Kiawah Island Real Estate Nets $61.5 Million First-Quarter Sales

Signs of economic recovery in the second-home market are increasingly evident at Kiawah Island Real Estate. In the first quarter, we sold $61.5 million dollars of residential real estate, a figure that represents a 59% increase over the first quarter of 2009.

The strong first-quarter earnings were due in large part to $39.5 million in sales during the month of March, which is more than the total number of sales in the entire first quarter of 2009. The 25 properties sold in March represented the most activity for a single month since April of 2008. 

“Our customers are experiencing more confidence and want to take advantage of the opportunities to get back in the market after the necessary caution imposed over the past 18 months.  Our strategy to stay the course and continue to increase the Island’s value has positioned Kiawah to lead the recovery of the second-home market,” says KIRE President and Broker-in-Charge, Chris Drury. “Clearly that strategy is working given that Kiawah was named the second-best luxury home community in the nation by Barron’s.”

Further evidence that the second-home market is stabilizing is the sales of homes priced above the $2.5 million mark. Already in 2010, KIRE has sold 11 properties totaling more than $2.5 million compared to only14 properties closed in all of 2009 at or above that price point.

“Historically, the luxury goods sector leads market recovery in terms of consumer spending, which is then followed closely by the general market,” says Drury. “As people gain more certainty, particularly in higher-end categories, you tend to see spending increase across the board.”

For more information or to view properties currently listed for sale, visit www.Kiawah.com or contact your Kiawah Island Real Estate sales executive at 888-658-5274.