River & Rural Realty--Find Virginia Waterfront property on the Northern Neck
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Contact Information

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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Some summary numbers

Here we are looking at the residential market. As you can tell I set up parameters to suit myself. I fully realize that the last time I broke this into segments I used $200,000 increments starting with under $200,000. Thought that perhaps I'd learn more if I did that, but started with the first set of numbers at under $100,000. Either way we do get a real impression of our market.

Residential sales (5 counties ) under $100,000
  2012 2013 2014 Active
# sold 51 59 65 91
$ sold (millions) 3.6 3.7 4.1 6.9
Median sales price 74,000 65,000 63,000 79,000
Median days on market 140 107 148 153

A little more action this year. Slightly reduced median sales price. Slightly raised median days on market. Pretty good relationship between the number of solds in 2014 and the actives.

Residential sales (5 counties ) $100,000-$300,000
  2012 2013 2014 Active
# sold 148 165 182 401
$ sold (millions) 25.9 29.8 32.1 81.5
Median sales price 163,625 175,000 163,000 199,000
Median days on market 212 210 217.5 168

More sales. Lower median sales price. Slightly climbing median days on market. Not too bad a relationship between the numbers of solds and the numbers of actives. Approximately twice as many active.

 

Residential sales (5 counties ) $300,000 to $500,000

  2012 2013 2014 Active
# sold 77 76 69 255
$ sold (millions) 28.3 27.5 25.8 99.1
Median sales price 355,000 359,750 370,000 379,000
Median days on market 164 233 184 171

A more challenged segment of the market with fewer sales and lesser total dollars in 2014. Increased median sales price and decreased median days on market for 2014. More inventory than either o fthe other two categories with a little less than three times the number of actives as those that have sold thus far this year.

Residential sales (5 counties ) $500,000-$700,000
  2012 2013 2014 Active
# sold 28 24 20 110
$ sold (millions) 15.1 13.3 11.7 67.3
Median sales price 525,285 535,000 580,000 599,000
Median days on market 170.5 189.5 297.5 185

Fewer number sold in 2014 than in the preceding two years. Lesser total dollars, although an increase in median sales price. Huge leap in median days on market for the solds in 2014. Also there is 5 times plus active inventory if one looks at solds of 20 for 2014. That's a lot of inventory!

Residential sales (5 counties ) $700,000-$900,000
  2012 2013 2014 Active
# sold 5 17 10 62
$ sold (millions) 3.8 12.6 7.5 51.6
Median sales price 750,000 750,000 755,000 837,800
Median days on market 182 220 254 160

2014 had twice the sales of 2012 and almost twice the dollars sold. Median sales price has stayed right at or right around $750,000 for all three years. 2014 has more days on market for the median days. There is a little in excess of 6 times the sold inventory for 2014 now on the market. That's the largest number we've seen today (until we look at the next price point....).

Residential sales (5 counties ) $900,000 plus
  2012 2013 2014 Active
# sold 7 8 9 64
$ sold (millions) 7.4 10.8 12.7 88.5
Median sales price 1.0 1.16 1.03 1.19
Median days on market 222 353 293 163

Better sales in 2014 but still with only 9 sold and 64 active there isn't a huge chance to sell unless you are the very best of the best. Median days on market declined in 2014. Relative to the last two years there is an improvement, but these are not big numbers of sales, obviously.

We have a market that continues to do okay after the beating of 2008, 2009, and 2010 but we are not Northern Virginia. Things take time.

 

 



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