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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Recent land sales and some waterfront residential numbers

I wanted to check on how land has been selling since the first of the year. Meant to do the comparison at the end of January but if we "apples to apples" this by using the same dates, it is still helpful. So this first set of numbers compares lot sales in the four counties of the Northern Neck and Essex county for the period of January 1 through February 12. This are the numbers for 2014 and 2015. Then we look at the active numbers.

All land 1/1 through 2/12 (5 counties) 2014 2015 Active
# sold 7 10 866
$ sold 758,500 830,000 124,000,000
Median sales price 61,000 58,500 74,750
Median days on market 142 226 386.5

Looks like we've sold a bit more this year, but not a significant number in either year. It's taking longer to sell with a longer median days on market....and then look at that active number....866 versus 10 sold in about a month and a half. Wow, that's a minimum of 7 years inventory and that's being generous.

Second part of this is.....County by county we see what sold in 2014 for waterfront residential properties. The sales numbers for 2014 are compared with what is active today for that county. Tells quite a bit about each county. We've seen before that these counties can perform very differently and for a lot of reasons.....some have lots and lots of inventory and some practically none.

Waterfront residential sales 2014 and actives 2.12.15
Essex county 2014 solds Actives
# sold 17 14
$ sold (millions) 7.9 7.9
Median sales price 425,000 372,200
Median days on market 243 284

This county's results will prove to be an anomaly. 17 solds and only 14 actives. Median sales price of the solds is higher than that of the median sales price for those on the market. A very different market in Essex as you will see. Plenty of days on market for those actives, though.

Waterfront residential sales 2014 and actives 2.12.15
Lancaster county 2014 solds Actives
# sold 74 153
$ sold (millions) 43.6 109.1
Median sales price 470,000 599,000
Median days on market 256.5 261

 

Here we are with twice as much inventory as we have solds for 2014. Even though that isn't perfect, that's not a bad number. I think that in the next few days I'll break this down into different price points. At some price points there's a reasonable amount of inventory. At others the numbers on the market versus what has sold tell a very different story.

Waterfront residential sales 2014 and actives 2.12.15

Northumberland county 2014 solds Actives
# sold 100 176
$ sold (millions) 39.0 95.1
Median sales price 350,000 399,000
Median days on market 229 270

Fewer than double the actives as the solds (75% more actives than solds). Closer relationship between the median sales price of the solds and the actives than in Lancaster county. Higher median days on market for these actives.

Waterfront residential sales 2014 and actives 2.12.15
Richmond county 2014 solds Actives
# sold 4 8
$ sold (millions) 1.3 4.3
Median sales price 270,000 415,500
Median days on market 366 236.5

Yes, totally different. Four solds in 2014. But if you've spent any time here, there isn't that much waterfront residential property to sell and often it is sold within a community to friends and family. Those 2014s took a long time to sell, and the actives have a considerably higher median sales price. Days on market look to be about what's normal in the Northern Neck these days.

Waterfront residential sales 2014 and actives 2.12.15
Westmoreland county 2014 solds Actives
# sold 40 61
$ sold (millions) 13.5 27.3
Median sales price 337,500 425,000
Median days on market 175 196

Looking at the numbers, hmmmm Northumberland sold 100 waterfront residential properties, Lancaster sold 74 and here we are with Westmoreland with 40. We tend to forget how differently these locations perform. With 151 actives in Lancaster and 176 in Northumberland, that's a whole other world from 61 in Westmoreland. Even though a lot of our clients look all over the Northern Neck there are different sub-markets and different pressures in any given county. These are better median days on market than in any of the previous four counties. Yes, different. And we don't have so much inventory here in relationship to the solds. That's a good thing for Westmoreland provided your property is priced appropriately. This is looking to be a good selling year based on a bunch of factors, not the least of which is the activity I'm personally experiencing.

Call for real estate assistance. We'd be glad to help. --Kathryn Murray, principal broker, 804-450-4442 cell

 



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