Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
2022 First Quarter Results
|
E S T A T E
kiawahisland.com
P U B L I C A T I O N
|
843.396.1522
First Quarter Sales Results on Kiawah properties sold
113
volume in millions 2022
=
2021
= $205M
2020
=
$74M
2 0 19
=
$52M
2018
=
$67M
2017
=
$75 M
2 0 16
=
$49M
2015
=
$52M
average sales price villa & cottage
2 0 14
=
$4 1M
2 0 13
=
$38M
(+14% from Q1 2021)
2012
=
$4 1M
$182M
(-11% from Q1 2021)
average sales price single-family home
$3.1M
AT
(+40% from Q1 2021)
2 0 2 2
•
(end of Q1 each year)
dollar volume
A
G L A N C E
(-36% from Q1 2021)
Q 1
O B S E R V AT I O N S :
total Island-wide dollar
average sales price homesite
$711K
(+30% from Q1 2021)
$731K
HI STOR I C AL
$182M
•
•
•
I SL AN D -W I DE
The 1st quarter of 2022 was the 2nd best opening quarter in Kiawah Island history. 113 Island properties were sold and closed for $182M. While volume was off 11% from last year's record-breaking 1st quarter, it was 146% higher than pre-COVID levels from Q1 2020 and 250% higher than Q1 2019. Record low inventory continues. At the end of Q1 2022, only 1.1% of Kiawah Island's inventory was available for purchase. The lowest that Kiawah has ever seen and not nearly enough inventory to match demand. We saw a 22% increase in sales of homes priced above $2.5M and a 75% decrease in homes priced below $1M. At the close of the quarter, there were zero homes available priced under $1M. The number of available single-family homes dropped 40% YOY and 86% versus Q1 2020. We are seeing prices increase dramatically due to limited supply. The average price for a single family home was $3.1M which represents a 40% increase over last year and the average price per square foot was $813, an increase of 36%.
Q1
CLOS I N G
AC T I V I T Y
175
$200M
177
150
$175M
125
$150M 113
100 75 50 25 0
37
2008
26 2009
31
35
2010
2011
47
2012
42
46
2013
2014
42
44
2015
2016
$100M
63
63 51
$75M
50
$50M 2017
2018
2019
2020
2021
2022
KIAWAH ISLAND AVERAGE SINGLE-FAMILY HOME PRICES Average Price Average Price Per Square Foot
$1.37M $1.36M $1.64M $1.93M $2.03M $1.65M $1.89M $1.39M $2.02M $2.21M $3.12M $381
$419
$420
$523
$125M
$538
$416
$453
$475
$550
$591
$813
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.
$25M
Kiawah Island Property Report |
2022 First Quarter Results
FIRST QUARTER KIAWAH ISLAND SALES SNAPSHOT 2021
2022
% OF CHANGE
Properties Closed Volume
177 $205,133,200
113 $182,003,600
-36% -11%
HOMES
Properties Closed Volume Median Price Average Price
61 $134,940,400 $2,000,000 $2,212,100
42 $130,837,500 $2,650,000 $3,115,200
-31% -3% +33% +41%
VILLAS AND COTTAGES*
Properties Closed Volume Median Price Average Price
73 $46,744,500 $569,000 $640,300
34 $24,860,800 $665,600 $731,200
-53% -47% +17% +14%
Properties Closed Volume Median Price Average Price
43 $23,448,300 $350,000 $545,300
37 $26,305,300 $570,000 $711,000
-14% +12% +63% +30%
ALL TRANSACTIONS
HOMESITES
All dollar figures have been rounded to the nearest hundred.
