Home News Kiawah Island home sales plummet 43% as prices soar 46%

Kiawah Island home sales plummet 43% as prices soar 46%

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Nine-month checkups: 318 this year, 562 last year.Average price: $1.9 million this year, $1.3 million last year

Home sales are down everywhere, including the gated seaside community of Kiawah.

From January to September, Kiawah Island Real Estate reported 318. small islandIn the Atlantic-hugging community just south of Charleston, it sells for $608 million, or about $1.9 million per sale.

In the first nine months of 2021, when home sales were breaking records nationwide, the island reported 562 sales totaling $746 million, or about $1.3 million per sale. was.

Sales volume this year was down 43%. What are the main causes? Kiawah Island Real estate insiders called the traditional pace of sales occurring in the third quarter, but with total sales down just 18.5%. The average selling price he has risen by 46%.

Average and median home prices on the island surged 45% and 60%, respectively, over the nine months, offsetting the decline in transactions.

The average selling price of single-family island homes for the July-September period was $3.4 million, the second highest in the company’s history, following the last three months of last year.

The North Charleston parcel sells for $44.5 million.Retail and office projects planned for Mount Pleasant

“The biggest reason for the high value is Kiawah Island Real estate supply is very limited and we expect it to be for the foreseeable future,” said Dan Warren, president of Kiawah Island Real Estate. challenge. ”

He noted that borrowing costs have risen as the Federal Reserve (Fed) has spiked interest rates repeatedly this year in an attempt to curb painfully high inflation.

numbers reflect transaction Not only are the majority of Kiawah’s sales processed by distributors, but there are also sales processed by other companies.


WRS recently paid $2.75 million for a 22,280 square foot industrial building (highlighted in yellow) at 200 Varnfield Drive in Summerville.bridge commercial/offer

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Mount Pleasant firm to pay $35 million over 11 months for 13 Charleston properties

Affiliate of WRS real estate investment It recently paid $2.75 million for a 22,280-square-foot industrial structure in Summerville, adding it to its list of acquisitions since last December.

in numbers

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3,000: square feet New family restaurant opens on Mount Pleasantfine comfort food is provided.

Charleston's new eatery offers pizza, crepes, brunch, barbecue, Mexican, meats and cheeses

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New Apartment Planned Near Park Circle

apartment building rendering

A new 210-unit apartment development called The Assembly is underway for the Garco Park redevelopment project in the Park Circle area of ​​North Charleston. Renderings/The Beach Co.

A new 210-unit, four-story apartment complex called assembly We recently broke ground on the Garco Park redevelopment project in North Charleston.

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