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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
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Fax: 877-295-0940
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Waterfront residential in Northumberland and Lancaster counties Virginia

Since the two largest counties in terms of waterfront residential sales are Northumberland and Lancaster, I thought I'd see how they have been trending this year. The numbers below are broken out into $200,000 increments except when we get to the $1,000,000 mark. These numbers are for January 1 through May 4 for the respective years.

Northumberland & Lancaster wf residential Under $200,000
  2013 2014 2015 Active
# sold 5 5 2 16
$ sold  806,500 861,000 325,000 2.6 mil
Median sales price 171,500 164,000 162,500 167,000
Median days on market 309 231 88 356

 

Sales in 2015 are behind 2013 and 2014. Median sales price is down slightly. Median days on market are down significantly which means a right-priced property is being snapped up quickly. There's 8 times as much inventory as there have been sales in this first third of the year. Just a number to think about as we run through these other price points.

Northumberland & Lancaster wf residential $200,000-$400,000

  2013 2014 2015 Active
# sold 16 12 18 150
$ sold (millions) 5.0 3.4 5.9 48.4
Median sales price 323,950 284,750 355,000 325,000
Median days on market 322 326 271 244.5

 

This segment has the greatest number of sales and it is doing the best in 2015 when compared with 2013 and 2014. More sold. Higher dollars. Higher median sales price and fewest median days on market. There are 8.33 times as much inventory available as has sold in 2015.

Northumberland & Lancaster wf residential $400,000-$600,000

  2013 2014 2015 Active
# sold 12 11 12 99
$ sold (millions) 4.6 5.3 5.9 50.2
Median sales price 415,000 475,000 498,500 499,000
Median days on market 363 171 206.5 105

In general this segment is doing well too. Not significantly more sales, obviously since the variations on 12 to 11 to 12 really can't be significant. The dollars sold are up for 2015. The median sales price is up and while the median days on market in 2015 are higher than 2014, they are greatly improved over 2013. Actives are 8.25 times the number of solds for 2015. Hmmmm....pretty consistent thus far.

Northumberland & Lancaster wf residential $600,000-$800,000
  2013 2014 2015 Active
# sold 3 4 7 57
$ sold (millions) 1.96 2.6 4.6 40.6
Median sales price 653,000 655,000 600,000 699,000
Median days on market 197 140 372 216

 

This segment looks improved and not...sort of a mixed situation. More properties sold in 2015 than in the previous two years. More dollars in terms of sales. A reduced median sales price and a hughly increased median days on market at 372....more than a year!! A mulitiple of 8.14 actives compared to sales in 2015.

Northumberland & Lancaster wf residential $800,000-$1,000,000

  2013 2014 2015 Active
# sold 5 0 3 34
$ sold (millions) 4.2 0 2.5 31.1
Median sales price 830,000 NA 791,000 899,000
Median days on market 346 NA 215 272.5

2015 sales are better than 2014 (with no sales) and lower than 2014. The median sales price is lower in 2015 when compared to 2013. Median days on market are much better in 2015....it took almost a year to sell the 5 properties in 2013. 11.3 is the multiple here for the number of actives vs. 2015 solds.

Northumberland & Lancaster wf residential $1,000,000-$1,500,000
  2013 2014 2015 Active
# sold 0 3 3 24
$ sold (millions) 0 3.4 3.6 29.8
Median sales price NA 1.2 1.2 1.25
Median days on market NA 293 212 184

 

Don't know if you can call this stable. Nothing sold in 2013 and 3 properties each sold in 2014 and 2015. Dollars area quite similar. Median sales price is the same. Median days on market is an improved number for 2015. There's 8 times as much inventory available as has sold thus far this year. Not a bad number. I think perhaps it reflects the fact that many parties have taken their property off the market given how poor sales have been. Can't be sure, but that's my gut feeling.

Northumberland & Lancaster wf residential $1,500,000 plus

  2013 2014 2015 Active
# sold 1 1 2 14
$ sold (millions) 2.3 2.35 2.9 30.7
Median sales price 2.3 2.35 1.4 1.95
Median days on market 246 642 73.5 396

There's not much to say about this except that things are pretty stable and not much selling. Obviously the median sales price for the two properties that sold in 2015 is much lower than the price of the two properties (one each) that sold in 2013 and 2014. The 2015 properties sold quickly....either totally new on the market and priced well...or brought back with sellers who knew they wanted to sell and chose to price their properties accordingly. (In this market even that doesn't assure a quick sale....it is tough.) As you can see the actives are 7 times as plentiful and the actives have 396 median days on market.



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