Kiawah Island Property Report
First Quarter Sales Results on Kiawah
OBSERVATIONS:
• The first quarter of 2023 was the 3rd best opening quarter in Kiawah Island history – 68 Island properties were sold and closed for $141M. While total transactions were down 40% year-over-year (YOY), sales volume was only down 23% due to increased average and median prices across almost all property types – most notably homesites.
• Listed Island-wide inventory remains low at 2.5% but continues to rise incrementally, and has more than doubled (58 in Q1 2022 vs. 121 in Q1 2023) from the record low of 1.1% at the end of Q1 2022.
• Prices have increased dramatically for homesites this year. The homesite median price at the close of the first quarter was $993K, representing a 74% YOY increase, and the homesite average price was $1.3M, an increase of 79% YOY. This significant increase is due to several big view homesites having closed this year.
• Single-family homes priced over $2M represented 61% of all home sales in Q1 2023, and 5 homes for over $5M were sold. Both the average and median prices of single-family homes continue to climb, increasing 7% YOY and 13% YOY, respectively.
total properties closed 68
dollar volume
home median
median price
& cottage median price $650K
Q1 2023 AT A GLANCE
(-40% from Q1 2022) total
$141M (-23% from Q1 2022) single-family
price $3.0M (+13% from Q1 2022) homesite
$993K (+74% from Q1 2022) villa
(-2% from Q1 2022)
A KIAWAH ISLAND REAL ESTATE PUBLICATION 2023 First Quarter Results | kiawahisland.com | 843.396.1522
total Island-wide dollar volume in millions (end of Q1 each year) 2023 $141M 2022 $182M 2021 $205M 2020 $74M 2019 $52M 2018 $66M 2017 $61M 2016 $49M 2015 $52M 2014 $41M 2013 $38M
HISTORICAL ISLAND-WIDE Q1 CLOSING ACTIVITY 2021 2022 2023 2010 $0 $25M $50M $75M $100M $125M $150M $175M $200M VOLUME IN MILLIONS Number of Transactions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $51.6 $41.7 $52.2 $65.6 25 0 50 75 100 125 150 175 200 $28.7 $48.8 $41.3 $60.6 $40.9 $37.8 $74.4 $182.0 $140.6 $205.1 Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. = = = = = = = = = = =
FIRST QUARTER KIAWAH ISLAND CLOSINGS SNAPSHOT
All dollar figures have been rounded to the nearest hundred.
FACTS & FIGURES
Kiawah Island Property Report | 2023 First Quarter Results 2022 % OF CHANGE Properties Closed Volume Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price ALL TRANSACTIONS HOMES VILLAS AND COTTAGES HOMESITES 113 $182,003,600 42 $130,837,500 $2,650,000 $3,115,200 34 $24,860,800 $665,600 $731,200 37 $26,305,300 $570,000 $711,000 2023 68 $140,600,300 31 $103,663,000 $2,995,000 $3,344,000 23 $19,113,300 $650,000 $831,000 14 $17,824,000 $992,500 $1,273,100
-40% -23% -26% -21% +13% +7% -32% -23% -2% +14% -62% -32% +74% +79%
INVENTORY
1.9% = 32 1.7% = 46 8.2% = 43 *Excluding Timbers JUST 2.5% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE 3 32n H O M E S I T ES SINGLEFAM I L Y H O M E S 26%* (32) 36% (43) 38% (46) 121 ACTIVE LISTINGS AT END OF Q1 2023 VIL L A S & C O T TAGES 3 1 5 n 3 1 2 8 5 1n 35% (1,714) 54% (2,657) 4895 TOTAL UNITS ON KIAWAH ISLAND 8.2% 1.7% 1.9% 11% (524) SI N G L EF A M I L Y SEMOH LLIV A S & C O T T A G E S HOM E S I T E S
Q1 2023 ISLAND-WIDE
FOR- SALE ISLAND - WIDE INVENTORY COMPARISON
Kiawah Island Property Report | 2023 First Quarter Results 2 Bedroom = 7 $2M - $5M = 14 < $2M = 12 3 Bedroom = 5 > $5M = 5 1 Bedroom = 7 ISLAND-WIDE Q1 2023 SALES Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP 2019 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 10 0 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 SINGLEFAMILY HOMES SOLD AP MP 2019 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 100 125 150 200 Q1 2023 TRANSACTION TRENDS ON KIAWAH ISLAND Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLEFAMILY HOMES SOLD AP MP $300 $400 $500 $600 $700 $800 20 30 40 50 60 70 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 25 0 50 75 100 125 150 175 200 Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP 2019 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 10 0 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 SINGLEFAMILY HOMES SOLD AP MP 2019 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 10 0 20 30 40 50 60 70 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 25 0 50 75 100 125 150 175 200 Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 10 0 20 30 40 50 60 70 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 20 30 40 50 60 70 80 90 100 110 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLEFAMILY HOMES SOLD AP MP $300 $400 $500 $600 $700 $800 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 200 Rounded to the nearest million.
