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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Northern Neck residential first quarter summary

My apologies for having been absent for so long. Family health issues have kept me from my regular day-to-day and among my normal activities is keeping this board up. As best I can tell by the 15th of April my life should be back to "normal" which is very busy, but much more orderly. That said, here are the first quarter residential sales statistics for you to take a look at. Some of it is truly to be expected, and then some of it not. This has been an extremely unpleasant series of winter months weather-wise and I can only hope and believe that there will be lots of activity with the change of weather which will have to take place soon....tomorrow is the 1st of April!!

These statistics are for the five counties that include Essex and the four of the Northern Neck (Richmond, Northumberland, Lancaster and Westmoreland).

All residential 1/1 to 3/31 2013 2014 2015
# sold 79 95 90
$ sold (millions) 19.5 23.5 27.1
Median sales price 200,000 159,900 214,500
Median days on market 221 219 225

For 2015 slightly fewer properties have sold when compared with 2014. Then again signficantly more sold this year than in 2013 and there has been a considerable increase in total dollars sold. Not bad. Not bad at all!

Waterfront residential 1/1 to 3/31 2013 2014 2015
# sold 36 30 40
$ sold (millions) 13.2 15.2 20.8
Median sales price 325,500 372,000 408,500
Median days on market 272.5 298.5 237

In the waterfront market it is evident that we are doing better all the way around. More residences sold. More dollars sold. Higher median sales price. Reduced median days on market. This is good news!!

And now for a couple of segments of the waterfront market. These are price points that are important to a lot of people, myself included. Again, for 1/1 through 3/31 of the respective years.

The two charts cover the $300,000 to $400,000 price point and the $400,000 to $500,000 price point.  At a later date I'll break out the whole waterfront residential market as well as put together the land sales information too.

WF residential sales $300,000 to $400,000 2013 2014 2015 Actives
# sold 10 5 11 98
$ sold (millions) 3.5 1.7 3.97 35.2
Median sales price 332,750 345,000 360,000 357,000
Median days on market 222 288 351 226

This segment looks healthy--properties are selling. Better sales this first quarter than in 2014 and slightly increased sales over 2013. Improved median sales price, although the days on market for those that have sold....wow, almost a year. And it looks like there is a bit more than two years' worth of inventory in this group which isn't bad in terms of Northern Neck sales. As I said, at a later date (in April) I'll check all of the segments out and post results.

WF residential sales $400,000 to $500,000 2013 2014 2015 Actives
# sold 8 4 4 66
$ sold (millions) 2.8 1.8 1.7 30.9
Median sales price 390,000 453,500 420,325 475,000
Median days on market 388.5 247 173 180

Hmmm. A more challenged part of the market. Same sales as in 2014, but half as much as in 2013. Fewer dollars than of either of the preceeding two years. About 4 years' of inventory here. Lots to choose from, and lots to compete with. Well at least the median days on the market for the 2015 properties is quite a bit fewer than 2014 and far fewer than 2013.

This message board will be back up to speed by mid-April and I will be putting up information at least once if not twice a week.  



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