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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County by county waterfront summary

I'll get to this during the course of the week. I thought it would be nice to see each county's waterfront sales in perspective. Since Lancaster is a large county with much for sale, and also because it has Kilmarnock and a hospital and golf courses right in the proximity, it is an interesting one to look at first. Here we have numbers for waterfront residential properties from January 1 through November 30 just for Lancaster county at the moment. Looks pretty good...but plenty of inventory in the $600,000 plus categories....something in the 3 years plus vicinity....otherwise below $600,000 we're talking more about two year's worth.

Up to $300,000

  2011 2012 2013 2014 active
# sold 3 10 10 12 23
$ sold (millions) 727,500* 2.2 1.9 2.3 5.3
Median sales price 232,000 216,500 196,000 193,500 249,000
Median days on market 100 503 268 281 276

*not millions, obviously. 

Look at those days on market in 2012, wow!!! Decline in median sales price. Slight increase in days on market for 2014 over 2013.

$300,000-$600,000

  2011 2012 2013 2014 active
# sold 28 34 35 31 63
$ sold (millions) 11.9 14.3 13.5 12.5 28.4
Median sales price 411,000 407,000 385,000 395,000 450,000
Median days on market 178 222.5 269 254 246

Give or take it looks like this segment is holding its own in a fashion simililar to 2012 and 2013. Slight decline in numbers and in dollars and better than median sales price in 2014 over 2013 and fewer median days on market than in 2013. Only about double the inventory sold available as active at this price point. In Northern Neck waterfront terms, that's not too bad.

$600,000-$900,000

  2011 2012 2013 2014 active
# sold 8 6 16 13 47
$ sold (millions) 5.7 4.2 11.8 9.5 35.0
Median sales price 737,000 739,000 736,000 720,000 745,000
Median days on market 443 180.5 313.5 187 173

Obviously better sales numbers in 2013 and 2014. Lesser sales in 2014 versus 2013. Also a slightly declining median sales price in 2014, but also a big improvement in median days on market. More than three years worth of inventory if you annualize what we have as of the 1st of December, so a more challenged segment than the two discussed prior to this.

$900,000 to $1,200,000

  2011 2012 2013 2014 active
# sold 3 2 4 5 18
$ sold (millions) 2.8 1.8 3.7 4.8 18.3
Median sales price 930,000 890,000 920,000 950,000 992,250
Median days on market 199 263 413.5 301 162

2014 gives us the best performance numbers-wise and dollars-wise of the four years. Also an improved median sales price (meaning increased which of course is important to sellers). Far fewer median days on market in 2014 when looking at 2013. We could make a big fuss over one more property being sold in 2014 versus 2013....wouldn't that be hugely statistically significant .....a 25% increase in sales numbers (4 to 5 sales)....and what does that mean, pretty much nothing if it were a headline and not supported with real numbers. But taken together with an overview of 4 years I think that this segment is stable. It too, has more than three years worth of inventory if we annualize what we have up until December.

$1,200,000 plus

  2011 2012 2013 2014 active
# sold 1 4 4 5 19
$ sold (millions) 1.1 6.0 7.2 9.2 34.2
Median sales price 1.1 1.3 1.8 1.35 1.7
Median days on market 109 207 214 198 185

This is another segment where most of the numbers for 2014 are an improvement over the past four years. Certainly the median sales price isn't as high as in 2013, but otherwise it is improved. And certainly 2014 is improved over 2011 and 2012 except for the fact that median days on market in 2011 were much lower. We have close to four year's worth of inventory active if we use our current number to annualize. A challenged segment, but we wouldn't be surprised about that. Also, an improving segment, which is good news.

Please feel free to call or email me if you'd like me to review a specific real estate question you are considering. Thank you. --Kathryn, Kathryn Murray, 804-450-4442 cell, kam129@aol.com

 



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