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


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.


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