Kiawah Island Property Report
Island-Wide Sales Results for First Half 2023
total Island-wide available inventory
KEY OBSERVATIONS
(-32%
(-7%
• Kiawah Island experienced another tremendous first half of the year – 168 Island properties were sold totaling $380M. While we saw total transactions return to the same level as the first half of 2020 (pre-pandemic), total sales volume was 136% higher.
• Compared to the first half of pre-pandemic 2020, median homesite prices have increased 182% while median singlefamily home prices have increased 138%. The homesite median price increased 31% year-over-year (YOY), showing the rising value for the few available homesites remaining on the Island, as well as the unique characteristics that these properties offer. Single-family home median prices also continued to climb, increasing 15% YOY.
• Inventory continues to slowly rise, with 2.6% of Island-wide properties being listed at the end of Q2 2023 compared to 2.0% at the end of Q2 2022. The total dollar volume of Island-wide homesite inventory is $103M, an 89% increase YOY, despite total units being the same (38 through first half 2022 vs. 39 through first half 2023).
• Single-family homes priced between $2M-$5M made up over two-thirds of all home sales in the first half of 2023, and 8 homes for over $5M were sold. Only 12% of homes sold were priced below $2M.
total properties closed 168
from first half 2022) total dollar volume $380M
from first half
single-family home median price
from first half
homesite median price
from first half
& cottage median price $710K
from first half
FIRST HALF 2023 AT A GLANCE
(-18%
2022)
$3.18M (+15%
2022)
$849K (+31%
2022) villa
2022)
A KIAWAH ISLAND REAL ESTATE PUBLICATION January - June 2023 Results | kiawahisland.com | 843.396.1522
(end of Q2 each year)
HISTORICAL ISLAND-WIDE FIRST
CLOSING ACTIVITY 2010 2011 $50M $0 $100M $150M $200M $250M $300M $350M $400M $450M 100 50 0 150 200 250 300 350 400 450 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $159 $124 $161 2022 2023 $466 $380 $466 $136 $106 $189 $146 $125 $163 $171 $148 VOLUME IN MILLIONS Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. Excludes Bulk Sales. 2023 126 2022 102 2021 121 2020 370 2019 491 2018 524 2017 571 2016 584 2015 553 2014 561 2013 576 2012 562 = = = = = = = = = = = =
HALF
FIRST HALF 2023 KIAWAH ISLAND CLOSINGS SNAPSHOT
All dollar figures have been rounded to the nearest thousand. Excludes Bulk Sales.
*Excluding Timbers
Island
| January - June 2023 Results % OF CHANGE Properties Closed Volume Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price Properties Closed Volume Median Price Average Price ALL TRANSACTIONS VILLAS AND COTTAGES HOMES HOMESITES 2023 168 $380,384,000 55 $47,093,000 $710,000 $856,000 76 $283,690,000 $3,175,000 $3,733,000 37 $49,602,000 $849,000 $1,341,000 2022 247 $465,560,000 74 $66,414,000 $763,000 $897,000 102 $337,290,000 $2,750,000 $3,307,000 71 $61,857,000 $650,000 $871,000
Kiawah
Property Report
-32% -18% -26% -29% -7% -5% -25% -16% +15% +13% -48% -20% +31% +54% FIRST HALF
ISLAND-WIDE INVENTORY* SALLIV & OC T T A G E S HOMESIT E S S I N G L EF A M I YL SEMOH 35% (1,714) 11% (524) 54% (2,657) 4,895 TOTAL UNITS ON KIAWAH ISLAND SING L EF A M I L Y H O SEM 2.0% = 34 2.0% = 53 7.4% = 39 JUST 2.6% OF ISLAND-WIDE PROPERTIES ARE LISTED AND AVAILABLE FOR PURCHASE 7.4% 2.0% 2.0%
31 2742 n H O M ESITES SINGLEF A M I L Y H O M E S 27%* (34) 31% (39) 42% (53) 126 ACTIVE LISTINGS AT END OF FIRST HALF 2023 VILLAS & C O T T A G E S
2023
FOR-SALE ISLAND-WIDE INVENTORY COMPARISON Through First Half 2017 - 2023*
*Excluding Timbers. All dollar figures have been rounded to the nearest million.
