Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
2020 Third Quarter Results
|
E S T A T E
kiawahisland.com
P U B L I C A T I O N
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843.396.1522
FIRST THREE QUAR TERS AT A GL ANCE
ISLAND-WIDE SALES RESULTS THROUGH Q3 2020 total Island-wide inventory
K E Y
• The third quarter of 2020 was the strongest quarter of sales in
(end of Q3 each year)
total properties closed
404
O B S E R V AT I O N S :
Kiawah’s 44-year history. Due much in part to the 259 closings
2020
=
260
2 019
=
449
2 01 8
=
489
2 017
=
5 37
actions and an average of more than 1.5 closings per day.
single-family home volume
2 016
=
538
sales prices rising across all property types resulted in a
+135%
2 01 5
=
533
2 014
=
535
average single-family home sales price
2 013
=
549
$1.82M
2 01 2
=
578
(+26% from Q3 2019)
2 011
=
587
Kiawah’s already remarkably low inventory (370 properties at
2 01 0
=
630
at the close of Q3, the lowest on record.
total dollar volume
+116% (from Q3 2019)
(from Q3 2019)
I S L A N D -W I D E
totaling $314M of volume in the third quarter, Kiawah is also on track for its best year of sales in its history.
• There were 404 closings on Island through Q3 2020 which
represents a 73% year-over-year (YOY) increase in trans-
This increase in transactional volume combined with average historic 116% YOY increase in overall dollar volume.
• Through the first three quarters YOY sales volume has more
than doubled for single family homes and homesites while the Villa and Cottage sector saw a 79% increase in dollar volume.
• Island-wide contract activity increased again in the third
quarter jumping from 132 in Q2 to 284 in Q3. This caused
close of Q2), to drop even further to 260 available properties
C L O S I N G
A C T I V I T Y
JANUARY 1ST - SEPTEM BER 30TH 500 400
404
300 200
230
100 0
2007
156
127
2008
2009
172
157
2010
2011
187
2012
200
195
2013
2014
234
219
207
200
201
2015
2016
2017
2018
2019
2020
72
259
ISLAND-WIDE CLOSINGS Q3 (JULY 1 THROUGH SEPTEMBER 30) 75
56
51
72
56
61
75
68
90
77
62
54
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 Third Quarter Results
FIRST THREE QUARTERS OF 2020 KIAWAH ISLAND SALES SNAPSHOT 2020
% OF CHANGE
Properties Closed Volume
234 $220,117,000
404 $474,859,000
+73% +116%
HOMES
Properties Closed Volume Median Price Average Price
98 $141,102,000 $1,223,000 $1,440,000
183 $332,249,000 $1,450,000 $1,816,000
+87% +135% +19% +26%
VILLAS & COTTAGES
Properties Closed Volume Median Price Average Price
74 $39,325,000 $460,000 $531,000
119 $70,275,000 $465,000 $591,000
+61% +79% +1% +11%
Properties Closed Volume Median Price Average Price
35 $23,649,000 $378,000 $676,000
TOTAL UNITS SOLD +103% 71 +116% $51,049,000 400 $355,000 -6% +6% $719,000 350
Properties Closed Volume Median Price Average Price
27 $16,040,000 $510,000 $594,000
31 300 $21,286,000 250 $540,000 $687,000 200
ALL TRANSACTIONS
HOMESITES
TIMBERS KIAWAH OCEAN CLUB & RESIDENCES
TOTAL UNITS SOLD
2019
150
+15% +33% +6% +16%
Char t does not include bulk sales. All dollar figures have been rounded to the nearest thousand.
100
2020
2019
2018
2016
THROUGH Q3 2020 TRANSACTION 0 TRENDS ON KIAWAH ISLAND*
2017
50
Homesites, Villas & Cottages, and Single-Family Homes (SFH)
50
$400
25
$300
0
2020
$500
$575 $550 $525 $500 $475
$400
$450
$300
$425
2020
$500
$600
2019
75
$700
2018
$600
$800
2017
100
VILLAS & COTTAGES SOLD*
$700
2019
2017
2020 2016
125
2018
UNDEVELOPED HOMESITES SOLD 2019
0
2018
2020
2019
2018
2017
10 2017
TOTAL UNITS SOLD 2020 2016
0
2019
0
2018
2017
10
$800
$900
MP
50
20
150
MP
20
MP
100
30
$900
$600
$1.0M Price In Thousands
30
40
175
AP
40
50
$1.0M
Price In Thousands
150
Average Price (AP) vs. Median Price (MP) vs. Units Sold
AP
200
50
60
Price In Thousands
250
60
AP
300
70
2016
70
UNDEVELOPED HOMESITES SOLD
400 350
VILLAS & COTTAGES
HOMESITES
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
2016
HOMESITES
OTAL UNITS SOLD TOTAL UNITS SOLD
*Includes Timbers Ocean Club and Residence Sales
Kiawah Island Property Report |
2020 Third Quarter Results
NOTABLE TRANSACTIONS
Q3 2020 SALES
SOLD BY:
SOLD BY:
Kiawah Island Real Estate
Kiawah Island Real Estate
THIS HOMESITE SOLD AFTER 5 DAYS ON MARKET
THIS HOME SOLD SAME DAY PLACED ON MARKET
PRICE: $2.465M
PRICE: $3.2M
(100% of list price)
(100% of list price)
165 Surfsong Road
4 Shell Creek Landing
20%
HOMES SOLD = 115
60%
< $1M = 27
HOMESITES
$1 - 2.5M = 61
view: Golf
30 bedrooms: 4
bathrooms: 4.1 $600
bedrooms: 5
bathrooms: 5.1
$300
and increased by 330% in Q3 2020
vs. Q3 2019, including a 278% increase
in homesites priced under $1M.
