Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
January - June 2022 Results
|
E S T A T E
kiawahisland.com
P U B L I C A T I O N
|
843.396.1522
total properties closed
total Island-wide available inventory
247
(35% change from first half 2021)
=
102
2021
=
121
2020
=
370
median single-family home sales price
2 019
=
491
$2.75M
2 01 8
=
524
2 017
=
57 1
2 016
=
584
$763K
2 01 5
=
553
(+30% from first half 2021)
2 014
=
561
median homesite sales price
2 013
=
576
2 01 2
=
562
2 011
=
626
$466M
(0% change from first half 2021)
(+45% from first half 2021)
H A L F
median villa & cottage sales price
F I R S T
(end of Q2 each year)
2022
total dollar volume
20 2 2
AT A G L A N C E
Island-Wide Sales Results for First Half 2022
$650K
(+73% from first half 2021)
K E Y
O B S E R V AT I O N S
•
Kiawah Island saw 247 closings in the first half of 2022 totaling $466M in dollar volume despite a 35% decrease in transactions.
•
Average sales prices on the Island jumped 53% and median pricing was up 70% year-over-year (YOY), confirming the value and demand for Kiawah properties not only remains balanced, but continues to grow.
•
Increasing mortgage rates and record inflation played a role in the national slow down this quarter, and we believe that may very well continue through the remainder of the year. Despite that, Q2 2022 was the best second quarter in Island history with 134 closings for $284M. This is a 9% increase in dollar volume from Q2 2021, which was the previous all-time high.
•
Single family homes made up 40% of all transactions in the first half of the year. There was a 22% decrease in the sale of SFH’s YOY due to record low inventory. Home sales priced below $1M dropped 77%, homes priced between $1-2.5M dropped 43%, but homes priced above $2.5M increased by 27%.
HISTORICAL ISL AND-WIDE FIRST HALF CLOSING ACTIVITY
$450M
$466
$466
$400M
$300M $250M $200M $150M $100M $50M $0
400
VOLUME IN MILLIONS
$350M
450
350 300 250
$178
$171 $136 $91
2009
$106
$125
$146
$159
$149
$126
200
$190
150
$161
100 50
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
0
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 2022 Results
FIRST HALF 2022 KIAWAH ISLAND CLOSINGS SNAPSHOT 2022
% OF CHANGE
379
247
-35%
$466,311,000
$465,561,000
0%
2021 Properties Closed
ALL TRANSACTIONS
Volume Median Price
$690,000
$1,175,000
+70%
Average Price
$1,230,000
$1,885,000
+53%
Properties Closed
VILLAS AND COTTAGES
Volume
149
74
-50%
$95,573,000
$66,415,000
-31%
$585,000
$763,000
+30%
$641,000
$897,000
+40%
132
102
-23%
$313,575,000
$337,290,000
+8%
$1,898,000
$2,750,000
+45%
$2,376,000
$3,307,000
+39%
Median Price Average Price
Properties Closed
HOMES
Volume Median Price Average Price
Properties Closed
HOMESITES
Volume
98
71
-28%
$57,163,000
$61,857,000
+8%
$375,000
$650,000
+73%
$583,000
$871,000
+49%
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 2
I S L A N D -W I D E
I N V E N T O R Y *
HO
H
LL
ELOPED
T TA G E S
& S VI
DEV
CO
A
S
UN
51% (2,563)
*Excluding Timbers
1.8%
E
S
5.3% = 38
33% (1,734)
5032 TOTAL UNITS ON KIAWAH ISLAND
EHS O
ME
1.0% = 17
16% (735)
E -I LF Y A MHI F AL M N- G O L YM
M I LY H O
17%* (17)
1.8% = 47
M
L IE GS
-FA
46% (47)
O
S
IN
LE
102 ACTIVE LISTINGS FIRST HALF OF 2022
1%
TE
S
G
37% (38)
JUST 2% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE
I ES
M
IT
IN
E
S
ES
S
M
5.3%
V&C
Kiawah Island Property Report |
January - June 2022 Results
FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through First Half 2016 - 2022* 2016
2017
2018
2019
2020
2021
2022
TOTAL $
$787M
$802M
$753M
$679M
$539M
$300M
$318M
HOMES
$494M
$551M
$520M
$489M
$368M
$168M
$234M
VILLAS & COTTAGES
$105M
$83M
$75M
$61M
$64M
$30M
$30M
HOMESITES
$188M
$168M
$157M
$129M
$107M
$102M
$54M
TOTAL #
584
571
524
491
370
121
102
HOMES
219
226
216
225
145
37
47
VILLAS & COTTAGES
158
145
123
107
89
15
17
HOMESITES
207
200
185
159
136
69
38
59%
*Excluding Timbers
UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD
2022
2022
2021
2022 2020
2021 2019
2021
2020 2018 2021 2019 2022 2020
2020 2018
2018
2019
2019
2022
GLE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD
2022
