Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
January - September 2023 Results
|
E S T A T E
P U B L I C A T I O N
kiawahisland.com
|
843.396.1522
FIR ST THREE QUAR TER S AT A GL ANCE
Island-wide Sales Results Through Q3 2023 total properties closed
264
K E Y
total Island-wide inventory* (end of Q3 each year)
total dollar volume
$571M
(-6% from Q3 2022)
single-family home median price
$3.1M
(+11% from Q3 2022)
2023
=
123
2022
=
102
2021
=
84
2020
=
260
2 019
=
449
2 01 8
=
homesite median price
489
2 017
=
5 37
$815K
2 016
=
538
(+25% from Q3 2022)
2 01 5
=
533
villa & cottage median price
2 014
=
535
$698K
2 013
=
549
(-10% from Q3 2022)
O B S E R V AT I O N S :
•
Kiawah Island experienced a strong Q3 to end the first three quarters of 2023 with 264 Island-wide properties sold for $571M. Although this represents a 17% decrease in transactions year-over-year (YOY), sales volume was only down 6%. Unlike the first two quarters of 2023, Q3 2023 had YOY increases in transactions and sales volume.
•
Due to the limited number of available homesites, average prices have increased 43% and median prices have increased 25%. Homesites sold over $1M jumped from representing 18% of total homesite sales in 2022 through Q3 to 38% of total homesite sales in 2023 through Q3. There have been 11 homesites priced over $2M sold this year (compared to 6 in 2022).
•
Inventory on the Island has grown slightly with 123 total properties available at the end of Q3 2023 compared to 102 in Q3 2022. Single-family homes lead inventory with 45% of the share and have a median price of $3.1M–an increase of 11% YOY.
•
The number of single-family homes sold over $5M has grown, representing 26% of the total homes sold in Q3. Homes priced between $2M and $5M continue to lead home sales with 55% of all homes sold in Q3.
*Excluding Timbers
HISTORICAL ISL AND-WI DE CLOSING ACTIVIT Y JANUARY 1ST - SEPTEM BER 30TH
$742
$500M $400M $300M $200M $100M
600 $608
$571
$475
$279
$225 $160 2010
2011
$202
$218
$211
2012
2013
2014
2015
$233
$235
$255
2016
2017
2018
$220
2019
2020
2021
2022
2023
Data accumulated from property waivers submitted to Kiawah Partners & supplemented by other reliable sources including Charleston County property tax records.
Number of Transactions
$600M
VOLUME IN MILLIONS
$700M
500 400 300 200 100 0
Kiawah Island Property Report | January - September 2023 Results THROUGH Q3 2023 KIAWAH ISLAND CLOSINGS SNAPSHOT 2022
ALL TRANSACTIONS
318
264
-17%
$570,625,000
-6%
104
101
-3%
Properties Closed
$99,403,000
$86,675,000
-13%
Median Price
$777,000
$698,000
-10%
Average Price
$956,000
$858,000
-10%
-16%
Volume
VILLAS AND COTTAGES
129
108
Volume
$433,285,000
$414,587,000
-4%
Median Price
$2,800,000
$3,100,000
+11%
Average Price
$3,359,000
$3,839,000
+14%
-35%
Properties Closed
HOMES
85
55
Volume
$75,207,000
$69,364,000
-8%
Median Price
$650,000
$815,000
+25%
Average Price
$885,000
$1,261,000
+43%
Properties Closed
HOMESITES
% OF CHANGE
$607,895,000
Properties Closed Volume
2023
All dollar figures have been rounded to the nearest thousand. Excludes Bulk Sales.
