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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Waterfront land sales perspective

Just another variation on one of our themes. I just looked at sales within different price categories for waterfront land in the Northern Neck. It's rather telling. This is for the five counties (four on the Northern Neck and Essex county as well). Since an appraiser may look as far back six months, I made this a five month study. It's always preferable to use the last three months to judge what is going on in terms of sales. (though I don't know if it is mandatory for appraisers at the moment). Regardless, this bit of statistics gives us quite a bit of perspective. 9/23/2014 through 2/23/2015 is the time frame. This is broken out in price points. It is obviously most interesting to see how much is on the market in relationship to the solds. You'll see!!

List price up to $100,000
  9/23-2/23 solds Active
# sold 9 95
$ sold (millions) 537,000* 6.6
Median sales price 57,000 71,200
Median days on market 464 389

* Not millions.

So annualized these numbers say that there is a bit more than five years' worth of inventory. Of the active property the median days on market exceeds a year. There's about a 20% difference between the median sales price of the actual sales and that of the actives.

List price $100,000-$200,000
  9/23-2/23 solds Active
# sold 12 138
$ sold (millions) 1.5 21.9
Median sales price 112,500 159,950
Median days on market 176 455

Again, a little in excess of five years' worth (almost 6) of inventory sitting in the active column. Obviously the active properties have a lot of age on them with the median days on market at 455. Those that have sold haven't been on such a long time. Bigger difference percentage wise between the median sales price of the solds and actives here.

List price $200,000-$400,000
  9/23-2/23 solds Active
# sold 5 98
$ sold (millions) 1.2 28.0
Median sales price 210,000 275,000
Median days on market 315 325

Here's where it gets tougher. More like 9 years' worth of inventory here. Says you have to be the best of the best to even get looked at.

List price $400,000 plus
  9/23-2/23 solds Active
# sold 1 38
$ sold (millions) 410,000* 36.9
Median sales price 410,000 587,250
Median days on market 200 278

At this price point there is more competition than at any other price point. Close to 20 years' inventory if we look at this one 6 month period. Let's just hope that was a very slow period and that things will change.

 



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