Kiawah Island Property Report | January - June 2023 Results ISLAND-WIDE Q2 2023 SALES Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 30 20 40 50 60 70 80 90 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP 2019 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 25 0 50 75 100 125 150 175 200 225 250 275 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 SINGLE-FAMILY HOMES SOLD AP MP 2019 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 $900 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 50 100 150 200 250 300 350 400 FIRST HALF 2023 TRANSACTION TRENDS ON KIAWAH ISLAND Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 30 20 40 50 60 70 80 90 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 50 75 100 125 150 175 200 225 250 275 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLE-FAMILY HOMES SOLD AP MP $200 $300 $400 $500 $600 $700 $800 25 50 75 100 125 150 200 $900 225 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 50 0 100 150 200 250 300 350 400 Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 30 20 40 50 60 70 80 90 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP 2019 2020 2021 $1.00 0 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 25 0 50 75 100 125 150 175 200 225 250 275 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 SINGLE-FAMILY HOMES SOLD AP MP 2019 2020 2021 $200 $100 $300 $400 $500 $600 $700 $800 25 0 50 75 100 125 150 200 $900 225 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 50 0 100 150 200 250 300 350 400 Price In Thousands Price In Millions Price In Thousands 2019 2020 2021 $200 0 $400 $600 $800 $1.0M $1.2M $1.4M 30 20 40 50 60 70 80 90 HOMESITES Average Price (AP) vs. Median Price (MP) vs. Units Sold 2022 2023 UNDEVELOPED HOMESITES SOLD AP MP $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 50 75 100 125 150 175 200 225 250 275 SINGLE-FAMILY HOMES Average Price (AP) vs. Median Price (MP) vs. Units Sold SINGLE-FAMILY HOMES SOLD AP MP $200 $300 $400 $500 $600 $700 $800 $900 VILLAS & COTTAGES Average Price (AP) vs. Median Price (MP) vs. Units Sold VILLAS & COTTAGES SOLD AP MP 2019 2020 2021 2022 2023 TOTAL UNITS SOLD TOTAL UNITS SOLD 50 100 150 200 250 300 350 400
$803M $551M $83M $168M $753M $521M $75M $157M $679M $489M $61M $129M $539M $369M $64M $107M 571 226 145 200 524 216 123 185 491 225 107 159 370 145 89 136 TOTAL $ HOMES VILLAS & COTTAGES HOMESITES TOTAL # HOMES VILLAS & COTTAGES HOMESITES 2017 2018 2019 2020 2021 2022 2023 $301M $168M $30M $102M $318M $234M $30M $54M $408M $250M $56M $103M 121 37 15 69 102 47 17 38 126 53 34 39 $1M - $2M = 2 < $1M = 14 > $2M = 7 Excludes Bulk Sales. 61 30 HOMESITES SOLD = 23 9% 30% 61% 2 Bedroom = 8 3 Bedroom = 16 4 Bedroom = 0 1 Bedroom = 8 25VILLAS & COTTAGES SOLD = 32 25% 50% 25% $2M - $5M = 28 < $2M = 5 > $5M = 8 12 HOMES SOLD = 41 68% 20% 12%
KIAWAH ISLAND REAL ESTATE SALES DATA
President Dan Whalen's Note:
Although the real estate market has shifted to a more normalized sales pace, I am impressed by the resiliency of the market and believe the upper end is still very strong. The Island continues to be a highly sought after place to call home, with median prices of homesites and single-family homes having greatly increased since this time last year.
Kiawah Island Real Estate (KIRE) handled $314M in closed transactions, representing 74% of all transactions Island-wide and 83% of the total dollar volume. Our Q2 was extremely strong, accounting for 65% of total sales for the first half of the year and totaling $203M. As we continue to see low inventory available on the Island, we are seeing an increased interest in our built-for-sale opportunities, including Front Nine Lane and The Burn.
As the leader in real estate sales on the Island, we take pride in creating valuable relationships and helping people find their dream home. If you are interested in learning more about life on Kiawah Island, please don’t hesitate to give us a call.
FIRST HALF 2023 CLOSED TRANSACTIONS BY SELLING AGENCY
Data was accumulated from property waivers submitted to Kiawah Partners and supplemented by other reliable sources including Charleston County property tax records. 1 Kiawah Island Parkway Kiawah Island, SC 29455 | kiawahisland.com | 843.396.1522 Please email
[email protected] with any questions or to request clarification. Kiawah Island Property Report | January - June 2023 Results KIAWAH ISLAND REAL ESTATE'S HISTORY OF FIRST HALF CLOSING ACTIVITY YEAR PROPERTIES DOLLAR VOLUME 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 124 174 249 79 94 102 101 100 92 90 96 98 75 76 $314M $340M $343M $96M $101M $129M $125M $128M $142M $102M $108M $104M $87M $118M
KIRE Property Type HOMES < $2M $2M - $5M > $5M Total Closed Transactions HOMESITES < $1M $1M - $2M > $2M VILLAS & COTTAGES * 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 58 12 34 12 29 12 7 10 0 6 0 2 4 0 3 2 0 1 0 2 0 2 0 0 7 1 4 2 0 122 8 35 20 6 9 9 5 4 0 15 2 13 160 0 0 0 0 4 1 3 0 1 0 1 0 0 0 0 0 5 3 1 1 76 21 42 13 0 0 0 0 1 1 0 0 37 21 7 9 47 15 15 17 0 PHX CAR ADDL O/S TOTAL AE
*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