$2.50 $2.25 $3.50 $2.00 $3.25 $1.75 $3.00 $1.50 $2.75 $1.25 $2.50 $1.00 $2.25 0 $2.00 $1.75 $1.50 $1.25
2021
2020
2019 2022
2020 2018 2021
2019
2018
GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY
2022
2021
$300
175 150 275 125 250 100 225 75 200 50 175 25 150 0 125 100 75 50
$3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $3.50 $2.00 $3.25 $1.75 $3.00 $1.50 $2.75 $1.25 $2.50 $1.00 $2.25 0 $2.00 $1.75 $1.50 $1.25
Price In Millions
$500 $800 $400 $700 $300 $600 $200 $500 $100 $400
8%
25%
1 Bedroom = 10 2 Bedroom = 16 3 Bedroom = 11 4 Bedroom = 3
9%
MP
2020
VILLAS & COTTAGES SOLD = 40
15%
Price In Millions MP
2019 2022
0
AP
2020 2018 2021
0
Average Price (AP) vs. Median Average Price (AP) vs. Median $2.75 200 Price (MP) vs. Units PriceSold (MP) vs. Units Sold
MP
ILLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD
$200
$3.50 275 $3.25 250 SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES $3.00 225
AP MP
2019
$400
AP
$600
275 250 225 200 175 150 275 125 250 100 225 75 200 50 175 25 150 0 125 100 75 50
Price In Millions Price In Millions
2018
$800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600
$200
AP
$700
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
$1.0M 40%
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
$1.2M
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
200
30 2018
2022
2021
2019 2022
2020
2021
2019
2021 2019 2022 2020
20
2020 2018
0
UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD
TOTAL UNITS SOLD TOTAL UNITS SOLD
2020 2018 2021
2019
2018 2018
30
$400
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 = 35
FIRST HALF 2022 TRANSACTION 90 TRENDS 90 ON KIAWAH ISLAND 350 $1.4M
AP MP
0
< $1M = 2
HOMESITES HOMESITES
Price In Thousands Price In Thousands
0 0 0 0 0 0 0 0 0 0 0 0
3%
AP
0
38%
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
HOMES SOLD = 60
$1 - 2.5M = 23
TOTAL UNITSTOTAL SOLD UNITS SOLD
0
Q2 2022 SALES
HOMESITES SOLD = 34
76%
< $1M = 26 $1 - 2M = 5
> $2M = 3 Excludes Bulk Sales.
Kiawah Island Property Report |
January - June 2022 Results
KIAWAH ISLAND REAL ESTATE (KIRE) SALES DATA President Dan Whalen's Note: Our nation has seen a significant shift in the real estate market in the last two months. Interest rates and inflation have caused buying to slow, but we are still seeing strong transaction volume from a historical perspective. Market experts predict a reset and some relative uncertainty in the coming months or year. But here is what we are seeing on Kiawah: • Just three months ago, Kiawah Island had the lowest available inventory in the history of the Island. • Since then, we have seen a modest replenishing of available properties, but 16% lower than this time last year and still nowhere near enough. • At this moment, we have enough inventory to last anywhere from 2-4 months. Once inventory hits the 6-month range, we will see a more level playing field between a “buyer’s” versus a “seller’s” market. Kiawah Island Real Estate handled $213M in closed transactions in Q2 2022, making it the strongest second quarter in the firm’s history despite difficult macroeconomic factors. Our focus continues to be on our inventory and how to best serve our buyers and sellers with prices that reflect our strong Kiawah market.
FIRST HALF 2022 CLOSED TRANSACTIONS BY SELLING AGENCY Property Type
KIAWAH ISLAND REAL ESTATE'S (KIRE) HISTORY OF FIRST HALF CLOSING ACTIVITY YEAR
PROPERTIES
DOLLAR VOLUME
2 02 2
174
$340M
2 021
2 49
$343M
2 02 0
79
$96M
2 019
94
$1 01 M
2 01 8
1 02
$1 29M
2 017
1 01
$1 2 5 M
2 016
100
$1 2 8 M
2 01 5
92
$142 M
2 014
90
$1 02 M
KIRE
AE
PHX
CAR
NV
ADDL O/S
TOTAL
HOMES
75
8
10
1
1
7
102
< $1M
10
1
1
0
0
1
13
$1M-$2.5M
17
7
3
0
1
4
32
> $2.5M
48
0
6
1
0
2
57
HOMESITES
63
2
1
0
0
5
71
< $1M
52
2
1
0
0
4
59
$1M - $2M
7
0
0
0
0
0
7
> $2M
4
0
0
0
0
1
5
2 013
96
$1 0 8 M
VILLAS & COTTAGES*
36
14
6
1
2
11
70
2 01 2
98
$1 04 M
1 Bedroom
13
5
0
0
1
3
22
2 Bedroom
13
5
2
1
1
3
25
2 011
75
$ 87M
3 Bedroom
9
3
4
0
0
5
21
4 Bedroom
1
1
0
0
0
0
2
2 01 0
76
$11 8 M
174
24
17
2
3
23
243
20 0 9
61
$ 79M
Total Closed Transactions
*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.