•
SFH sales made up 45% of the trans-
actions and 70% of the dollar volume
YTD. That is due to the 2700% Q3 YOY
increase of the sale of homes priced
above $2.5M. In addition, the sale of
$2.0M
homes between $1-$2.5M grew 408%.
$1.8M
• Villa and Cottage volume increased
2020
2019
2018
2017
0
$1.6M $1.4M $1.2M
2016
25
MP
50
SINGLE-FAMILY HOMES SOLD
75
$2.2M
Price In Millions
100
$2.4M AP
125
TAKE AWAYS Homesite sales have doubled YTD
SINGLE-FAMILY HOMES
175
VILLAS & COTTAGES SOLD* = 101 28%
•
Average Price (AP) vs. Median Price (MP) vs. Units Sold
200
44%
$500
2020
2018
2017
0
square feet: 5,009
$400 2016
10
22%
$800 view: Marsh
MP
20
6%
$900
square feet: 4,095$700
2019
40
$1.0M Price In Thousands
50
> $2.5M = 27
AP
60
UNDEVELOPED HOMESITES SOLD
Average Price (AP) vs. Median Price (MP) vs. Units Sold
70
20%
$1.0M
nearly 80% through the first three
quarters, causing inventory to drop
to less than 50 properties available.
One and two-bedrooms sales more
than tripled in Q3 YOY, and three-
bedroom sales soared, making up
nearly 44% of all Q3 Villa and
Cottage sales.
1 Bedroom = 22 2 Bedroom = 28 3 Bedroom = 45 4 Bedroom = 6
7% 14% HOMESITES SOLD = 43
79%
< $1M = 34 $1 - 2M = 6
> $2M = 3 *Includes Timbers Ocean Club and Residence Sales
Kiawah Island Property Report |
2020 Third Quarter Results
PRESIDENT'S NOTE As expected, the surge of Island-wide contract activity reported
haven, but a place with breathtaking beaches, winding trails, and
in Q2, turned into closings in Q3, giving us the strongest quarter
countless opportunities to make life-lasting memories; all being
on record.
as communal or as secluded as you wish.
In the month of August alone, Kiawah Island Real Estate reported
As you see in the report, inventory is at an all-time low, so we
the best month in the history of our company, closing 59
do anticipate contract activity to decrease slightly in the fourth
properties for $99.4M (the previous all-time high was in August
quarter; not because interest is decreasing, but because
2005 when we closed $72.3M). August's numbers represent a
people are more committed than ever to their Kiawah property
500% increase in transactions, and a 1,190% increase in volume
for all it affords. We expect sales numbers to stabilize as we
over August 2019 when we closed 10 properties for $7.7M. We
close out the year, but still look forward to what the final
followed that up with the second-best month in the history of
quarter will bring.
our company in September with 69 closings for $93.6M. Additionally, we put 88 properties under contract in July compared to 12 properties in July 2019.
Regards,
In short, we are seeing unprecedented activity on the Island. On Kiawah, we believe the pandemic has caused families to reevaluate how they spend their time, whom they spend it with,
Dan M. Whalen, President
and where they spend it. Kiawah Island offers not only a safe
Kiawah Island Real Estate
For-Sale Kiawah Inventory Comparison Third Quarter 2015 - 2020 2015
2016
2017
2018
2019
2020
TOTAL $
$703M
$713M
$753M
$700M
$648M
$438M
HOMES
$416M
$459M
$507M
$491M
$471M
$322M
VILLAS & COTTAGES
$97M
$89M
$79M
$61M
$57M
$37M
HOMESITES
$190M
$165M
$167M
$148M
$120M
$79M
Excluding Timbers
TOTAL#
533
538
537
489
449
260
20% (49)
HOMES
174
208
209
205
206
107
VILLAS & COTTAGES
158
141
130
105
92
49
HOMESITES
201
40% (107)
260 ACTIVE LISTINGS AT END OF Q3 2020
40% (104)
SINGLE-FAMILY HOMES UNDEVELOPED HOMESITES
189
198
179
151
104
VILLAS & COTTAGES
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 | 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.