Back again with a bit of a breakdown on waterfront residential sales in the Northern Neck as of mid June 2015. I ran out of time after I reached a certain number and hope to get back to this later this week. What is different here is that I have NOT included Essex. There have been a lot of questions and activity which makes me look at this within the Northern Neck and not including Essex. (In some ways Essex is very much part of our market and in other ways it is a world apart. It depends on who is looking and what their needs are. For those coming from Richmond it is preferred because it is closer. For some parties coming from elsewhere it is preferred because it is close to Tappahannock and reasonaably close to Richmond...anyway, not the story today.)
These numbers are for 1/1 through 6/15 for the four counties, Richmond, Westmoreland, Northumberland and Lancaster. They cover the five full years that are available to us in terms of data our MLS holds onto.
Waterfront residential sales under $200,000
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
6 |
12 |
9 |
8 |
6 |
22 |
| $ sold (millions) |
944,000* |
1.7 |
1.4 |
1.3 |
874,450* |
3.5 |
| Median sales price |
156,000 |
142,000 |
171,500 |
163,000 |
145,000 |
167,966 |
| Median days on market |
251 |
285 |
309 |
227.5 |
277 |
265 |
*these aren't millions. Just straight numbers.
Looking at this segment, it certainly isn't improving. If anything it is slipping. With the fewest sales except for in 2011 occuring now, in 2015. With the lowest dollars in terms of sold. With the lowest median sales price, and median days on the market has risen.
Waterfront residential sales $200,000-$300,0000
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
9 |
12 |
10 |
14 |
13 |
97 |
| $ sold (millions) |
2.2 |
2.8 |
2.3 |
3.4 |
3.2 |
25.6 |
| Median sales price |
232,000 |
226,000 |
241,450 |
242,000 |
250,000 |
268,000 |
| Median days on market |
231 |
126.5 |
356 |
320 |
307 |
128 |
This segment is doing okay, but not great. Selling, but not in any way that would make you feel there is a big trend. Still plenty of days on the market for the median number. Lots of inventory here. Think about it....approximately 2 houses have sold each month and there are almost 100 on the market at the moment. Yes, there are sales, but not a lot and they are taking some time.
Waterfront residential sales $300,000-$400,0000
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
18 |
16 |
16 |
13 |
22 |
119 |
| $ sold (millions) |
5.9 |
5.5 |
5.3 |
4.4 |
7.9 |
43.2 |
| Median sales price |
325,000 |
341,000 |
325,000 |
345,000 |
355,000 |
369,000 |
| Median days on market |
200 |
350 |
219.5 |
393 |
311 |
155 |
There's pretty good news for these properties, ones that are in this price point. The largest number have sold this year and it is an almost significant number over last year. Most dollars for the solds and highest median sales price of all five years. True, the median days on market has been 311 for the solds in 2015, but they did happen and the actives have a much lower median days on market number.
Waterfront residential sales $400,000-$500,0000
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
3 |
12 |
17 |
9 |
10 |
89 |
| $ sold (millions) |
1.2 |
5.0 |
6.5 |
3.9 |
4.2 |
41.4 |
| Median sales price |
408,000 |
420,000 |
410,000 |
450,000 |
413,000 |
469,500 |
| Median days on market |
426 |
160 |
357 |
184 |
141 |
126 |
No real trend whatsoever here. Perhaps a holding its own after 2012 and 2013 were improved years. Pretty low median sales price for the 2015 solds, but then again fewest median days on market of all five years. Plenty of inventory. I'd say this isn't really trending anywhere at the moment. Time will tell.
Waterfront residential sales $500,000 plus
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
21 |
18 |
21 |
19 |
34 |
211 |
| $ sold (millions) |
13.7 |
12.8 |
17.9 |
15.3 |
24.9 |
192.7 |
| Median sales price |
601,000 |
575,000 |
685,000 |
646,000 |
600,000 |
749,000 |
| Median days on market |
353 |
207 |
211 |
298 |
227.5 |
130 |
The numbers of solds here shows that this portion of the market has improved. As I said, though, I need to break this out into $100,000 or $200,000 increments which I will do by the end of the weekend. The 34 sales of this year are far greater than any of the four previous years. The dollars for these solds are the highest too. Of course the median sales price is down and isn't that high...still 34 sales. Median days on market are improved this year over last year.....all in all, good news. (This will be reviewed more closely to see what portions of this over $500,000 market is doing best and what is perhaps still not performing too well....to be continued.)
--Kathryn
Kathryn Murray, principal broker, MBA, 804-450-4442 cell