FIRST THREE QUARTERS 2023 ISLAND-WIDE INVENTORY*
S
& S A
HO
H
T TA G E S CO
E
M
AGE
54% (2,657)
*Excluding Timbers
2.1%
EHS O
5.3% = 28
35% (1,714)
4,895 TOTAL UNITS ON KIAWAH ISLAND
MHI O L YM
TT
S
S
O
A M I LY H O M E
A
C
2.3% = 40
11% (524)
E -I LF Y A F AL M N- G
-F
LL
&
2.1% = 55
M
L IE GS
LE
VI
32%* (40)
45% (55)
O
IN
G
123 ACTIVE LISTINGS AT END OF Q3 2023
2.3%
LL
N
23% (28)
JUST 2.5% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE
S
VI
I
TE
S
S
I ES
E
ES
M
S
IT
S
23+4532n
5.3%
Kiawah Island Property Report | January - September 2023 Results FOR-SALE ISLAND-WIDE INVENTORY COMPARISON
TOTAL $
2017
2018
2019
2020
2021
2022
2023
$753M
$700M
$649M
$438M
$202M
$309M
$378M
HOMES
$507M
$491M
$471M
$322M
$110M
$237M
$236M
VILLAS & COTTAGES
$79M
$61M
$57M
$38M
$44M
$23M
$62M
HOMESITES
$167M
$148M
$120M
$79M
$51M
$48M
$80M
TOTAL #
537
489
449
260
84
102
123
HOMES
209
205
206
107
29
51
55
VILLAS & COTTAGES
130
105
92
49
16
15
40
HOMESITES
198
179
151
104
39
36
28
19%
26%
HOMES SOLD = 31
55%
< $2M = 6
$2M - $5M = 17
> $5M = 8
*Excluding Timbers. Chart includes figures as of September 30th each year. Rounded to the nearest million.
HOMESITES HOMESITES
TOTAL UNITSTOTAL SOLD UNITS SOLD
2023
2022
2021
2020 2023
2019 2022
2023
2022
2023 2021
2022 2020
2021
2019
2020
2023
2022
2021
2020 2023
2021 2019 2022
2020
LE-FAMILY HOMES SOLD SINGLE-FAMILY HOMES SOLD
2023
2022
2021
2020 2023
2019 2022
2021
2020
2019
GLE-FAMILY HOMES SOLD HOMES SOLD SINGLE-FAMILY
LLAS & COTTAGES SOLD VILLAS & COTTAGES SOLD
MP
$300
MP
$400
$3.75 $3.50 $3.00 $2.50 $2.25 $3.75 $2.00 $3.50 $1.75 $3.00 $1.50 $2.50 $1.25 $2.25 $1.00 $2.00 0 $1.75 $1.50 $1.25
17%
HOMESITES SOLD = 18
Price In Millions
$100 $500
3 Bedroom = 17 4 Bedroom = 4
11%
MPPrice In Millions
$200 $600
1 Bedroom = 13 2 Bedroom = 12
$300
AP
$300 $700
AP MP
MP
$300
$400 $800
VILLAS & COTTAGES SOLD = 46
26%
$400
$300
275 $3.75 250 $3.50 SINGLE-FAMILY HOMES 225 $3.00 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Average Price (AP) vs. Median 200 $2.50 Price (MP) vs. Units Sold Price (MP) vs. Units Sold 175 $2.25 $3.75 275 150 $2.00 $3.50 250 125 $1.75 $3.00 225 100 $1.50 $2.50 200 75 $1.25 $2.25 175 50 $1.00 $2.00 150 25 0 $1.75 125 $1.50 100 $1.25 75
37%
$500
$400
Price In Millions Price In Millions
$400
Price In Thousands
$500 $100
$500 $900
Price In Thousands MP AP MP
AP MP
Price In Thousands Price In Thousands
75
$700 $300 $600 $200
$700 $600
275 250 225 200 175 275 150 250 125 225 100 200 75 175 50 150 25 125 100 75
$900
$600
AP
$800
$900 $500 $800 $400
$500
AP
$800 VILLAS 175 & COTTAGES VILLAS & COTTAGES
AP
$900
125 200 100 175 75 150 50 125 25 100
0
$600
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$900
AP
ILLAS & COTTAGES VILLAS SOLD & COTTAGES SOLD
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$600
25
$400 $800 $300 $700
SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES
VILLAS & COTTAGES VILLAS & COTTAGES
Average Price (AP) vs. Median $700 Average Price (AP) vs. Median Price (MP) vs. Units Sold 150 Price (MP) vs. Units Sold
50
2021 2019
2023
2022
2023 2021
