Q1 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

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


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