Kiawah Island Property Report A
K I A W A H
I S L A N D
2019 Results in Review
R E A L
|
E S T A T E
P U B L I C A T I O N
|
kiawahisland.com
8 0 0 . 2 7 7. 7 0 0 8
YEAR-END ISLAND-WIDE SALES RESULTS FOR 2019 properties sold
318
2 0 1 9
AT
A
G L A N C E
(-1% from 2018)
dollar volume
$300.4M (-20% from 2018)
total Island-wide dollar volume in millions 2 019
=
$300.4M
2 01 8
=
$376.0M
2 017
=
$3 2 1 . 1M
2 016
=
$312.2M
2 01 5
=
$362.3M
average sales price single-family home
2 014
=
$31 1 . 3 M
$1.5M
2 013
=
$318.8M
2 01 2
=
$293.7M
(-26% from 2018)
median sales price single-family home
$1.2M
(-20% from 2018)
2 011
=
$214.7M
2 01 0
=
$303.4M
2 0 09
=
$194.0M
2008
=
$301.7M
2 0 1 9
F A C T S
O B S E R V AT I O N S :
• Kiawah saw 318 sales transactions in 2019, virtually the same
number seen in 2018’s record year (320), which was the most transactions since 2007. Because 2018 was a banner year for sales transactions, essentially mirroring that in 2019 points to a strong market.
•
Aside from 2018, the number of transactions in 2019 is the most the Island has seen since 2007.
• Kiawah ended 2019 with $300 million in total Island-wide
closed sales volume, 20% less than 2018’s record number. This can be attributed to a 71% YOY drop in sales of houses priced above $2.5M, while the sale of homes priced between $1M and $2.5M grew YOY at 29%.
• The trend of decreasing ultra-high-end home sales has been
felt nationwide for some time now and was a consistent theme in each quarter of 2019 on the Island. Kiawah saw the fewest number of transactions above $2.5M since 2014. Similar markets like the Hamptons reported sales declines in seven of the eight price categories monitored, resulting in overall sales volume to drop by nearly 20%.*
*Source: Town and Country Real Estate
&
F I G U R E S
THIS PROPERT Y REPORT REPRESENTS ALL SALES ISL AND-WIDE.
LE-FAMIL
Y
H
*Excluding Timbers
SI
NG
36% (158)
V
IL
LA
C O T TA G E S S &
26
20% (86)
HOMESITES
44% (191)
435 * ACTIVE LISTINGS AT 2019 YEAR END
$4.9M
D
properties sold on Cassique
highest homesite sold
E
O
M
V
PE
292
DE
O
properties sold on Kiawah Island
E
S
L
KIAWAH ISLAND AND CASSIQUE SALES
UN
highest villa and cottage sold
$1.8M highest single-family home sold
$7.8M
Kiawah Island Property Report |
2019 Results in Review
KIAWAH ISLAND SALES SNAPSHOT 2018
2019
% OF CHANGE
Properties Closed Volume
320 $375,561,000
318 $300,435,000
-1% -20%
HOMES
Properties Closed Volume Median Price Average Price
126 $255,400,000 $1,538,000 $2,027,000
128 $191,369,000 $1,238,000 $1,495,000
+2% -25% -20% -26%
VILLAS AND COTTAGES
Properties Closed Volume Median Price Average Price
107 $59,903,000 $455,000 $560,000
Properties Closed Volume Median Price Average Price
52 $38,763,000 $385,000 $745,000
Properties Closed Volume Median Price Average Price
35 $21,495,000 $475,000 $614,000
HOMESITES
TIMBERS KIAWAH OCEAN CLUB & RESIDENCE
98 -8% $50,787,000 -15% TOTAL UNITS SOLD-1% $450,000 $518,000 -7% 320
54 310$33,089,000 $375,000 300 $613,000 290 38 280 $25,190,000 270 $510,000 $663,000 260
+2% -15% -3% -16%
TOTAL UNITS SOLD
ALL TRANSACTIONS
+9% +17% +7% +8%
2019
2018
TRANSACTION TRENDS ON KIAWAH
2017
2015
240
2016
Char t does not include bulk sales. All dollar figures have been rounded to the nearest thousand. 250
Homesites, Villas & Cottages, and Single-Family Homes (SFH)
LAS & COTTAGESVILLAS & COTTAGES
ge Price (AP) vs. Median Average Price (AP) vs. Median ce (MP) vs. Units Sold Price (MP) vs. Units Sold
90
$500
80
$400
70
$300
60 2019
SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$700 $600 $500
$550 $525 $500 $475 $450
$400
$425
$300
$400
2019
$600
$800
2018
100
$900
2017
$700
VILLAS & COTTAGES SOLD
110
2018
2016
2019 2015
$800
2017
UNDEVELOPED HOMESITES SOLD 2018
40
2017
2016
50 2015
2019
2018
2017
2016
2019 2015
40
2018
240
2017
2016
50
120
$575
$1.0M
MP
250
60
$900
MP
60
70
130
Price In Thousands
70
80
$1.0M
Price In Thousands
80
90
MP
260
90
100
Price In Thousands
270
TOTAL UNITS SOLD
100
110
AP
300
280
Average Price (AP) vs. Median Price (MP) vs. Units Sold
AP
110
AP
310
UNDEVELOPED HOMESITES SOLD
320
290
VILLAS & COTTAGES
HOMESITES
2016
HOMESITES
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