Q 1
2 0 2 2
I S L A N D -W I D E
I N V E N T O R Y
F A C T S
&
F I G U R E S
JUST 1.1% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE
1% =27 0.2% = 4
3.7%
3.7% = 27 S
H
S
16% (735)
S IN
N
T TA G E S &
CO
AS L
L
V&C 1%
HS O
S
VI
DE
51% (2,563)
S
ME
7%* (4)
33% (1,734)
5032 TOTAL UNITS ON KIAWAH ISLAND
E
46.5% (27)
FGALMEI-LFYA M H SEI -N IOLM GL YE
A M I LY HO
58 ACTIVE LISTINGS AT END OF Q1 2022
E-F
U
M
TE
GL
VE
O
IN
46.5% (27)
0.2%
I ES
M
E
S
LOPED HO ME SI T
*Excluding Timbers
Kiawah Island Property Report |
2022 First Quarter Results
FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through End of Q1 2016 - 2022 2016
2017
2018
2019
2020
2021
2022
TOTAL $
$750M
$750M
$738M
$656M
$637M
$308M
$192M
HOMES
$465M
$499M
$503M
$461M
$448M
$205M
$114M
VILLAS & COTTAGES
$99M
$79M
$80M
$66M
$65M
$11M
$6M
HOMESITES
$186M
$172M
$155M
$129M
$124M
$92M
$72M
TOTAL #
569
543
520
469
444
136
58
HOMES
208
217
205
201
192
45
27
VILLAS & COTTAGES
161
132
128
105
98
13
4
HOMESITES
200
194
187
163
154
78
27
*Excluding Timbers
TOTAL UNITS SOLD TOTAL UNITS SOLD 200
5
175
HOMESITES SOLD 2020 UNDEVELOPED 2020 UNDEVELOPED HOMESITES SOLD
2022
2021
2021
2022
2020
2020
2019 2022 2019 2022
2018 2021 2018 2021
2018
2019
$1.75 $1.50
2022
2021
2020
2019 2022
2018 2021
40 30
GLE-FAMILY HOMES SOLD HOMES SOLD 2020 SINGLE-FAMILY
2019
$300
40 30
2018
$500 $800 $400 $700 $300 $600 $200 $500 $100 $400
GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY
2022
VILLAS & COTTAGES SOLD = 34
39% 1 Bedroom = 12 2 Bedroom = 9 3 Bedroom = 13 5.5%
MP
2021
0
AP MP
2020
$400
$3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $3.50 $2.00 $3.25 $1.75 $3.00 $1.50 $2.75 $1.25 $2.50 $1.00 $2.25 0 $2.00
Price In Millions Price In Millions
2019 2022
$800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600
0
110 $3.50 100 $3.25 SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES 90 $3.00 Price (AP) vs. Median Average 80 Price (AP)Average vs. Median $2.75 Price (MP) vs. UnitsPrice Sold(MP) vs. Units Sold 70 $2.50 60 $2.25 110 $3.50 50 $2.00 100 $3.25 40 $1.75 90 $3.00 30 $1.50 80 $2.75 20 $1.25 70 $2.50 10 $1.00 60 $2.25 0 0 50 $2.00 MP
2018 2021
$1.0M
$200
AP MP
2019
35%
$200
AP
$600
110 100 90 80 70 60 110 50 100 40 90 30 80 20 70 10 60 0 50
Price In Millions Price In Millions
MP
2018
$400
AP
AP MP
MP
$300
$700
Price In Thousands Price In Thousands
LLAS & COTTAGES 2020 VILLASSOLD & COTTAGES SOLD
$800 AP
AP MP
Price In Thousands Price In Thousands
20
$500 $800 $400 $700 $300 $600 $200 $500 $100 $400
0
$800 $1.4M $600 $1.2M $400 $1.0M $200 $800 0 $600
26%
$1.2M
Price (AP) vs. Median Average Price (AP)Average vs. Median Price (MP) vs. UnitsPrice Sold (MP) vs. Units Sold
$800 AP
LLAS & COTTAGES VILLASSOLD & COTTAGES SOLD
Price (AP) vs. Median Average Price (AP)Average vs. Median Price (MP) vs. UnitsPrice Sold (MP) vs. Units Sold
VILLAS & COTTAGES VILLAS 60& COTTAGES $700
HOMESITES $1.2M
HOMES SINGLE-FAMILYSINGLE-FAMILY HOMES
VILLAS & COTTAGES VILLAS & COTTAGES
Price (AP) vs. Median Average Price (AP)Average vs. Median Sold Price (MP) Sold(MP) vs. Units 50 vs. UnitsPrice $600
20
2019
2022
2021
2020
2019 2022
2018 2021
0
2020
0
40 70 30 60 20 50 10 40 0 30
10 2018
20
UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD
2022
2021
2020
2019 2022
2018 2021
2019
40 70 30 60 20 50 10 40 0 30
10
2019
2018
50
HOMESITES 60
Price (AP) vs. Median Average Price (AP)Average vs. Median Sold Price (MP) Sold(MP) vs. Units 50 vs. UnitsPrice $1.0M
MP
2018
60
$1.4M
$1.4M
MP
TOTAL UNITS SOLD 2020 TOTAL UNITS SOLD
70
25
40 70 30 60 20 50 10 40 0 30
> $2.5M = 22
AP MP
125 200 100 175 75 150 50 125 25 100 0 75
70
$1 - 2.5M = 15
Q1 2022 TRANSACTION TRENDS ON KIAWAH ISLAND 70
TOTAL UNITS SOLD 150UNITS SOLD TOTAL
50
< $1M = 5
Price In Thousands Price In Thousands
0
52%
AP
5
HOMES SOLD = 42
Price (AP) vs. Median Average Price (AP)Average vs. Median Price (MP) vs. UnitsPrice Sold (MP) vs. Units Sold
AP MP
0
36%
HOMESITES
Price In Thousands Price In Thousands
5 0 0 5
12%
AP
0
TOTAL UNITS SOLD TOTAL UNITS SOLD
0
HOMESITES
ISLAND-WIDE Q1 2022 SALES
$1.75 $1.50
HOMESITES SOLD = 37
89%
< $1M = 33 $1 - 2M = 2
> $2M = 2
5.5%
Kiawah Island Property Report |
2022 First Quarter Results
KIAWAH ISLAND REAL ESTATE (KIRE) SALES DATA
KIAWAH ISLAND
President Dan Whalen's Note:
REAL ESTATE'S (KIRE)
It finally happened. After two years of consistent record-breaking sales Kiawah Island sales finally slowed…slightly. They have slowed because there is not enough inventory to match the number of eager buyers. If there were, I am certain record-breaking sales would continue. Because of this lack of inventory, prices are climbing on Kiawah. As you read in the report, current inventory has reached a record low. Of the total 58 properties available for sale, 49 are listed through our sales experts here at Kiawah Island Real Estate (KIRE). And of the 27 homes available, all but three are listed with KIRE. Of the 113 properties sold this quarter, 70% were sold by our team. Our sales executives at KIRE are acutely in tune with not just what is currently available, but with what is about to hit the market or MAY hit the market. And because of our unique, personal relationships with our property owners, we have been able to procure sales of properties not even listed, benefitting all parties involved. If you are even remotely considering selling your home or homesite, PLEASE give us a call.
Q1 2022 CLOSED TRANSACTIONS BY SELLING AGENCY Property Type HOMES
KIRE
AE
PHX
CAR
NV
ADDL O/S
TOTAL
29
3
4
0
1
5
42
< $1.5M
2
1
1
0
0
1
5
$1.5M-$2.5M
8
2
1
0
1
3
15
> $2.5M
19
0
2
0
0
1
22
HOMESITES
33
1
1
0
0
2
37
< $1M
29
1
1
0
0
2
33
$1M - $2M
2
0
0
0
0
0
2
> $2M
2
0
0
0
0
0
2
V&C *
17
5
1
0
0
9
32
1 Bedroom
7
3
0
0
0
2
12
2 Bedroom
6
0
0
0
0
3
9
4 Bedroom
4
2
1
0
0
4
11
0
0
0
0
0
0
0
Transactions
79
9
6
0
1
16
111
3 Bedroom
*V&C (Villas & Cottages) Excludes Timbers Kiawah Sales KIRE: Kiawah Island Real Estate, AE: Akers Ellis, PHX: Pam Harrington Exclusives, CAR: Carolina One, NV: NV Realty, ADDL O/S: Additional Outside Sales
HISTORY OF Q1 CLOSING ACTIVITY YEAR
PROPERTIES
DOLLAR VOLUME
2 02 2
79
$1 2 7M
2 021
11 8
$1 52 M
2 02 0
35
$ 49M
2 019
27
$29M
2 01 8
40
$ 57M
2 017
44
$ 62 M
2 016
33
$ 41 M
2 01 5
31
$45M
2 014
29
$29M
2 013
33
$ 31 M
2 01 2
35
$30M
2 011
25
$34M
2 01 0
23
$2 2 M
20 0 9
20
$ 32 M
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. Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.