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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New Northern Neck waterfront residential numbers

Time to do a bit of broad brush review of where we stand now that we are approaching Thanksgiving. As we've been seeing in the other numbers and analyses, we're really on the road to some improvement. The success differs from price point to price point and really within these broad categories there has to be variation. Still, take a look and see how things are doing for waterfront residential properties in the four counties of the Northern Neck and Essex county. These numbers are for January 1 through November 12 for the respective years.

WF Res. up to $300,000 2012 2013 2014 Active
# sold 50 54 59 106
$ sold (millions) 10.1 11.4 12.9 25.8
Median sales price 200,000 203,500 219,000 250,000
Median days on market 225 250.5 266 212.5

2014 has the strongest showing yet with more sold and more dollars than in the previous two years. Those previous two years were the best since 2008's meltdown. Median sales price is up, but then again so are median days on market. Under two years worth of inventory if we were to continue at this rate. Not too bad in Northern Neck terms. Not bad at all.

WF Res. $300,000 to $600,000 2012 2013 2014 Active
# sold 105 93 96 226
$ sold (millions) 42.7 37.2 38.5 97.6
Median sales price 399,000 385,000 395,000 399,945
Median days on market 172 228 205 205

2014 is stronger than 2013 but just by a bit. Obviously sales in 2012 were stronger than the ones we have this year. A little bit more than twice the number of 2014 solds that are currently active. Not a bad relationship in terms of actives to solds.

WF Res. $600,000 to $900,000 2012 2013 2014 Active
# sold 13 24 26 99
$ sold (millions) 8.9 17.3 18.4 74.7
Median sales price 699,000 715,000 670,000 745,000
Median days on market 158 168 202.5 217

Double the sales and more than double the dollars when looking at 2014 versus 2012. And a modest improvement in 2014 over 2013. Granted the median sales price in 2014 is considerably lower than either of the two previous years. The days on market have gone up too. Almost four years worth of inventory in this category given the numbers sold in 2014 thus far.

WF Res. $900,000 to $1,200,000 2012 2013 2014 Active
# sold 4 4 10 32
$ sold (millions) 3.8 3.7 9.4 37.8
Median sales price 925,000 920,000 937,500 994,750
Median days on market 257 413.5 205.5 205.5

Wow, look at this. This part of the market is looking quite healthy (relatively speaking) Far more sales in 2014. Far more dollars sold and an increased median sales price. And what a drop in median days on market. True, we do have a little over three times as much inventory as what has been sold thus far in 2014, but still this is really good news.

WF Res. $1,200,000+ 2012 2013 2014 Active
# sold 3 5 4 31
$ sold (millions) 3.6 8.7 7.8 55.3
Median sales price 1.1 1.5 1.8 1.5
Median days on market 222 246 208 166

2014 is slightly down from 2013 but up from 2012. Median sales price is up and median days on market have dropped in 2014. Lots of inventory though...close to 8 times as much available as has sold in 2014. That means lots of competition for those high-end dollars.

Cumulatively looking at all the categories above, they support our data stating that 2014 is working out to be a better year than 2013. This looks to be the best year yet since 2008. That's good news!

 



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