Kiawah Island Property Report A
K I A W A H
I S L A N D
R E A L
2020 First Half Results
|
E S T A T E
kiawahisland.com
P U B L I C A T I O N
|
843.396.1522
total Island-wide inventory total properties closed
K E Y
2020
=
370
total dollar volume
2 019
=
+1%
491
2 01 8
=
524
(from first half 2019)
2 017
=
average single-family home sales price
57 1
2 016
=
584
$1.70M
2 01 5
=
553
2 014
=
561
2 013
=
576
$1.33M
2 01 2
=
562
(+3% from first half 2019)
2 011
=
626
2 01 0
=
648
(+12% from first half 2019)
median single-family home sales price
I S L A N D -W I D E
O B S E R V AT I O N S :
• 132 properties were put under contract Island-wide in the
(end of Q2 each year)
145
F I R S T
H A L F
2 0 2 0
AT A G L A N C E
Island-Wide Sales Results for First Half 2020 second quarter of this year, which represents the most second quarter activity the Island has seen in more than 13 years.
• Of the 132 properties put under contract in the second
quarter, 76 of those were executed just in the month of June which represents a 270% increase over June of 2019.
• The statistical data reflected in this report is based on data
from properties that closed in Q2. Because closings take place anywhere from 30-90 days after a property goes under contract, the majority of contracts in Q2 will close in Q3 as the closings in Q2 were from contracts executed in March and April of this year, when the pandemic had shut the economy down.
• With the surge of contract activity, the Island is seeing its
lowest Q2 inventory in more than 13 years. With 370 properties available for sale, the inventory is below 9%.
C O N T R A C T
A C T I V I T Y
APRIL 1ST - JUNE 30TH 150 132
125 100 75
93
83
80 64
62
2007
2008
2009
30
22
50
83
80
90
92
2015
2016
96
99
2018
2019
2020
28
76
82
63
25 0
2010
2011
2012
2013
2014
2017
ISLAND-WIDE CONTRACTS FROM JUNE 1 THROUGH JUNE 30 23
19
29
36
23
24
28
31
25
23
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records.
Kiawah Island Property Report |
2020 First Half Results
FIRST HALF 2020 KIAWAH ISLAND CLOSINGS SNAPSHOT 2019
2020
% OF CHANGE
Properties Closed Volume
162 $159,165,000
145 $161,289,000
-10% +1%
HOMES
Properties Closed Volume Median Price Average Price
73 $109,315,000 $1,300,000 $1,498,000
68 $114,437,000 $1,333,000 $1,683,000
-7% +5% +3% +12%
VILLAS & COTTAGES
Properties Closed Volume Median Price Average Price
46 $24,245,000 $425,000 $527,000
Properties Closed Volume Median Price Average Price
25 $14,156,000 $375,000 $566,000
Properties Closed Volume Median Price Average Price
18 $11,450,000 $490,000 $636,000
HOMESITES
TIMBERS KIAWAH OCEAN CLUB & RESIDENCES
-22% 36 -21% $19,176,000 -2% $416,000 +1% $533,000 TOTAL UNITS CLOSED +12% +29% -20% +13%
28 180 $17,961,000 $301,000 170 $641,000 160
TOTAL UNITS CLOSED
ALL TRANSACTIONS
-28% -15% +107% +17%
13 150 $9,715,000 $1,015,000 140 $747,000 130
Char t does not include bulk sales. All dollar figures have been rounded to the nearest thousand. 120
45
$200
40
0
35
Q2-2020
$800 $600 $400
$500 $450 $400 $350 $300
0
$250
*Includes Timbers Kiawah Sales
SINGLE-FAMILY HOMES SINGLE-FAMILY HOMES
$550
$200 Q2-2020
$400
$1.0M
Q2-2019
50
$1.2M
Q2-2016
$600
VILLAS & COTTAGES CLOSED
55
Q2-2020
$800
Q2-2019
Q2-2017
60
Q2-2018
UNDEVELOPED LOTS CLOSED Q2-2020 Q2-2016
Q2-2019
0
Q2-2018
Q2-2017
Q2-2020
Q2-2019
Q2-2018
Q2-2017
Q2-2020 Q2-2016
LAS & COTTAGES*VILLAS & COTTAGES*
5 Q2-2016
TOTAL UNITS CLOSED
0
Q2-2019
100
Q2-2018
5
$1.0M
$600
MP
110
10
65
MP
10
MP
120
15
$1.2M
$1.4M
Price In Thousands
15
20
70
AP
20
25
$1.4M
Price In Thousands
130
VILLAS & COTTAGES*
Average Price (AP) vs. Median Price (MP) vs. Units Closed
AP
140
25
30
Price In Thousands
150
30
35
AP
160
Q2-2017
35
UNDEVELOPED LOTS CLOSED
180 170
HOMESITES
Q2-2018
HOMESITES
Average Price (AP) vs. Median Average Price (AP) vs. Median Price (MP) vs. Units ClosedPrice (MP) vs. Units Closed
Q2-2017
TAL UNITS CLOSED TOTAL UNITS CLOSED
Q2-2019
Q2-2016
Homesites, Villas & Cottages, and Single-Family Homes (SFH)
Q2-2018
100
2020 CLOSED TRANSACTIONS THRU Q2 TRENDS ON KIAWAH ISLAND*
Q2-2017
110
Kiawah Island Property Report | NOTABLE TRANSACTIONS SOLD BY:
SOLD BY:
Kiawah Island Real Estate
Kiawah Island Real Estate
THIS HOMESITE SOLD AFTER 11 DAYS ON MARKET
THIS HOME SOLD AFTER 20 DAYS ON MARKET
PRICE: $2,480,000
PRICE: $1,930,000
(93% of list price)
(88% of list price)
90 Surfsong Road
24 Bufflehead Drive
2020 First Half Results
Q2 2020 SALES 7%
29%
$800 $600
0
40
MP
45
$2.00
Q2-2019
Q2-2018
Q2-2017
Q2-2016
35
Q2-2020
50
$2.25
Price In Millions
55
$2.50 AP
60
SINGLE-FAMILY HOMES CLOSED
Average Price (AP) vs. Median Price (MP) vs. Units Closed
65
square feet: 3,570
bedrooms: 5
bathrooms: 5.1
25% 40%
VILLAS & COTTAGES CLOSED = 20
single family homes (SFH) decreased
7% YOY, but the sales of homes priced
above $2M increased 50% YOY,
causing average and median sales
prices to rise, along with volume.