End of Q1 2017 - 2023 $750M $499M $79M $172M $738M $503M $80M $155M $656M $461M $66M $129M $637M $452M $62M $124M 543 217 132 194 520 205 128 187 469 201 105 163 444 198 92 154 TOTAL $ HOMES VILLAS & COTTAGES HOMESITES TOTAL # HOMES VILLAS & COTTAGES HOMESITES 2017 2018 2019 2020 $1 - $2M = 5 < $1M = 7 > $2M = 2 2021 2022 2023 $308M $205M $11M $92M $192M $114M $6M $72M $373M $216M $52M $105M 136 45 13 78 58 27 4 27 121 46 32 43 5 3 HOMESITES SOLD = 14 14% 36% 50% 32 3 VILLAS & COTTAGES SOLD = 19 37% 37% 26% 41 3 n HOMES SOLD = 31 39% 45% 16%
Through
KIAWAH ISLAND REAL ESTATE SALES DATA
President Dan Whalen's Note:
Prices are still increasing on Kiawah but at a much slower rate. While we saw this quarter’s total transactions (68) return to the same level as Q1 2020 (63), total sales volume was 89% higher ($74.4M in Q1 2020 vs. $140.6M in Q1 2023). As anticipated, property values remain strong as inventory remains low.
In the first quarter, Kiawah Island Real Estate (KIRE) was responsible for 79% of the total dollar volume and 77% of total transactions Island-wide. All but one homesite was sold by KIRE.
The Island continues to see a gradual inventory replenishment, yet it remains low and buyer interest is still at an all-time high. Of the 121 properties available for sale at the end of the quarter, 83% are listed through KIRE. Our firm remains exclusively focused on Kiawah Island sales as we have almost 50 years of experience cultivating strong, personal relationships with our property owners.
We invite you to explore our latest listings online (28 added in March). And, if you are considering selling your home or homesite, please give us a call.
Q1 2023 CLOSED TRANSACTIONS BY SELLING AGENCY
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. 1 Kiawah Island Parkway Kiawah Island, SC 29455 | kiawahisland.com | 843.396.1522 Please email RealEstateInfo@Kiawah.com with any questions or to request clarification. Kiawah Island Property Report | 2023 First Quarter Results
KIAWAH ISLAND REAL ESTATE'S HISTORY OF Q1 CLOSING ACTIVITY YEAR PROPERTIES DOLLAR VOLUME 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 49 79 118 35 27 39 42 33 31 29 33 35 25 23 $111M $127M $152M $49M $28M $56M $48M $41M $45M $29M $31M $30M $34M $22M
KIRE Property Type HOMES < $2M $2M - $5M > $5M Total Closed Transactions HOMESITES < $1M $1M - $2M > $2M VILLAS & COTTAGES * 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom+ 23 8 11 4 13 5 3 5 0 1 0 1 0 0 1 1 0 0 0 1 0 1 0 0 3 1 2 0 0 49 4 13 6 5 2 2 1 1 0 3 1 7 64 0 0 0 0 3 1 2 0 0 0 0 0 0 0 0 0 3 2 0 1 31 12 14 5 0 0 0 0 1 1 0 0 14 7 5 2 19 7 7 5 0 PHX CAR ADDL O/S TOTAL AE *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
