Rick,
The challenge with most of the stats you have received is that 75% of all sales on Kiawah are not reported through our local MLS system. Furthermore the homes and villas can vary from $300k to $14m. For example, two $8m homes sold in early 2008 which caused the averages to swell. However, the average sales price in 2008 was off 15% to 27% from 2006 and 2007.
The three bedroom villas have taken more than a 20% hit.
I sold 9 villas on Kiawah in 2008 and most were priced like villas in early 2005 prior to the large jump in prices.
There are some heavily reduced villas on the market and over the past 3 weeks, we have seen a pick up in sales.
I hope this is helpful.
Steven Ellis
Kiawah Island Real Estate Specialist
Akers, Ellis & Truluck Real Estate
sellis@aetrealestate.com
843-814-1462 - Tue Jan 6 2009, 13:00