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.