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 recent sales summary

This is fun. It is a snapshot of where we are at this moment in terms of Northern Neck of Virginia real estate sales. It shows that within the residential market there is progress...sort of....you'll see. Whereas in land there's a bit of a backslide taking place. In a way that shouldn't be a surprise. You can still buy a house on a nice piece of property for less than you could ever buy the property and improve it with the septic and water and pier and oh, yes that major expense, the house. For some the investment in building exactly what they want makes sense. Those individuals should have a larger window of time to enjoy the property and ride out this market. For the majority of people who are buying--especially waterfront--taking a good look around at existing homes tends to be the most reasonable, economical approach to a purchase. (We show property to a lot of late 50 somethings and 60 somethings and they aren't necessarily going to stay for the next 20 or 30 years.)

The residential numbers show that the 2015 improved over 2013 and are slightly reduced in comparison to 2014. Dollars spent are up as is the median sales price in 2015, so that is good. The actives though.....lots of them and lots of dollars in those actives!!

These numbers are for the five counties of the Northern Neck, including Essex, Northumberland, Richmond, Westmoreland and Lancaster. The dates covered are January 1 through June 2 for the respective years.

All residential 1/1-6/2 (5 counties) 2013 2014 2015 Active
# sold 160 178 174 985
$ sold (millions) 42.3 44.8 51.8 400.4
Median sales price 182,500 171,500 210,000 299,900
Median days on market 215 215.5 202 130

We have close to three years' worth of inventory in the residential category. By Northern Neck standards that isn't so bad. Median price is up and Median days on market is down somewhat for 2015. There's obviously a bunch of higher end properties with the median sales price of the actives basically at $300,000 which is quite a distance from the about $200,000 of the most recent solds. I'd call this not exactly great news, but not bad news.

All land 1/1-6/2 (five counties) 2013 2014 2015 Active
# sold 43 59 49 931
$ sold (millions) 3.9 7.6 4.1 134.2
Median sales price 60,000 90,000 38,000 70,500
Median days on market 288 186 226 400

Here's a very different story in terms of sales but we've already discussed the reasons above. Unless a piece of land is absolutely what you want and you can't find anything to replace it that already has a home on it, well that lot better be priced really well. Based on sales in 2015 there is a bit more than 9 years' worth of inventory on the market. The median days on market for the actives is 400....yes 400!!! The median sales price of the solds thus far this year is $38,000 which is a far cry from the $70,500 for the actives. The good news is that there are lots that are selling. The bad news is that there are fewer this year than last and that the days on market are climbing again--the sales price is obviously quite low. Not simple for a seller of land to be able to get out of this market unless they bought at a good time and can reasonably discount. For those who bought around the 2003, 2004, 2005 run up of property values....those prices are not anywhere in the forseeable future. They were a moment in time that probably won't be repeated in our lifetime....sorry to say.

Anyway, great values are out there in residential properties and sometimes in land. There is no denying that the Northern Neck is a special place to get away to or to live full time. There are all sorts of groups and activites....you just have to take a bit of time. Look around. Talk to people and as I often say, don't volunteer too much right away....if you do, you'll find that your "spare time" is all gone and you don't have any time for you!! It's true, there is that much to do! 



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