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
Kiawah Island Property Report |
January - September 2022 Results
THROUGH Q3 2022 KIAWAH ISLAND CLOSINGS SNAPSHOT 2021 ALL TRANSACTIONS
% OF CHANGE
561
318
-43%
$741,030,000
$608,896,000
-18%
Properties Closed Volume Median Price
$735,000
$1,175,000
+60%
Average Price
$1,321,000
$1,912,000
+45%
218
104
-52%
$144,470,000
$99,404,000
-31%
Properties Closed
VILLAS AND COTTAGES
2022
Volume Median Price Average Price
Properties Closed
HOMES
Volume
Volume
+33% +44%
200
129
-36%
$433,284,000
-14%
$1,925,000
$2,800,000
+45%
$2,519,000
$3,359,000
+33%
Average Price
Properties Closed
$777,000 $956,000
$503,753,000
Median Price
HOMESITES
$585,000 $663,000
143
85
-41%
$92,807,000
$75,207,000
-19%
$395,000
$650,000
+65%
$649,000
$885,000
+36%
Median Price Average Price
All dollar figures have been rounded to the nearest thousand. Excludes Bulk Sales.
FIRST THREE QUARTERS 2022 ISLAND-WIDE INVENTORY*
& VI
LL
M
ED
HO
VILLAS
EVELOP
T TA G E S CO
S
S
UND
54% (2,657)
A
5.5% = 36
35% (1,714)
4895 TOTAL UNITS ON KIAWAH ISLAND
*Excluding Timbers
1.9%
EHS O
ES
&
ES
0.8% = 15
11% (524)
E
A M I LY HO M
1.9% = 51
M
E -I LF Y A MHI F AL M N- G O L YM
LE-F
15%* (15)
50% (51)
O
L IE GS
NG
102 ACTIVE LISTINGS END OF Q3 2022
0.8%
S
IN
SI
35% (36)
JUST 2.1% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE
TE
M
SI
I ES
S
E
S TE
H
6.8%
CO T TA G
Kiawah Island Property Report |
January - September 2022 Results
FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Third Quarter 2015 - 2022*
Q3 2022 SALES
2016
2017
2018
2019
2020
2021
2022
TOTAL $
$713M
$753M
$700M
$648M
$438M
$202M
$308M
HOMES
$459M
$507M
$491M
$471M
$322M
$107M
$237M
VILLAS & COTTAGES
$89M
$79M
$61M
$57M
$37M
$44M
$23M
HOMESITES
$165M
$167M
$148M
$120M
$79M
$51M
$48M
TOTAL #
538
537
489
449
260
84
102
HOMES
208
209
205
206
107
29
51
VILLAS & COTTAGES
141
130
105
92
49
16
15
HOMESITES
189
198
179
151
104
39
36
37%
HOMES SOLD = 24
63%
< $1M = 0 $1 - 2.5M = 9
> $2.5M = 15
*Excluding Timbers. Chart includes figures as of September 30th each year. Rounded to the nearest million.
