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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

|

2019 Third Quarter Results

E S T A T E

P U B L I C A T I O N

|

kiawahisland.com

8 0 0 . 2 7 7. 7 0 0 8

FIRST THREE QUAR TERS AT A GL ANCE

ISLAND-WIDE SALES RESULTS THROUGH Q3 2019 total properties sold

234

total Island-wide inventory

=

number of transactions

449

2 01 8

=

489

+16%

2 017

=

5 37

2 016

=

538

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

• Inventory is the lowest on Island closing out the third quarter

(end of Q3 each year)

2 019

(from Q3 2018)

K E Y

since 2008. Currently sitting at 11% (8% lower than this time last year), demand in the Island for the third quarter is the strongest it has been in more than a decade with a current sales trend pointing to increased sales for properties hovering below $2.5M.

• Kiawah saw a 16% increase in closed transactions year-over-year

and the most transactions in 12 years ending Q3.

• While closed transactions increased, overall closed dollar

average single-family home sales price

2 01 5

=

533

$1.44M

2 014

=

(-27% from Q3 2018)

535

2 013

=

549

2 01 2

=

578

homebuyers are practicing caution in the ultra-high-end

$1.22M

2 011

=

587

2 01 0

=

• For the first time since 2016, villas and cottages (V&C) made up

(-15% from Q3 2018)

630

the majority of Island-wide sales closing out Q3, jumping from

2009

=

60 1

Single-family homes made up 42% of sales and homesites 15%.

median single-family home sales price

F A C T S

volume decreased 13% as the number of homes sold above $2.5M decreased 74%, while the number of homes sold between $1M and $2.5M increased more than 50%.

• This is the first drop in overall dollar volume through the third

quarter since 2016, suggesting that while sales are strong,

market until the future economic picture becomes clearer.

37% of all transactions to 43% year-over-year (including Timbers).

&

F I G U R E S

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

LL

E M

&

CO

T TAG E S

E - F A M I LY

HO

20% (92)

S

GL

*Excluding Timbers

A

N SI

MESITES

449 * ACTIVE LISTINGS AT END OF Q3 2019

34% (151)

VI

17

46% (206)

highest priced homesite sold in Q3

O

HO

properties sold in Cassique

EL

D

217

S

E

properties sold on Kiawah Island

EV

P

KIAWAH ISLAND AND CASSIQUE SALES

UND

$4.93M highest priced villa and cottage sold in Q3

$1.82M highest priced singlefamily home sold in Q3

$2.45M


Kiawah Island Property Report |

2019 Third Quarter Results

FIRST THREE QUARTERS OF 2019 KIAWAH ISLAND SALES SNAPSHOT 2018

2019

% OF CHANGE

Properties Closed Volume

201 $253,836,000

234 $220,117,000

+16% -13%

HOMES

Properties Closed Volume Median Price Average Price

93 $183,881,000 $1,435,000 $1,977,000

98 $141,102,000 $1,223,000 $1,440,000

+5% -23% -15% -27%

VILLAS & COTTAGES

Properties Closed Volume Median Price Average Price

74 $41,249,000 $453,000 $557,000

74 $39,325,000 $460,000 $531,000

0 -5% +2% -5%

Properties Closed Volume Median Price Average Price

34 $28,706,000 $395,000 $844,000

HOMESITES

Properties Closed Volume Median Price Average Price

TIMBERS KIAWAH OCEAN CLUB & RESIDENCES

TOTAL UNITS SOLD +3% 35 -18% $23,649,000 230 $378,000 -4% -20% $676,000 220 TOTAL UNITS SOLD

ALL TRANSACTIONS

27 210 $16,040,000 200 $510,000 $594,000 190

N/A

180

N/A

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

170

2019

2018

2017

2015

THROUGH Q3 2019 TRANSACTION150 TRENDS ON KIAWAH ISLAND*

2016

160

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

$500

70

$400

60

$300

50 2019

$600 $500

$575 $550 $525 $500 $475

$400

$450

$300

$425

2019

80

$700

2018

$600

$800

2017

90

VILLAS & COTTAGES SOLD*

$700

2018

2016

2019 2015

100

2017

UNDEVELOPED HOMESITES SOLD 2018

25

2017

2019

2018

2017

2016

30 2016

TOTAL UNITS SOLD 2019 2015

25

2018

150

2017

2016

30

$800

$900

MP

160

35

110

MP

35

MP

170

40

$900

$600

$1.0M Price In Thousands

40

45

120

AP

45

50

$1.0M

Price In Thousands

180

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

AP

190

50

55

Price In Thousands

200

55

AP

210

60

2015

60

UNDEVELOPED HOMESITES SOLD

230 220

VILLAS & COTTAGES

HOMESITES

2016

HOMESITES

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

2015

OTAL UNITS SOLD TOTAL UNITS SOLD

*Includes Timbers Ocean Club and Residence Sales


Kiawah Island Property Report | HIGHEST PRICED SINGLE-FAMILY HOME SOLD

2019 Third Quarter Results

LOWEST PRICED SINGLE-FAMILY HOME SOLD

SOLD BY: Kiawah Island Real Estate

SOLD BY: Outside Firm

PRICE: $2.45M

PRICE: $450,000

(92% of list price)

