River & Rural Realty--Find Virginia Waterfront property on the Northern Neck
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River & Rural Realty LLC
P.O. Box 503
Warsaw, VA 22572

Office: (804) 333-3311

Kathryn Murray, broker
Warsaw, VA 22572
(O): (804) 333-3311
Cell: 804-450-4442
Fax: 877-295-0940
EMAIL OFFICE
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WF Residential sales vs. inventory

Thought I'd travel the Northern Neck in my mind and see how each county is faring this year in terms of waterfront residential sales. I also wanted to see what those sales numbers in relationship to the active listings in each county. So I broke these numbers down into three categories: under $400,000 list price, $400,000 to $800,000 list price and then $800,000 and above for each county. This is for the time period January 1 through September 16, 2014. And you will note where the number of sales is located there is a number/number. What this is is the solds and then the actives so you don't have to look far to see the relationship.

Here goes. As you will see, these counties have very different personalities in terms of sales.  Not to say that one is better than the other although some clients say...only off the Potomac, or only off the Rappahannock, or close as we can get to the Bay. It is almost never that we hear, only in such and such county.

Well here are the numbers.

 

WF Residential Sales up to $400,000 by county
  West. North. Lanc. Rich. Essx.
# sold 16/43* 33/121 19/59 2/8 5/8
$ sold 4.2 mill. 9.2 mill. 4.9 mill. 480,000 1.3 mill.
Median sales price 253,950 290,000 265,000 240,000 275,000
Median days on market 232 262 254 511 298

*For those of you who skipped the description at the top and went straight to the chart, these numbers such as 16/43 represent what has sold in that county thus far this year followed by how much inventory there is active in that category at the moment.

Essex county has the healthiest sales to inventory relationship, but we're not talking about many sales, nor about many actives. Interesting when you look at Northumberland and Lancaster in relationship to one another  that Northumberland has a bit higher inventory in relationship to its sales than Lancaster. It also has a higher median sales price and a higher median days on market....But look at the median days on market for Richmond county...wow, 511!

 
WF Residential Sales $400,000-$800,000 by county
  West. North. Lanc. Rich. Essx.
# sold 8/28 22/82 16/84 1/3 3/3
$ sold 3.9 mill. 11.1 mill. 8.8 mill. 526,000 1.6 mill.
Median sales price 441,250 452,560 522,000 526,000 425,000
Median days on market 113 180 248 297 295

Lancaster is carrying more inventory in relationship to their sales. That I can even figure out without a calculator. Essex is the healthies in that relationship, but once again there's almost no inventory. Median days on market are generally pretty good in terms of how the Northern Neck tends to function. Obviously Westmoreland is far and away the best. Lancaster and Richmond's median sales price is considerably above the other counties' prices.

 

WF Residential Sales $800,000 plus
  West. North. Lanc. Rich. Essx.
# sold 0/5 2/37 10/57 0/2 0/6
$ sold 0 1.7 13.2 0 0
Median sales price 0 871,000 1.01 mill. 0 0
Median days on market 0 211 283 0 0

This is where you have a really huge difference in what is going on. No sales in Westmoreland, Richmond and Essex counties for the over $800,000 category thus far this year. Hardly anything in Northumberland and the sales versus inventory number is scary. Lancaster is moving along and has a far more healthy relationship of solds to actives for this group. 

Looking at this category particularly I think about how we try to counsel our clients. We'd like them to understand where they stand in the market. I thought, hmmm, I'll look at a listing we have in this cateogry in Westmoreland county and see if what they are is really "the best of the best." Fortunately what I found is that it is true. Of the 5 listed our listing on Skipjack is the second least expensive at $899,000. I can see if someone doesn't want to come farther than Colonial Beach that the Colonial Beach property would be preferable. But the listing that David Fine has within our firm is quite spectacular....9.8 waterfront acres, 6000 square foot house, additional building with kitchen, bath and a couple of rooms to be used for an office, or library or game room. Deep pier complex with two lifts....it is almost unbelievable. Actually, though, what it is is a property that is priced to sell in this market. You couldn't build it for this and that's where a lot of properties are. It's nice to be positioned so that there can be reasonable expectations that a property will sell rather than .....let's hope.....

Sales continue to be at a pretty regular rate. If this last week or so is any indication though, I think the time frame of end of summer vacation and let's get the kids back to school is over. People are out looking more now than they were a month ago. That's good news for Realtors and for sellers. Here's to a beautiful day and a productive fall season!!

--Kathryn

Kathryn Murray, Principal broker, 804-450-4442 cell





 



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