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
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Finally, some new numbers

I have been remiss. My objective of putting up county-by-county sales numbers got derailed when I had a lot of work to do. My apologies. Perhaps during whatever lull we might have around the holidays I'll be able to go back and do those. For the time being, though, here are numbers that put things into context in terms of sales thus far this year.

I've taken the January 1 through December 11 sales for the regular five counties (4 in the Northern Neck and Essex) and put them together here. For the residential side we'll have three charts: non waterfront, waterview and water access and then waterfront. For the land I've lumped all the properties that aren't waterfront together and the put together a waterfront only chart.

This latest data further supports what we've been finding in this second half of 2014....that we are at least stable, if not slightly improving across the board. Good news, really!!

Non-waterfront residential sales (1/1 to 12/11)
  2012 2013 2014 Active
# sold 157 190 207 318
$ sold (millions) 22.6 28.2 27.6 65.4
Median sales price 130,000 125,000 119,900 173,750
Median days on market 163 182.5 183 198.5

Not too bad. 2014 with increasing number of sales, but fewer dollars and a lower median sales price. Median days on market have stayed stable from 2013. There's some inventory here...around a year and a half's worth which is reasonable for our market.

Water view, water access residential sales  (1/1 to 12/11)
  2012 2013 2014 Active
# sold 47 52 55 94
$ sold (millions) 7.2 8.4 8.6 20.8
Median sales price 138,855 140,950 147,500 199,900
Median days on market 204 170 165 172

More sales and more dollars in 2014. Higher median sales price and fewer median days on market. A little more than a year and a half's inventory but still not a bad number with those 94 actives. With the exception of the inventory number, all of this is good news. (Yes a disconnect in terms of the median sales price of the solds and those that are active, but we find that pretty much everywhere.)

Waterfront residential sales  (1/1 to 12/11)
  2012 2013 2014 Active
# sold 196 197 221 444
$ sold (millions) 81.3 85.8 99.4 259.7
Median sales price 356,250 365,000 375,000 450,000
Median days on market 181 238 224 222.5

More sales, more dollars, higher median sales price and fewer median days on market in 2014 when compared with 2013. Four for four is great!! Yes, basically two years worth of inventory, but that isn't bad given how much property has been available. (Perhaps, though, we will see a change in this come February or March....I suspect so. We'll see.)

Non-waterfront, water view & water access land sales  (1/1 to 12/11)
  2012 2013 2014 Active
# sold 70 91 69 533
$ sold (millions) 3.6 4.3 3.9 34.2
Median sales price 30,000 19,500 25,000 35,500
Median days on market 132 162 167 460

This caused me to pause....hmmmm...fewer sales in 2014 vs. 2013 (significantly fewer) and fewer dollars. Median days on market have stayed reasonable and the median sales price has increased in 2014 over 2013. Lots and lots of inventory obviously and for the actives with 460 days as the median days on market....well that is a big ouch!!!

Waterfront land sales  (1/1 to 12/11)
  2012 2013 2014 Active
# sold 51 53 61 393
$ sold (millions) 6.9 8.3 11.0 97.3
Median sales price 115,000 144,000 170,000 175,000
Median days on market 224 287 245 373

This segment has been doing well and the numbers bear that out. 2014 shows an increase in number of properties sold, an increase in dollars as well as an increase in median sales price. Along with that comes a reduction in the median days on market. 2014 has been a good  year...an improving year for this group of properties.

Plenty of inventory, though. A similar median sales price for the actives when compared with the 2014 solds. Another number that deserves some attention is that the median days on market for actives exceeds the one year mark....that's a long time! 

Still, looking at the above sales figures as a whole, 2014 has been a good year, an improving year and one that we hope will serve as a springboard to an even stronger 2014.

 



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