2015
OTAL UNITS SOLD TOTAL UNITS SOLD
Kiawah Island Property Report |
2019 Results in Review
NOTABLE SALES SOLD BY:
SOLD BY:
Kiawah Island Real Estate
Kiawah Island Real Estate
THIS HOME SOLD AFTER JUST 19 DAYS ON MARKET
PROPERTY SOLD AFTER JUST 23 DAYS ON MARKET
PRICE: $4,050,000
PRICE: $1,800,000
(92% of list price)
(96% of list price)
40 Atlantic Beach Court
6008 Green Dolphin Way
2019 SALES 9% 36% HOMES SOLD = 128 55%
HOMESITES
view: Lagoon
square feet: 2,740
bedrooms: 4
bathrooms: 4.1$500
bedrooms: 4
bathrooms: 4
2019 HIGHLIGHTS:
SINGLE-FAMILY HOMES
Average Price (AP) vs. Median Price (MP) vs. Units Sold
2019
2018
2017
90
$1.75 $1.50 $1.25 $1.00
2016
100
MP
110
$2.00
2015
120
SINGLE-FAMILY HOMES SOLD
130
$2.25
Price In Millions
140
$2.50 AP
150
VILLAS & COTTAGES SOLD = 98
$300
•
160
32% 37%
$400 2019
40
3%
$700
square feet: 3,452 $600
2018
50
$800
MP
60
> $2.5 = 10
view: Ocean
2017
70
2016
80
$1 - 2.5MM = 71
$900
Price In Thousands
90
AP
100
< $1MM = 47 $1.0M
2015
110
UNDEVELOPED HOMESITES SOLD
Average Price (AP) vs. Median Price (MP) vs. Units Sold
0
•
•
Sales of homes priced below $1M rose 27% YOY while homes priced between $1M and $2.5M rose 29%, causing average and median prices to drop. While the number of villas & cottages sold decreased, we continue to see a strong demand for 1-bedroom properties. Sales in that category increased 48% YOY. Because the price point for a 1-bedroom property tends to be less than that of multiple bedrooms, the increase in 1-bedroom sales explains largely the decrease in average sales price. After declining significantly in 2018, homesite sales activity remained virtually flat in 2019 with a slight uptick. Aligning with home sales trends, the sale of homesites above $2M dropped 40%, while homesites priced between $1M and $2M increased 33%.
28% 1 Bedroom = 31 2 Bedroom = 28 3 Bedroom = 36 4 Bedroom = 3
6%
7%
HOMESITES SOLD = 54
87%
< $1MM = 47 $1 - 2MM = 4
> $2MM = 3
Kiawah Island Property Report |
2019 Results in Review
PRESIDENT'S NOTE I couldn’t be more thrilled to be the new President of Kiawah Island Real Estate. I assumed this position on January 6 after many years in the luxury residential and commercial real estate space across the Carolinas. Being named President helps me realize a lifelong dream of leading one of the finest planned communities in the world. I look forward to working with each of you and I thank you for the warm welcome.
HISTORY OF KIAWAH ISLAND AND CASSIQUE
In this report, we are pleased to share a snapshot of our Kiawah Island Real Estate
ARB PERMITS
market. While many overall sales figures have decreased in relation to 2018, it’s important
FOR NEW HOMES
to note that 2018 was the best year of sales across the Island in a decade by a significant margin. A decrease would be expected after such a banner year. In those same numbers, however, you will see another remarkably active year on the Island, with 318 sales (the second most since 2007). That is nearly one sale every single day on our Island. In fact, in December alone KIRE had 6 homes ranging from $1.6M to $3.3M all with multiple offers.
Our expectations for 2020 are at an all-time high. Listed inventory is the lowest it has
YEAR
PERMITS
2 019
55
2 01 8
52
2 017
65
2 016
56
2 01 5
61
2 014
53
2 013
24
2 01 2
33
been since 2006, dropping 3% from last year which at the time held a record low. And in January alone, the Island saw 23 sales transactions.
We hope you will turn to us at KIRE with any questions about the state of our market. Regards,
Dan Whalen, President Kiawah Island Real Estate
For-Sale Kiawah Inventory Comparison Through Year End 2014 - 2019 2014
2015
2016
2017
2018
2019
TOTAL $
$634M
$661M
$650M
$726M
$635M
$633M
HOMES
$376M
$406M
$419M
$478M
$440M
$447M
VILLAS & COTTAGES
$83M
$88M
$76M
$71M
$55M
$55M
2 011
25
HOMESITES
$176M
$167M
$154M
$177M
$140M
$131M
2 01 0
33
TOTAL#
502
507
479
503
447
435
20 0 9
28
HOMES
169
174
182
193
188
191
VILLAS & COTTAGES
142
145
127
112
94
86
2008
47
HOMESITES
191
188
170
198
165
158
1 Kiawah Island Parkway • Kiawah Island, SC 29455 | KiawahIsland.com | 800.277.7008 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.