We know quite well from following the sales statistics from the last few months that 2015 is shaping up to be the best year since we had the screeching halt resulting from 2008 and the banking debacle. This is good news for sellers and in all probability it is good news for buyers. Part of what is going on is that sales are finally occuring on properties that have been on and off the market for years. The reality has set in. People can't stay here forever and wait for the market to take off. It isn't taking off. It is improving but only after prices have been adjusted to reflect what people will buy. None of this can be helped. We've had a lot of inventory and it's taking a long time for that to move, but these numbers show we are definitely going in the right direction.
Although I often include Essex county in this, I have left it out. For me Essex is part of the Northern Neck since it is an area that I work regularly. And there are special aspects about all the counties...I could say that Westmoreland being closer to Fredericksburg and DC has a special appeal. Obviously Essex, since it is closer to Richmond has that extra appeal for the. Well you have to make a choice somewhere so for today's purposes, this is the four counties of the Northern Neck, Westmoreland, Northumberland, Lancaster and Richmond.
All residential sales Jan. 1 through July 31 (4 counties)
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
189 |
200 |
219 |
219 |
259 |
923 |
| $ sold (millions) |
52.2 |
53.7 |
64.9 |
58.4 |
81.5 |
384.6 |
| Median sales price |
191,000 |
201,225 |
210,000 |
187,000 |
250,000 |
320,800 |
| Median days on market |
169 |
178 |
211 |
224 |
165 |
145 |
Big jump in sales this year. Big jump in total dollars. Big jump in median sales price and fewer days on market. Very nice.
Obviously what is below is a subset of the total residential sales.
Waterfront residential sales Jan. 1 through July 31 (4 counties)
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
87 |
94 |
103 |
91 |
135 |
527 |
| $ sold (millions) |
38.4 |
37.1 |
47.7 |
40.9 |
63.9 |
302.4 |
| Median sales price |
361,000 |
350,000 |
385,000 |
350,000 |
380,500 |
449,000 |
| Median days on market |
215 |
195 |
246 |
273 |
212 |
145 |
Looks as if the biggest jump in sales has been in the waterfront category. More dollars obviously with more sales. Higher median sales price and fewewst median days on market since 2012. Looking like an active and improvinng market. This is great!!
Later today, or early tomorrow I will do exactly this with the land sales for the Northern Neck. Have to run out the door to appointments--today is another 150 mile day running through the four counties. Really, never dull in the country!!! --Kathryn, Kathryn Murray, 804-450-4442 cell
