South Carolina Community Sees Closed Sales Exceed $46M in May

Kiawah Island, SC (June 26, 2013) - The residential resort community of Kiawah Island, South Carolina, is experiencing firsthand the nationwide second-home market revitalization, with sales volume returning to pre-recession levels not seen since June 2007.

In May, Kiawah Island Real Estate (KIRE), the leading real estate brokerage for Kiawah Island, had its best single month of closings in six years, with 30 properties totaling more than $46 million. This activity, coupled with first quarter sales increasing 23 percent over 2012, demonstrates that the recent report from Barron’s citing that the second-home market is “now showing signs of health at almost all price points, in almost every market considered,” is in fact taking shape at Kiawah Island.

“The sales momentum is clearly on the upswing nationally, but particularly in this higher-end segment,” said Chris Drury, President and Broker-in-Charge, Kiawah Island Real Estate. “Already this year, we are experiencing inventory moving at a much faster rate, properties with multiple offers and selling above asking price, as well as three oceanfront homesites each selling for more than $4 million in a 48-hour time frame.”

With a positive economic forecast and the U.S. unemployment figures lower than they’ve been in four years, real estate sales executives affirm that the activity KIRE has seen in sales recently is indicative of the confidence clients are showing in the improved economic climate nationally. They also credit Kiawah Island’s hosting of the 2012 PGA Championship and the increased resort occupancy that has followed as considerable factors in increased sales. To date in 2013, KIRE property sales total more than $124 million.

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