First Quarter Sales Results on Kiawah
total properties closed 72
(+6% from Q1 2023)
total dollar volume
$124M
(-12% from Q1 2023)
single-family home median price
$2.8M
(-6% from Q1 2023)
homesite median price
$537K
(-46% from Q1 2023)
villa & cottage median price
$988K
(+52% from Q1 2023)
• Kiawah Island saw 72 closings in Q1 2024 for a total of $124M in sales volume, signifying a slight increase in the number of transactions but a decrease in total dollar volume by 12% year-over-year (YOY).
• Inventory remains low at 148 available properties out of 4,895 total units on Kiawah, continuing the slow increase in the amount of inventory on the Island seen since the record low of 58 available properties at the end of Q1 2022. Inventory of available villas & cottages has nearly doubled since the end of Q1 2023 and represents 37% of current listings, followed by single-family homes (36%) and homesites (27%).
• With the increased inventory of villas & cottages, we also saw a 52% YOY increase in median prices and an 87% YOY increase in volume.
• Island-wide homesites that sold for less than $1M represented 90% of all homesite sales in Q1 2024, up from 50% last year. As prices tend to trend up for homes and villas & cottages, there has been a 46% YOY decrease in the median homesite prices; this is due in large part to fewer high-end homesites being available for sale.
FIRST QUARTER 2024 KIAWAH ISLAND CLOSINGS SNAPSHOT
Kiawah Island Property Report
KIAWAH ISLAND REAL ESTATE SALES DATA
President Dan Whalen's Note:
Our team at Kiawah Island Real Estate (KIRE) kicked off 2024 by closing on 45 properties for $90 million, representing 73% of the total dollar volume for all sales on Kiawah.
The number of transactions closed this year is back to pre-pandemic levels, but the dollar volume has continued to increase exponentially. With the low inventory of 148 available properties and continued buyer demand, we expect prices across all property types to continue to remain elevated this year.
We are proud that 81% of single-family homes and 95% of all villas & cottages listed through KIRE sold in less than six months last year. If you are considering selling, please don’t hesitate to give us a call or stop by one of our three sales offices.
Q1 2024 CLOSED TRANSACTIONS BY SELLING AGENCY
*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