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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Just Lancaster Waterfront Residential for a change

I thought I'd take a look at the county that tends to sell the most waterfront homes....then again I'll double check tomorrow and see how Northumberland does versus Lancaster. For the moment here's just a bit of information, waterfront homes in Lancaster county Virginia that have sold from January 1 through July 30 for this year and the two previous. These are broken out in segments of up to $400,000, $400,000 to $800,000 and $800,000 plus. Looks like we're selling!!

$400,000 and under

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 11 15 17 57
$ sold (millions) 3.3 4.0 4.9 17.9
Median sales price 330,000 272,000 335,000 329,000
Median days on market 323 224 327 152

We know that prior to 2013 sales weren't doing well from 2008 on. So these numbers represent the best of sales since 2008. Pretty clearly we are in an improving market for this segment. More sales. More dollars. Higher Median sales price (and yes, I do note that the median days on market is high, but properties that have been on for a long time are selling...probably with considerable price reductions, but yes....selling. And that's good.)

$400,000 to $800,000

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 12 9 19 82
$ sold (millions) 5.1 5.1 10.3 48.6
Median sales price 417,500 530,000 528,500 595,000
Median days on market 242.5 184 240 157

As with the under $400,000 segment, this segment is improved....greatly improved really. With more than double the number of sales as last year this time, and more than double the dollars this segment is doing well. Still a fair number of days for median days on market in 2015, but nowhere near as high as those days for the under $400,000 group of sales. These are really very good numbers in terms of sales this year.

$800,000 plus

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 11 8 10 45
$ sold (millions) 12.7 9.5 11.8 61.9
Median sales price 900,000* 1.01 1.12 1.2
Median days on market 348 283 169.5 262

This market segment isn't exactly clear. Obviously in 2013 there were more homes sold and at a higher total price. The median days on market in 2013 was close to a year while in 2015 it is much less. The median sales price in 2015 is the highest of the three years. This is pretty good news. Not bad news, not terrific news, but pretty good news. We'll see at the end of the year how this all works out. People are looking and there are still opportunities out there.  Yesterday when I was in the "curious" mode I looked at high end listings and found many that have been on since 2011 and 2012. A number of these have dropped 25% or more. Reality is setting in and people are dealing with the market more and more. If they do so, then they can move on. If they do so, then buyers who have been waiting can take that step forward and own their special home on the Northern Neck.

 

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The information below was put together a few days later than the above. I really don't have a way to put these side by side. I'm double checking to see which county had more sales and will write that in red below. You can always go back and forth, but it's a bit of a pain.

Mid week, last week, I put up the sales figures associated with waterfront properties in Lancaster county. I stated that I thought there were the greatest number of sales in that county....and then sort of hedged thinking that Northumberland might actually have the most. Well the same comparisons that I did with Lancaster and done here. Also, I'm going to copy and paste this and put it on the end of the Lancaster statistics so it's easy to see which county is more active.

These numbers are January 1 through July 30, waterfront residential sales in Northumberland county

$400,000 and under

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 26 25 35 110
$ sold (millions) 6.8 6.8 9.6 33.2
Median sales price 272,000 269,500 285,000 300,000
Median days on market 306 246 212 169.5
 

Lots of sales, and I'll check but I'm pretty sure that there are more sales in Northumberland than Lancaster in this segment. Obviously 2015 is the healthiest one of the years noted here. These years are the best since 2008, so 2015 is really an improved market. More sales, more dollars, increased median sales price and reduced median days on market. Nothing to complain about here! (I checked....there are far more sales in Northumberland than Lancaster in this price point. About the same amount of inventory in both counties.)

 

$400,000 to $800,000

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 21 17 17 94
$ sold (millions) 10.5 8.7 8.9 52.4
Median sales price 458,000 455,000 540,000 499,250
Median days on market 197 171 179 129
 

This one I'll have to check when I go back and look at Lancaster (and as I said....I'm posting this after the Lancaster post so you have everything together. You can either look at this in and of itself or go back and compare with me). This looks pretty flat. Obviously same sales as last year. Slightly increased dollars, higher median sales price and slightly raised median days on market. Quite a bit of inventory here. (12, 9, 19 those are the numbers of sales in Lancaster. Therefore for 2013 and 2014 there were fewer sales in Lancaster than in Northumberland. For this year, 2015 there are more in Lancaster. There's considerably more inventory in this price point in Northumberland than there is in Lancaster.)

 

$800,000 and above

WF residential January 1-- July 30  2013 2014 2015 Active
# sold 2 5 37
$ sold (millions) 825,000* 1.7 4.9 46.0
Median sales price 825,000 871,750 950,000 999,000
Median days on market 147 211 105 165
 

* Not in millions

I don't even think I have to look to know that this segment is smaller in Northumberland. But within the context of Northumberland only it is obvious that this segment is doing better this year. Five sales, more dollars,  higher median sales price and considerably reduced median days on market. Plenty of inventory.  (11, 8, 10. Those are the sales numbers in Lancaster for 2013, 2014 and 2015. Northumberland (with 1, 2 and 4) isn't anywhere near at that level. This isn't too much of a surprise really. Lots more inventory here in Northumberland at this price point.)



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