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


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.