Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
|
2020 First Quarter Results
E S T A T E
P U B L I C A T I O N
|
kiawahisland.com
843.396.1522
The Island's Best First Quarter Since 2007
AT 2 0 2 0 Q 1
O B S E R V AT I O N S :
(end of Q1 each year)
total properties sold
2020
=
444
2 019
=
469
2 01 8
=
520
(from Q1 2019)
2 017
=
543
average single-family home sales price
2 016
=
569
2 01 5
=
551
(+45% from Q1 2019)
2 014
=
552
median single-family home sales price
2 013
=
551
2012
=
527
62 total dollar volume
+43%
A
G L A N C E
total Island-wide inventory
$2M
$1.67M
(+39% from Q1 2019)
Q 1
2 011
=
603
2 01 0
=
620
2 0 2 0
• The first quarter of 2020 was the strongest first quarter the
Island has seen in 13 years on a transactional and dollar volume basis.
• Volume was up nearly 13% over Q1 2018’s previous high and
a staggering 43% higher than Q1 2019. This was due in large part to a 250% increase in the number of homes sold over $2.5M year-over-year (YOY).
• Transactions on Kiawah were off to a racing start as Kiawah
Island Real Estate alone closed 19 deals for $28.7M through
the end of February 2020 compared to 10 deals for $11.7M during Q1 2019; an increase of 90% in units and 145% in volume.
• Each property category saw an equal or greater number of
transactions and volume YOY.
• For-sale inventory is at its lowest point in more than 13 years,
with 444 total Island-wide properties available for sale. This is approximately 10% of all Island inventory, the sign of a very healthy market.
F A C T S
&
F I G U R E S
THIS PROPERT Y REPORT REPRESENTS ALL SALES ISL AND-WIDE.
*Excluding Timbers
LY LE-FAMI
SI
NG
35% (154)
V
IL
LA
COT TAG E S S &
2
22% (98)
HOMESITES
43% (192)
444 * ACTIVE LISTINGS AT END OF Q1 2020
$4.9M
D
properties sold on Cassique
highest homesite sold
E
H
O
V
PE
60
E
DE
O
properties sold on Kiawah Island
M
S
L
KIAWAH ISLAND AND CASSIQUE SALES
UN
highest villa and cottage sold
$2M highest single-family home sold
$4.8M
Kiawah Island Property Report |
2020 First Quarter Results
KIAWAH ISLAND SALES SNAPSHOT 2019
2020
% OF CHANGE
Properties Closed Volume
50 $51,637,900
62 $73,879,600
+24% +43%
HOMES
Properties Closed Volume Median Price Average Price
24 $33,424,400 $1,199,500 $1,392,700
24 $48,490,500 $1,665,000 $2,020,400
0% +45% +39% +45%
VILLAS & COTTAGES
Properties Closed Volume Median Price Average Price
10 $4,248,500 $447,500 $424,900
Properties Closed Volume Median Price Average Price
8 $7,495,000 $475,000 $936,900
Properties Closed Volume Median Price Average Price
8 $6,470,000 $490,000 $808,800
HOMESITES
+60% 16 +104% $8,657,900 TOTAL UNITS SOLD-14% $385,000 +27% $541,100 60
45
PRIVATE RESIDENCE CLUB
+75% +54% -39% -12%
14 55 $11,551,200 $288,500 50 $825,100 TOTAL UNITS SOLD
ALL TRANSACTIONS
0% -20% +7% -20%
8 40 $5,180,000 35 $525,000 $647,500 30
Char t does not include bulk sales. All dollar figures have been rounded to the 25nearest hundred.
Q1-2020
Q1-2019
Q1-2018
Q1-2017
Q1 2020 TRANSACTION TRENDS ON KIAWAH
Q1-2016
20
Homesites, Villas & Cottages, and Single-Family Homes (SFH)
LAS & COTTAGES*VILLAS & COTTAGES*
Average Price (AP) vs. Median ge Price (AP) vs. Median ce (MP) vs. Units Sold Price (MP) vs. Units Sold
10
$200
5
0
0
$600 $400
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
$600 $500 $400 $300 $200
0
$100
*Excluding Private Residence Club.
SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES
$700
$200 Q1-2020
$400
$800
Q1-2019
15
$1.0M
Q1-2018
$600
$800
$1.2M
Q1-2016
20
VILLAS & COTTAGES SOLD
$800
Q1-2020
25
Q1-2019
Q1-2017
Q1-2020 Q1-2016
Q1-2019
Q1-2018
Q1-2017
0
$1.0M
Q1-2018
UNDEVELOPED LOTS SOLD
5 Q1-2016
Q1-2020
Q1-2019
Q1-2018
Q1-2017
Q1-2020 Q1-2016
0 Q1-2019
20 Q1-2018
Q1-2017
5
30
$1.4M
MP
25
10
$1.2M
MP
10
15
35
Price In Thousands
15
20
$1.4M
Price In Thousands
20
25
MP
30
25
30
Price In Thousands
35
TOTAL UNITS SOLD
30
35
AP
50
40
VILLAS & COTTAGES*
Average Price (AP) vs. Median Price (MP) vs. Units Sold
AP
35
AP
55
UNDEVELOPED LOTS SOLD
60
45
HOMESITES
HOMESITES
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units Sold Price (MP) vs. Units Sold
Q1-2017
OTAL UNITS SOLD TOTAL UNITS SOLD
Kiawah Island Property Report |
2020 First Quarter Results
NOTABLE SALES SOLD BY:
SOLD BY:
Kiawah Island Real Estate
Kiawah Island Real Estate
THIS VILLA SOLD AFTER 28 DAYS ON MARKET
THIS HOME SOLD AFTER 22 DAYS ON MARKET
PRICE: $2,045,000
PRICE: $4,200,000
(98% of list price)
(93% of list price)
6018 Green Dolphin Way
17 Turtle Beach Lane
Q1 2020 SALES
17% 29% HOMES SOLD = 24
54% HOMESITES
Average Price (AP) vs. Median Price (MP) vs. Units Sold
20 15
5
$1.0M
bedrooms: 4
bathrooms: 4
$400
Q1-2020
Q1-2019
Q1-2018
Q1-2017
Q1-2016 SINGLE-FAMILY HOMES SOLD
5
$2.00
MP
10
$2.25
Price In Millions
15
$2.50 AP
20
bedrooms: 4
bathrooms: 4.1
31% 31%
VILLAS & COTTAGES* SOLD = 16
$1.75 $1.50 $1.25 $1.00
0
31%
TAKE AWAYS
Average Price (AP) vs. Median Price (MP) vs. Units Sold
25
square feet: 3,149
0
SINGLE-FAMILY HOMES
30
view: Ocean
$200
0
35
7%
$800
square feet: 2,700 $600
MP
10
view: Ocean
> $2.5 = 7
$1.2M
Price In Thousands
25
AP
30
$1 - 2.5MM = 13
$1.4M
UNDEVELOPED LOTS SOLD
35
< $1MM = 4
•
While the number of transactions for
SFH was equal to that of Q1 2019, the
Island saw a 22% decrease in home
sales priced below $2.5M and a
dramatic 250% jump in homes
priced above $2.5M, sending average
prices to their highest since 2016.
•
Villas and Cottages* saw a 60%
increase in transactions YOY and a
104% increase in volume. This can be
explained by an increase in sales for
every villa category (1, 2, 3, and
4 bedroom).
1 Bedroom = 5 2 Bedroom = 5 3 Bedroom = 5 4 Bedroom = 1
14% 7% HOMESITES SOLD = 14 79%
Q1-2020
Q1-2019
Q1-2018
Q1-2017
Q1-2016
0 CONTINUED ON PAGE 4
< $1MM = 11 $1 - 2MM = 1
> $2MM = 2
Kiawah Island Property Report |
2020 First Quarter Results
PRESIDENT'S NOTE If I may begin by introducing myself: my name is Dan Whalen
immune by any means to economic variables, I think so many
and at the start of this year, I had the privilege of taking over
of us can relate to the fact that it is in the most trying times
as President of Kiawah Island Real Estate. Since 1997, I’ve been
that we find ourselves retreating here or seeking out our
leading sales operations in upscale golf-oriented communities
safe haven.
in the Southeast. I first came to Kiawah as a guest for the 1991 Ryder Cup Championship and it has been my lifelong goal to
We will see this market and many others around the country
return here professionally. Although cliché, this is truly a dream
fluctuate and adjust with the changing landscape in the months
come true.
to come, but we are very pleased to see our strongest first quarter in more than 12 years in the books. We will work around
What a whirlwind these first three months have been. After a
the clock to maintain that momentum and do our best to
remarkable and exciting start to the year, we saw our economy
continue to bring value to you and this Island.
virtually come to a screeching halt with the spread of COVID-19. While so many of us have wondered and worried how this will directly impact our lives (myself included), I look at
Regards,
the sales the Island has seen in this first quarter (one-third of that time being under the COVID-19 umbrella) and am reminded that these impressive numbers speak to the magic
Dan Whalen, President
and intangibles of Kiawah Island. While this Island is not
Kiawah Island Real Estate
For-Sale Kiawah Inventory Comparison Through First Quarter 2015 - 2020 2015
2016
2017
2018
2019
2020
TOTAL $
$740M
$750M
$750M
$738M
$656M
$637M
HOMES
$475M
$465M
$499M
$503M
$461M
$448M
VILLAS & COTTAGES
$91M
$99M
$79M
$80M
$66M
$65M
HOMESITES
$174M
$186M
$172M
$155M
$129M
$124M
TOTAL#
551
569
543
520
469
444
HOMES
200
208
217
205
201
192
VILLAS & COTTAGES
154
161
132
128
105
98
HOMESITES
197
200
194
187
163
154
TAKE AWAYS (CONTINUED)
•
Homesites saw a 75% increase
in transactions YOY including
79% of the transactions below
$1M. Because the majority of
transactions came from
homesites priced below $1M,
average and median sales
price dropped 12% and 39%
respectively.
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.