Q3 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 - September 2021 Results

|

E S T A T E

P U B L I C A T I O N

kiawahisland.com

|

843.396.1522

ISLAND-WIDE SALES RESULTS THROUGH Q3 2021 FIR ST THREE QUAR TER S AT A GL ANCE

total properties closed

561

total Island-wide inventory* (end of Q3 each year)

K E Y

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

• Kiawah Island saw the most successful first three quarters in

Island history with 561 closed transactions for $741M to close

total dollar volume

2021

=

+56%

84

2020

=

260

transactions and a 56% increase in volume YOY, despite

2 019

449

sales in the Island’s 44-year history at the time.

single-family home median price

=

2 01 8

=

489

$1.9M

2 017

=

5 37

In addition, the Island saw a 133% increase in homesites sold

2 016

=

538

than $1M.

villa & cottage median price

2 01 5

=

533

$585K

2 014

=

535

homes (SFH) and 16 villas or cottages on the market. Because

2 013

=

549

role in overall sales, representing more than 25% of all

homesite median price

2 01 2

=

578

$395K

2 011

=

587

(from Q3 2020)

(+33% from Q3 2020)

(+11% from Q3 2020)

(+11% from Q3 2020)

*Excluding Timbers

out the third quarter of 2021. This is a 39% increase in Q3 2020 having been the strongest individual quarter of

• The significant growth in volume can be attributed to 73

single-family home sales YTD over $2.5M, a 97% increase YOY. over $1M, and a 108% increase in homesites sold less

• Inventory is the lowest in the Island’s history, with just 1.7% of

Island properties available for sale, and only 29 single-family

of that, we have seen homesites play a much more significant Island-wide sales and more than doubling YOY.

• Due to historically low inventory, we have seen median

prices jump across all property types: +33% for single-family homes; +11% for villas and cottages; +11% for homesites.

HISTORICAL ISL AND-WI DE CLOSING ACTIVIT Y JANUARY 1ST - SEPTEM BER 30TH

600

561

$600M

500 400

$500M

404

300

$400M

200 100 0

$700M

156

127

2008

2009

172

157

2010

2011

187

200

195

219

207

200

201

234

$300M $200M

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Data accumulated from property waivers submitted to Kiawah Partners & supplemented by other reliable sources including Charleston County property tax records.

$100M


Kiawah Island Property Report |

January - September 2021 Results

THROUGH Q3 2021 KIAWAH ISLAND CLOSINGS SNAPSHOT 2021

% OF CHANGE

404

561

+39%

$474,859,000

$741,030,000

+56%

2020 Properties Closed

ALL TRANSACTIONS

Volume Median Price

$850,000

$735,000

-14%

Average Price

$1.175,000

$1,321,000

+12%

150

218

+45%

$91,561,000

$144,470,000

+58%

$525,000

$585,000

+11%

$610,000

$663,000

+9%

Properties Closed

VILLAS AND COTTAGES

Volume Median Price Average Price

Properties Closed

HOMES

Volume Median Price

183

200

+9%

$332,249,000

$503,753,000

+52%

$1,450,000

$1,925,000

+33%

$1,816,000

$2,519,000

+39%

Average Price

Properties Closed

HOMESITES

Volume

71

143

+101%

$51,049,000

$92,807,000

+82%

$355,000

$395,000

+11%

$719,000

$649,000

-10%

Median Price Average Price

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

FIRST THREE QUARTERS 2021 ISLAND-WIDE INVENTORY*

AS

&

COT

TA G E S

T TA G E S

& S A

U

N

CO

ES ES

IT

I

LL

PED HOM

52% (2,520)

*Excluding Timbers

1.1%

EHS O

V

LL

ELO

33% (1,595)

4828 TOTAL UNITS ON KIAWAH ISLAND

VI

HOMES

V DE

15% (713)

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

LY

5.4% = 39

19%* (16)

M

L IE GS

MI

1% = 16

O

IN

FA

1.1% = 29

1%

S

E-

46% (39)

35% (29)

84 ACTIVE LISTINGS END OF Q3 2021

JUST 1.7% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE

S

S

L

TE

E

NG

I ES

M

SI

H

5.4%


Kiawah Island Property Report |

January - September 2021 Results

FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Third Quarter 2015 - 2021*

Q3 2021 SALES

2015

2016

2017

2018

2019

2020

2021

TOTAL $

$703M

$713M

$753M

$700M

$648M

$438M

$202M

HOMES

$416M

$459M

$507M

$491M

$471M

$322M

$107M

VILLAS & COTTAGES

$97M

$89M

$79M

$61M

$57M

$37M

$44M

HOMESITES

$190M

$165M

$167M

$148M

$120M

$79M

$51M

TOTAL #

533

538

537

489

449

260

84

HOMES

174

208

209

205

206

107

29

VILLAS & COTTAGES

158

141

130

105

92

49

16

HOMESITES

201

189

198

179

151

104

39

3%

54%

HOMES SOLD = 68

43%

< $1M = 2 $1 - 2.5M = 37

> $2.5M = 29

*Excluding Timbers. Chart includes figures as of September 30th each year. Rounded to the nearest million.