(92% of list price)

28 Eugenia Avenue

589 Oyster Rake Drive

Q3 2019 SALES

48%

$1 - 2.5M = 12

> $2.5M = 0 $1.0M AP

$900

Price In Thousands

50

UNDEVELOPED HOMESITES SOLD

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

55

square feet: 3,200$700

40 bedrooms: 4

bathrooms: 4.1 $600

2019

2018

2017

2016

$300

SINGLE-FAMILY HOMES

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

2019

2018

50

$1.8M $1.6M $1.4M $1.2M

2017

60

MP

70

2016

80

$2.0M

2015

90

$2.2M

Price In Millions

100

AP

110

$2.4M

SINGLE-FAMILY HOMES SOLD

120

square feet: 1,565

bedrooms: 3

bathrooms: 2.1

VILLAS & COTTAGES SOLD* = 37

13.5%

67.5%

$400 2015

25

view: Maritime Forest

$500

MP

30

19%

$800

45 view: Lagoon

35

52

< $1M = 13

HOMESITES

60

HOMES SOLD = 25

$1.0M

TAKE AWAYS

Kiawah is seeing the first increase in

homesite sales year-over-year closing

out Q3 since 2015. Homesite inventory

dropped 16% year-over-year and 24%

when compared to Q3 2017.

Continuing from Q2 2019, we are

seeing an increased demand for

1-bedroom V&C. These sales

increased 80% year-over-year closing

out the Q2 2019 and increased

another 44% rounding out Q3.

1 Bedroom = 7 2 Bedroom = 5 3 Bedroom = 25 4 Bedroom = 0

10%

HOMESITES SOLD = 10

• Through the third quarter, the average

closed price for single family homes

on Kiawah dropped 27% year-over-

year. This is consistent with national

trends where sales prices of homes at

or above $1.5M declined for three

straight quarters. * *Source: Redfin

90%

< $1M = 9 $1 - 2M = 0

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


Kiawah Island Property Report |

2019 Third Quarter Results

PRESIDENT'S NOTE We are pleased to see another strong quarter on Kiawah Island.

homesites in this private Club community. Both enclaves also

We saw trends shift a bit as we closed this quarter: a 36%

share the acclaimed sporting and social offerings of Cassique

increase (including Timbers) year-over-year in the villa and

and The Kiawah Island Club. With homesite sales growing and

cottage sales market; a dramatic increase in home sales priced

respective inventory the lowest it has been in 11 years, we feel

between $1M - $2.5M; and an increase in homesite sales closing

this is a perfect time to release these extraordinary, custom

out Q3 2019 for the first time since 2015.

properties. (The Estuary also offers designed home plans for your building convenience.)

The total current inventory is the lowest we have seen for this time of year since 2008. With approximately 11% of all Island

Our Sales Executives at KIRE are always available to answer any

properties on the market for sale, Kiawah remains a very

and all questions regarding our market. As the only experts on

healthy market. When buyers purchase property at Kiawah,

the Island, we monitor all trends and sales daily and welcome

it is typically an emotional purchase that our property owners

the opportunity to share our insights and research with you.

hold onto for generations. We pride ourselves on that fact. Regards, As you may know, we just released five exclusive homesites in two new communities located within Cassique. Both The Estuary and Little Eagle Island offer custom-build homesites set along some of the most beautiful landscapes on the East

Chris Drury, President

Coast â&#x20AC;&#x201D; including some of the last available ocean-facing

Kiawah Island Real Estate

For-Sale Kiawah Inventory Comparison Third Quarter 2014 - 2019 2014

2015

2016

2017

2018

2019

TOTAL $

$695M

$703M

$713M

$753M

$700M

$648M

HOMES

$426M

$416M

$459M

$507M

$491M

$471M

VILLAS & COTTAGES

$88M

$97M

$89M

$79M

$61M

$57M

HOMESITES

$181M

$190M

$165M

$167M

$148M

$120M

TOTAL#

535

533

538

537

489

449

HOMES

187

174

208

209

205

206

VILLAS & COTTAGES

147

158

141

130

105

92

HOMESITES

201

201

189

198

179

151

Char t includes figures as of September 30th each year. Rounded to the nearest million.

1 Kiawah Island Parkway â&#x20AC;˘ Kiawah Island, SC 29455 | KiawahIsland.com | 800.277.7008 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

Kiawah Island Property Report  

A Kiawah Island Real Estate Publication. Island-Wide Sales Results Through Q3 2019

Kiawah Island Property Report  

A Kiawah Island Real Estate Publication. Island-Wide Sales Results Through Q3 2019