HOMESITES HOMESITES
TOTAL UNITSTOTAL SOLD UNITS SOLD
$300
UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD
2021
2021
2020
2020 2018 2021 2019 2021
2021
2021
2021 2020
2021 2019
2019
2020 2018
2019
2018 2018
75
$2.00 $3.50 $1.75 $3.00 $1.50 $2.50
$1.25 $2.25 $1.00 $2.00 2022
0 $1.75 $1.50
2021
2020
75
125 25 100
2020 2018 2021 2019 2022
$400
125 200 100 175 75 150 50
2019
$100 $500
LE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD
$200 $600
GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY
2022
2021
2018 2021 2019 2022 2020
2020
$300 $700
125 200 100 175 75 150 50 125 25 100
Average Price (AP) vs. Median Price (MP) vs. Units Sold 150 $2.25 Price (MP) vs. Units Sold
$1.25
MP
LLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD
$400 $800
150
Price In Millions
$500 $900
175
$3.50 $3.00 $2.50
1 Bedroom = 3 2 Bedroom = 8 3 Bedroom = 16 4 Bedroom = 3
HOMESITES SOLD = 14
$2.25
$2.00 $3.50 $1.75 $3.00 $1.50 $2.50 $1.25 $2.25 $1.00 $2.00 0 $1.75 $1.50
MPPrice In Millions
2019
27%
14%
AP
2018
VILLAS & COTTAGES SOLD = 30
7%
AP
ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD
$300
$3.50
MP
MP
$300
$400
$3.00 SINGLE-FAMILY HOMES 175 SINGLE-FAMILY HOMES $2.50 Average Price (AP) vs. Median
200
AP MP
$400
$700 $600
200
Price In Millions Price In Millions
$700 $300 $600 $200 $500 $100
$500
$300
AP
$900 $500 $800 $400
$800
Price In Thousands
$600
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
$900
AP
AP
$800 VILLAS 175 & COTTAGES VILLAS & COTTAGES
0
$400
53%
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$900
Average Price (AP) vs. Median $700 Average Price (AP) vs. Median Price (MP) vs. Units Sold 150 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
2018
2021
2022
0
2022 2020
2021 2019
2020 2018
0
25
2019
2018
100
UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD
2022
2021
2020
2019 2022
50
10%
$900
$700 $1.0M $600 $900 $500 $800 $400 $700 $300 $600
MP
200
0
2020 2018 2021
2019
2018
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
10%
$1.0M AP
0 0
500 TOTAL UNITS SOLD TOTAL UNITS SOLD 400
Price In Thousands Price In Thousands
0
Q3 2022 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
$1.25
79%
< $1M = 11 $1 - 2M = 2
> $2M = 1
Kiawah Island Property Report |
January - September 2022 Results
KIAWAH ISLAND REAL ESTATE (KIRE) SALES DATA President Dan Whalen's Note:
KIAWAH ISLAND
The gravy train has left the station! Inflation, rising mortgage rates, and a volatile stock market are all factors affecting the residential real estate market nationwide. While Kiawah is certainly not immune to those factors, it does not seem to be impacting our market as significantly as it is in primary markets. We are back to a normal, pre-pandemic, sales pace. While the number of transactions
REAL ESTATE'S (KIRE) HISTORY OF CLOSING ACTIVITY THRU Q3
has slowed, our sales prices remain very strong. The number one reason for our high values is our very limited supply and I expect that to be the case for the foreseeable
YEAR
PROPERTIES
DOLLAR VOLUME
2 02 2
21 8
$434M
2 021
372
$ 5 49M
2 02 0
255
$343M
2 019
13 5
$142 M
future. Our average and median sales prices are up across all of our property types, despite current economic challenges.. Kiawah Island Real Estate brought in buyers who were responsible for 69% of all transactions through the first three quarters and 71% of the sales volume. Our focus continues to be to introduce new families to Kiawah and to replenish inventory while maintaining strong property values.
CLOSED TRANSACTIONS BY SELLING AGENCY THROUGH THIRD QUARTER 2022 * Property Type
KIRE
AE
PHX
CAR
ADDL O/S
TOTAL
2 01 8
137
$1 8 0 M
HOMES
93
12
10
1
13
129
2 017
14 8
$174 M
< $1.5M
12
1
1
0
2
16
$1.5M-$2.5M
21
8
3
0
10
42
2 016
16 0
$19 9M
> $2.5M
60
3
6
1
1
71
HOMESITES
76
2
1
0
6
85
2 01 5
1 57
$2 29M
< $1M
62
2
1
0
5
70
$1M - $2M
9
0
0
0
0
9
2 014
13 6
$16 6M
> $2M
5
0
0
0
1
6
2 013
155
$170 M
2 01 2
149
$176M
2 011
114
$131 M
2 01 0
13 0
$190 M
20 0 9
100
$1 21 M
VILLAS & COTTAGES*
49
20
7
1
18
95
1 Bedroom
16
5
0
0
4
25
2 Bedroom
14
7
3
1
8
33
3 Bedroom
16
7
4
0
6
33
4 Bedroom
3
1
0
0
0
4
Total Closed Transactions
218
34
18
2
37
309
*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.