

2020 2018

2021

2020

2019 2017 2020 2018 2021 2019

2019 2017

2017

2018

2021

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

2020

50

2019 2017 2020 2018 2021 2019

50

100 175 75 150 50 125 25 100 0 75

2018

$300

GLE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD

100 175 75 150 50 125 25 100 0 75

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units Sold 125 $2.00

2017

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

GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY

2021

2018

2021

125

$2.50

$1.25

$2.25

Price In Millions

2020

17%

1 Bedroom = 13 2 Bedroom = 20 3 Bedroom = 40 4 Bedroom = 2

4% HOMESITES SOLD = 55

$2.00

MP

$600

SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES 150 $2.25

3%

16%

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

Price In Millions MP

2019 2017 2020 2018 2021 2019

0

AP

2018

0

AP

150

MP

ILLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD

$200

$2.50

AP MP

$700

175

Price In Millions Price In Millions

2017

$200

AP

175

Price In Thousands

MP

$300

Price In Thousands MP MP

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

AP

AP MP

50

Price In Thousands Price In Thousands

100 200 75 150 50 125 25 100 0 75

$800 AP

AP

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units PriceSold (MP) vs. Units Sold 125 $600

$400

VILLAS & COTTAGES SOLD = 75

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

$800

VILLAS VILLAS & COTTAGES 150 & COTTAGES $700

20

$1.0M

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

200

30 2017

2021

2020

2019

2020

2021 2019

2018

2020 2018

20

2019 2017

0

UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD

TOTAL UNITS SOLD TOTAL UNITS SOLD

2019 2017 2020 2018 2021

2018

2017 2017

30

$400

$1.2M

53% $800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600

MP

50

40

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

MP

40

60 90 50 80 40 70 30 60 20 50

Price In Thousands Price In Thousands

60 90 50 80 40 70 30 60 20 50

MP

100

70

HOMESITES HOMESITES $1.2M 80

Average Price (AP) vs. Median Average Price (AP) vs. Median Price PriceSold (MP) vs. Units Sold 70(MP) vs. Units $1.0M

AP

250 400 200 350 150 300 100 250 50 200 0 150

80

27%

$1.4M AP

TOTAL SOLDUNITS SOLD TOTAL 300 UNITS

0

ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD

> $2.5M = 25

FIRST HALF 2021 TRANSACTION 90 TRENDS 90 ON KIAWAH ISLAND 350 $1.4M

AP MP

0

< $1M = 7

HOMESITES HOMESITES

Price In Thousands Price In Thousands

0 0 0 0 0 0 0 0 0 0 0 0

10%

AP

0

55%

HOMES SOLD = 71

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

400

TOTAL UNITS SOLD TOTAL UNITS SOLD

0

35%

$1 - 2.5M = 39

TOTAL UNITSTOTAL SOLD UNITS SOLD

0

2021 SALES

$1.25

80%

< $1M = 44 $1 - 2M = 9

> $2M = 2 Excludes Bulk Sales.


Kiawah Island Property Report |

January - June 2021 Results

KIAWAH ISLAND REAL ESTATE (KIRE) SALES DATA President Dan Whalen's Note:

KIAWAH ISLAND

While the Island saw the best first half of sales in history, KIRE also saw record-breaking

REAL ESTATE'S (KIRE)

sales volume for that same period. Generating more than $342M in closed transactions solely by our firm in just six months, we continue to be blown away by the insatiable interest in Kiawah.

CLOSING ACTIVITY

Our firm’s sales volume is 257% greater than the same period last year and 30%

HISTORY OF FIRST HALF

greater than the previous record high in the last 16 years. Kiawah Island Real Estate was also responsible for the largest real estate sale in Charleston-area history in the second quarter with the sale of The Vanderhorst Estate for $20.5M. Our soaring sales

YEAR

PROPERTIES

DOLLAR VOLUME

2 021

2 49

$343M

2 02 0

79

$96M

2 019

94

$1 01 M

2 01 8

1 02

$1 29M

quarter-after-quarter only solidify our belief that desire to be a part of this exceptional community is much more enduring than a cyclical real estate trend.

You read in the report that inventory continues to see historic lows. Sales on

Kiawah will eventually slow as there are fewer and fewer properties available. With just 2.5% of Island inventory for sale, it may be a while before inventory returns to a normalized, stable level.

FIRST HALF 2021 CLOSED TRANSACTIONS BY SELLING AGENCY Property Type

KIRE

AE

PHX

CAR

NV

ADDL O/S

TOTAL

2 017

1 01

$1 2 5 M

95

13

8

2

0

13

131

2 016

100

$1 2 8 M

< $1M

7

2

1

1

0

2

13

$1M-$2.5M

51

8

5

1

0

9

74

2 01 5

92

$142 M

> $2.5M

37

3

2

0

0

2

44

HOMESITES

83

5

2

0

1

8

99

2 014

90

$1 02 M

< $1M

68

5

2

0

1

6

82

$1M - $2M

12

0

0

0

0

2

14

2 013

96

$1 0 8 M

> $2M

3

0

0

0

0

0

3

2 01 2

98

$1 04 M

2 011

75

$ 87M

2 01 0

76

$11 8 M

20 0 9

61

$ 79M

2008

78

$134 M

HOMES

VILLAS & COTTAGES*

71

17

12

1

1

9

111

1 Bedroom

20

1

3

0

0

3

27

2 Bedroom

25

8

4

0

1

4

42

3 Bedroom

23

8

5

1

0

2

39

4 Bedroom

3

0

0

0

0

0

3

Total Closed Transactions

249

35

22

3

2

30

341

*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 | 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.