It was really my hope that the trend showing that this is an improved market would shine through after the August numbers were in...here we are greeting September already which is hard to believe (and note that some Realtors don't get their information on closings in for a couple of days so there may be more sales that would qualify for 2015). Looking at what we have below for sales in the Northern Neck of Virginia four counties (Lancaster, Northumberland, Richmond and Westmoreland) we are doing well....the best that we have in years. Nice to see.
In total residential sales are doing better, but percentage wise when we look at the subset of waterfront residential sales, that is where there is the most improvement.
All residential, 4 counties, 1/1 through 8/31
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
241 |
235 |
259 |
278 |
298 |
903 |
| $ sold (million) |
66.5 |
65.6 |
77.1 |
78.5 |
91.5 |
375.5 |
| Median sales price |
204,500 |
215,500 |
220,000 |
205,000 |
240,000 |
315,000 |
| Median days on market |
172 |
169 |
212 |
203.5 |
164 |
154 |
Improved number of sales. Improved dollars. Highest median sales price within this five year period and fewest median days on market. That's good news!!
Waterfront residential, 4 counties, 1/1 through 8/31
| |
2011 |
2012 |
2013 |
2014 |
2015 |
Active |
| # sold |
112 |
117 |
129 |
123 |
151 |
521 |
| $ sold (million) |
48.8 |
47.4 |
57.9 |
56.2 |
70.2 |
299.0 |
| Median sales price |
363,000 |
359,500 |
375,000 |
370,000 |
390,000 |
449,000 |
| Median days on market |
211 |
176 |
282 |
231 |
212 |
158* |
Almost 50% increase in number of properties sold from 2011 to 2015. That's good. Significant dollars more in 2015 than in any of the previous four years. Highest median sales price and a reduced median days on market in relationship to 2013 and 2014. Interesting. Good news. The trend is that we are in a better market and that property is selling. If you are interested in buying, you might seriously consider doing so soon.....people are out there buying which makes for a more challenging market for buyers....not a sellers market yet, but it could be coming.
Sometimes I'm just curious so I looked at the property that has been on the market the longest in the waterfront residential category. It has been on for 2987 days. And almost more fantastic than that length of consecutive days the fact that when it was put on in 2007 there hasn't been a single price change makes me absolutely astounded. What is this seller thinking? What is the Realtor thinking? Any Realtor worth their salt wouldn't show the property....there isn't the value there, so what is going on? Well, not my problem.
I'll put together the land numbers either late today or in the morning. It's fun to get to the end of the month and see where things stand. We aren't just speculating, we're watching the numbers unfold. --Kathryn (Kathryn Murray, 804-450-4442 cell)
