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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Northern Neck property sales update April 26, 2015

Back again with more numbers and tomorrow I will do a little narrative about getting back to a more normal life and my travels to different activities on the Northern Neck. It is the Northern Neck is truly coming alive again after quite a slumber. Normally the winters here are very quiet and so if you choose to live here full time that may be an adjustment. With the weather we had this past winter it was a bit of a chore making it through the ice, snow and cold, but then again we didn't have half the weather that many other locations had, so it is all relative. Our normal winters are really quite easy....with little snow and only one major cold snap that doesn't last to long. Can't say that about this past winter.

Numbers!!

In thinking about the analysis and numbers I've been putting up most recently I concluded perhaps only three years didn't tell us as much as we might learn with a bit more time, so in these charts we have 2012 through 2015 sales for the same time period. (As always, Westmoreland, Northumberland, Lancaster, Richmond and Essex counties are included.) What looking at the numbers you'll see below, well it tells me in general is that we are improving over last year. The one problematic segment is all land sales that are up in terms of number of sales, but the dollars for these sales and the median sales price are significantly down. That isn't a plus....but generally, good news for almost all property sales.

5 counties, all residential 1/1 through 4/26
  2012 2013 2014 2015 Active
# sold 103 112 133 130 899
$ sold (millions) 26.2 29.6 32.5 37.35 363.2
Median sales price 170,000 186,500 160,000 206,150 299,995
Median days on market 199 218.5 203 209.5 210

Looking good in 2015. Slightly fewer sales, but higher dollars total and highest median sales price within this four year review. Days on market are up a bit but not really out of line. And yes, there's certainly a fair amount of inventory, but not really excessive in Northern Neck terms. 

5 counties, waterfront residential 1/1 through 4/26

  2012 2013 2014 2015 Active
# sold 44 47 45 55 481
$ sold (millions) 18.1 20.5 21.3 27.6 273.6
Median sales price 345,000 350,000 345,000 410,000 450,000
Median days on market 265 263 299 234 221

2015 sales are improved over the previous three years in every way. More sold, more dollars, higher median sales price and fewer median days on market.

Of the fifty-five (55) 2015 solds in this category 31 were priced below $500,000.

There were 21 properties sold in 2015 between $500,000 and $1,000,000.

A total of 3 priced over $1,000,000 have sold this year. Currently there 41 active properties (listings) at $1,000,000 plus. That's quite a comparison....that's competition! 

5 counties, all land 1/1 through 4/26

  2012 2013 2014 2015 Active
# sold 47 34 35 38 942
$ sold (millions) 3.8 3.0 4.3 2.7 134.3
Median sales price 40,000 42,500 61,000 36,750 72,950
Median days on market 136 380 153 248.5 395

Better number of sales than the previous years with the exception of 2012. Dollars for the 2015 sales are way lower than 2014 and considerably lower than 2012 and 2013. 2015's median sales price is lower and median days on market is way up over 2014. Huge amount of inventory with median days on market for the actives climbing well over a year.

5 counties, waterfront land 1/1 through 4/26
  2012 2013 2014 2015 Active
# sold 16 14 12 16 408
$ sold (millions) 1.96 2.2 2.3 2.07 101.0
Median sales price 106,500 146,500 182,500 103,750 170,050
Median days on market 224 591.5 87 223.5 378
           

Of the 408 active properties there are 107 priced under $100,000.

147 priced from $100,000 to $200,000.

In the $200,000 plus price point there are 154 actives. 

5 properties have sold for over $200,000 since the beginning of the year. All of those sold for cash. This is another segment where you have to be the best of the best of the best in terms of value in order to sell. And with the actives for this whole category the median days on market is above a year too!!

Kathryn Murray, Principal broker, 804-450-4442 cell



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