Q3 2022 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 2022 Results

|

E S T A T E

P U B L I C A T I O N

kiawahisland.com

|

843.396.1522

FIR ST THREE QUAR TER S AT A GL ANCE

ISLAND-WIDE SALES RESULTS THROUGH Q3 2022 total properties closed

318

K E Y

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

total dollar volume

$608M

(-18% from Q3 2021)

single-family home median price

$2.8M

(+45% from Q3 2021)

2022

=

102

2021

=

84

2020

=

260

2 019

=

449

2 01 8

=

489

2 017

=

villa & cottage median price

5 37

2 016

=

538

$777K

2 01 5

=

533

(+33% from Q3 2021)

2 014

=

535

homesite median price

2 013

=

549

$650K

2 01 2

=

578

(+65% from Q3 2021)

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

Kiawah Island saw 318 closings in the first three quarters of 2022 for $608M. The Island also saw a return to a traditional sales pace for the first time in over two years in Q3 with transactions down 43%. Interestingly, dollar volume dropped just 18% due to average and median prices jumping 45% and 60% respectively, offsetting the transaction decline. Average sales price for single-family homes closing this quarter was the second largest in company history at $3.4M, second only to Q4 2021. It was also the highest third quarter average sales price in Island history, increasing 33% yearover-year (YOY) from 2021, which remains the most successful three quarters in company history.

Single family homes made up 40% of all transactions in the first three quarters of the year which is consistent with a typical year. As the Islands most sought after property type, there was a 36% decrease in the sale of SFH’s YOY due to low inventory . Homes priced below $1M dropped 80%, while homes priced above $2.5M remained flat.

After two years of record low inventory, the Island is seeing a slow replenishing. Overall inventory increased 21% YOY to 102 listings, but remains at just 2.1% of the Island-wide inventory.

*Excluding Timbers

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

$741

$500M $400M $300M $200M $100M

600 $608

$475

$279

$225 $160

$139 2009

2010

2011

$202

$218

$211

2012

2013

2014

2015

$233

$235

$254

2016

2017

2018

$220

2019

2020

2021

2022

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

Number of Transactions

$600M

VOLUME IN MILLIONS

$700M

500 400 300 200 100 0


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Q3 2022 Property Report by Kiawah Island - Issuu