0
200
UNDEVELOPED HOMESITES SOLD UNDEVELOPED HOMESITES SOLD
25 2021 2019 2022 2020
0
2020
2019
100
75
2020
50
2019
2023
2022
2021
2020 2023
2019 2022
2021
2020
75
2019
0
25 125 0 100
$1.0M
$800 $1.2M $700 $1.1M $600 $1.0M $500 $900 $400 $800 $300 $700
MP
200
UNDEVELOPEDUNDEVELOPED HOMESITES SOLD HOMESITES SOLD
TOTAL UNITS SOLD TOTAL UNITS SOLD
2019
TOTAL UNITS SOLD TOTAL UNITS SOLD
300 0
$600 $1.0M $500 $900
Price In Thousands Price In Thousands
400 100
MP
0
75 175 50 150
$800 $1.2M $700 $1.1M
MP
0 0
500 200
125 225 100 200 75 175 50 150 25 125 0 100
$1.1M
AP
0 0
125 225 100 200
600 300
$1.1M
HOMESITES
$1.0M 175 Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold $900 150 Price (MP) vs. Units Sold
AP MP
0 0
150
200 HOMESITES
28%
$1.2M
AP
0 0
175
Price In Thousands Price In Thousands
0
200
500 TOTAL UNITS SOLD TOTAL UNITS SOLD 400
9%
$1.2M
Through Third225 Quarter 225
AP
00
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
TRANSACTION TRENDS ON KIAWAH ISLAND
600
00
19+55+26n 28+26379n 72+1711n ISLAND-WIDE Q3 2023 SALES
Through Third Quarter 2017 - 2023*
72%
< $1M = 13
$1M - $2M = 3
> $2M = 2
Excludes Bulk Sales.
Kiawah Island Property Report | January - September 2023 Results KIAWAH ISLAND REAL ESTATE SALES DATA
KIAWAH ISLAND
President Dan Whalen's Note: Even though forecasts called for a downward trend in real estate sales for Q3, that was not the case for Kiawah Island. While the average single-family home price continues to rise, so does the number of days it’s taking for a property to sell. Now, more than ever, it’s critical to price homes to today’s market. Kiawah Island Real Estate (KIRE) has closed 188 properties for $468M through Q3 2023, representing 71% of all transactions Island-wide and 82% of the total dollar volume. This represents the second highest dollar volume in company history, following 2021’s high of $549M. Fall is the perfect time to visit with us to talk about what life on Kiawah could mean to you and your family. If you are interested in learning more, please don’t hesitate to reach out to us.
CLOSED TRANSACTIONS BY SELLING AGENCY Through Third Quarter 2023* Property Type
KIRE
AE
PHX
CAR
ADDL O/S
TOTAL
HOMES
82
11
5
2
7
107
< $2M
16
5
1
1
4
27
$2M - $5M
46
6
4
1
2
59
> $5M
20
0
0
0
1
21
HOMESITES
51
0
1
0
3
55
< $1M
32
0
0
0
2
34
$1M - $2M
8
0
1
0
1
10
> $2M
11
0
0
0
0
11
VILLAS & COTTAGES*
51
10
6
2
11
80
1 Bedroom
18
2
4
0
4
28
2 Bedroom
16
4
1
2
4
27
3 Bedroom
15
4
1
0
3
23
4 Bedroom
2
0
0
0
0
2
Total Closed Transactions
184
21
12
4
21
242
*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
REAL ESTATE'S HISTORY OF CLOSING ACTIVITY THROUGH Q3 YEAR
PROPERTIES
DOLLAR VOLUME
2 023
188
$468M
2 02 2
21 8
$434M
2 021
372
$ 5 49M
2 02 0
255
$ 3 42 M
2 019
13 5
$142 M
2 01 8
137
$1 8 0 M
2 017
147
$173 M
2 016
16 0
$198 M
2 01 5
1 57
$2 29M
2 014
13 6
$16 4 M
2 013
155
$170 M
2 01 2
149
$176M
2 011
114
$131 M
2 01 0
13 0
$190 M
1 Kiawah Island Parkway • Kiawah Island, SC 29455 | k i a w a h i s l a n d . c o m | 8 4 3 . 396 . 1 5 2 2 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.