•
Villa and cottage closing activity
decreased 23% YOY. One, two, and
four-bedroom properties all saw a
decrease in sales, while three-
$1.75
bedroom properties remained flat.
$1.50
•
Homesite closing activity increased
$1.25
YOY, along with volume and average
$1.00
pricing. This can be attributed to
50% increase YOY of homesites sold
above $2M.
0
35%
TAKE AWAYS
• Year to date, closing transactions for
SINGLE-FAMILY HOMES
70
view: Lagoon
$400
Q2-2020
Q2-2019
Q2-2016
0
$1.0M
$200 Q2-2018
5
location: behind Vanderhorst gate
MP
10
$1.2M
acres: .45
view: Ocean
Q2-2017
15
UNDEVELOPED LOTS CLOSED
20
> $2.5M = 3 $1.4M Price In Thousands
25
$1 - 2.5M = 28
AP
30
64%
< $1M = 13
HOMESITES
Average Price (AP) vs. Median Price (MP) vs. Units Closed
35
HOMES CLOSED = 44
1 Bedroom = 5 2 Bedroom = 7 3 Bedroom = 8 4 Bedroom = 0
7%
HOMESITES CLOSED = 14
93%
< $1M = 13 $1 - 2M = 0
> $2M = 1 *Includes Timbers Ocean Club and Residence Sales
Kiawah Island Property Report |
2020 First Half Results
PRESIDENT'S NOTE The second quarter of this year has been the most impressive
Now, we find ourselves more informed and comfortable with the
in recent memory, if not ever. While the closing data for Q2
challenges COVID presents and also more able to work remotely.
doesn’t yet reflect the unprecedented contract activity we
We have seen a huge uptick in sales activity for that reason alone.
saw in May and June, it sends a strong message not only to our
More families are able to spend time away from their primary
sales team but to our Island as a whole that Kiawah is a place
residence and work from wherever they choose, so they are
people want to invest in financially and emotionally. It’s a
choosing Kiawah.
place to not only protect our families from the recent global challenges, but also simply a place to nurture them. We will
We hope you find this report informative and helpful. We are in
see the fruits the remarkable sales activity from the latter
unique and fascinating times and look forward to what the
part of this quarter in Q3.
remainder of 2020 will bring. As I write this, we have already sold more properties in July than we did in June and are once again
The data in this current report speaks to closing activity, which means properties that went under contract in the first quarter or first part of the second quarter. Because the economy shut
on track to have another record breaking quarter. Please do not hesitate to reach out with any questions about our current market or if you are interested in exploring listing your home.
down and there was so much uncertainty during that time,
Regards,
closings came to a standstill. We expected to see a decline in activity and are pleased the decline was moderate. Even at the peak of the pandemic, there was still great interest in Kiawah as
Dan M. Whalen, President Kiawah Island Real Estate
families searched for retreats.
For-Sale Kiawah Inventory Comparison Through First Half 2015 - 2020 2015
2016
2017
2018
2019
2020
TOTAL $
$748M
$786M
$786M
$802M
$753M
$539M
HOMES
$464M
$494M
$494M
$551M
$520M
$368M
VILLAS & COTTAGES
$97M
$105M
$105M
$83M
$75M
$64M
HOMESITES
$187M
TAKE AWAY All property types are seeing their lowest inventory in at least 12 years. SFH inventory is 25% less than it was this time last year, which at that time was a
$187M
$187M
$168M
$157M
$107M
record low for the Island. Villa and cottage inventory has
TOTAL#
553
$786M
571
571
491
370
steadily decreased every Q2
HOMES
190
$494M
226
226
225
145
significant drop of 17% this year.
VILLAS & COTTAGES
161
$105M
145
145
107
89
And homesite inventory is 25%
HOMESITES
202
$187M
200
200
159
136
since 2015, with its most
lower closing out this quarter than the 13-year average.
Char t includes figures as of June 30th each year.
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.