HOMESITES HOMESITES

TOTAL UNITSTOTAL SOLD UNITS SOLD

UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD

2021

2020

2019 2017 2020 2018 2021 2019

2021

2020

2021 2019

2020 2018

2018

2019 2017

2018

2017 2017

3 Bedroom = 30 4 Bedroom = 4

75

2021

2020

2019 2017 2020 2018 2021 2019

75

125 25 100

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

9%

HOMESITES SOLD = 45

$2.00

MP

$300

125 200 100 175 75 150 50

2018

125 200 100 175 75 150 50 125 25 100

LE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD

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

GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY

2021

2020

2019 2017 2020 2018 2021 2019

2018

150

$2.25

Price In Millions

$600

SINGLE-FAMILY HOMES 175 $2.25 SINGLE-FAMILY HOMES

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold 150 $2.00 Price (MP) vs. Units Sold

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

MPPrice In Millions

LLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD

1 Bedroom = 16 2 Bedroom = 19

$2.50

AP

2017

28%

4%

AP

175

MP

ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD

$300

$2.50

AP MP

$700

200

Price In Millions Price In Millions

MP

$300

$400

$300

AP

200

Price In Thousands

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

Price In Thousands MP AP MP

AP MP

75

Price In Thousands Price In Thousands

125 200 100 175 75 150 50 125 25 100

$800 AP

AP

VILLAS 175 & COTTAGES $700 VILLAS & COTTAGES

0

$400

$500

VILLAS & COTTAGES SOLD = 69

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

$800

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold 150 $600 Price (MP) vs. Units Sold

25

$500

$800

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

50

2017

2020

2021

0

2021 2019

2020 2018

2019 2017

0

25

2018

2017

100

UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD

2021

2020

2019

50

$900

$70043% $1.0M $600 $900 $500 $800 $400 $700 $300 $600

MP

200

0

2019 2017 2020 2018 2021

2018

2017

TOTAL UNITS SOLD TOTAL UNITS SOLD

300 0

$700 $1.0M $600 $900 $500 $800 $400 $700 $300 $600

Price In Thousands Price In Thousands

400 100

MP

0

500 200

100 175 75 150 50 125 25 100 0 75

MP

0 0

100 175 75 150 50 125 25 100 0 75

600 300

AP

0 0

125

HOMESITES 150 HOMESITES $900

Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold 125 $800 Price (MP) vs. Units Sold

AP MP

0 0

150

23%

$1.0M AP

0 0

500 TOTAL UNITS SOLD TOTAL UNITS SOLD 400

Price In Thousands Price In Thousands

0

6%

Q3 2021 TRANSACTION TRENDS ON KIAWAH 175 $1.0M 175 AP

00

TOTAL UNITS SOLD TOTAL UNITS SOLD

600 THROUGH

00

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

$1.75 0 $1.50 $1.25

87%

< $1M = 39 $1 - 2M = 2

> $2M = 4


Kiawah Island Property Report |

January - September 2021 Results

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

KIAWAH ISLAND

Our company, Kiawah Island Real Estate (KIRE) saw the best three quarters of the year in our history closing out the third quarter of this year. This follows the best year in company history (2020), best first quarter in company history (Q1 2021), and best first half of the year (Q2 2021).

You will see in the chart to the right that we closed $549M, a 60% increase from the

REAL ESTATE'S (KIRE) HISTORY OF CLOSING ACTIVITY THRU Q3

same time last year which was at the time the previous company high. And we were responsible for 75% of total Island-wide closings year to date.

While we continue to enjoy welcoming hundreds of new families to Kiawah each

YEAR

PROPERTIES

DOLLAR VOLUME

2 021

372

$ 5 49M

2 02 0

255

$343M

2 019

13 5

$142 M

2 01 8

137

$1 8 0 M

quarter with our unprecedented sales activity, we know undoubtedly this will slow down. With only 1.7% of Island-wide properties available for sale as you saw in the report, we simply have never seen inventory this low. Interested Kiawah buyers continue to come to us and it may be a few years before inventory is replenished to support the demand.

CLOSED TRANSACTIONS BY SELLING AGENCY THROUGH THIRD QUARTER 2021 * Property Type

KIRE

AE

PHX

CAR

ADDL O/S

TOTAL

2 017

14 8

$174 M

HOMES

149

19

12

2

19

201

2 016

16 0

$19 9M

< $1.5M

29

8

6

2

10

55

$1.5M-$2.5M

58

5

3

0

7

73

2 01 5

1 57

$2 29M

> $2.5M

62

6

3

0

2

73

HOMESITES

123

6

5

0

8

142

2 014

13 6

$16 6M

< $1M

103

0

4

0

7

114

$1M - $2M

13

6

0

0

1

20

2 013

155

$170 M

> $2M

7

0

1

0

0

8

2 01 2

149

$176M

2 011

114

$131 M

2 01 0

13 0

$190 M

20 0 9

100

$1 21 M

2008

128

$217M

VILLAS & COTTAGES* 1 Bedroom

100

23

20

1

19

163

29

4

4

0

6

43

2 Bedroom

37

9

8

0

8

62

3 Bedroom

30

10

7

1

4

52

4 Bedroom

4

0

1

0

1

6

Total Closed Transactions

372

48

37

3

46

506

*Excludes Timbers Kiawah Sales. KIRE: Kiawah Island Real Estate, AE: Akers Ellis, PHX: Pam Harrington Exclusives, CAR: Carolina One, 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.