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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Waterfront residential broken out more thoroughly

Thought I'd try to do a bit better job looking at the waterfront residential sales numbers. For that reason I've broken out a bunch of price points and this is for the four counties of the Northern Neck (Richmond, Lancaster, Northumberland and Westmoreland) for the time from January 1 through September 27 for the respective years.

Waterfront residential priced up to $200,000
  2013 2014 2015 Active
# sold 15 13 12 30
$ sold (millions) 2.5 2.1 1.6 4.9
Median sales price 162,500 164,000 136,250 176,000
Median days on market 306 224 277 214.5

Actually declining sales in this segmen. with 2.5 times as much inventory as has sold thus far this year. Considerably reduced median sales price. Considerable increase in median days on market. Rather sizable disconnect between the median sales price in 2015 and the median sales price of the actives. $136,250 for 2015 and $176,000 for the Active listings.

Waterfront residential priced $200,000-$300,000
  2013 2014 2015 Active
# sold 29 31 38 91
$ sold (millions) 7.1 7.6 9.3 24.1
Median sales price 245,000 245,000 244,000 269,000
Median days on market 299 266 240 186

A pretty good improvment in sales. Holding our own in the median sales price...right around $245,000 for all three years. Somewhat reduced median days on market. And there are 2.4 times as many actives as has sold in 2015.

 

Waterfront residential priced $300,000-$400,000
  2013 2014 2015 Active
# sold 36 30 45 108
$ sold (millions) 12.3 10.2 15.8 38.8
Median sales price 339,750 342,500 355,000 359,500
Median days on market 232 258 212 159.5

Greatly improved number of sales in 2015 versus 2014 (45 this year rather than 30 for last year). Increased median sales price and reduced median days on market for 2015. Again, 2.4 times as much inventory as solds in 2015.

 

Waterfront residential priced $400,000-$500,000
  2013 2014 2015 Active
# sold 28 26 23 95
$ sold (millions) 11.1 11.3 10.0 43.6
Median sales price 412,950 441,250 430,650 450,000
Median days on market 346 161.5 158 161

2015 shows the lowest sales of the three years we're reviewing here. Lower median sales price when looking at 2015 versus 2014. Fewer median days on market. With 95 actives there is 4.1 times as many actives as homes that have sold in 2015. More than any other segment we've looked at thus far. 

 

Waterfront residential priced $500,000-$600,000

  2013 2014 2015 Active
# sold 14 10 25 48
$ sold (millions) 7.3 5.1 13.1 26.9
Median sales price 525,000 522,000 515,000 550,000
Median days on market 201 345.5 267 164.5

A real improvement in sales in this segment. Wow, 2.5 times as many homes sold in 2015 as in 2014. Median sales price is slightly lower this year, but median days on market is quite improved in 2015 over 2014. There are 1.9 times as many actives as solds which makes this the healthiest segment of them all so far.

Waterfront residential priced $600,000-$800,000
  2013 2014 2015 Active
# sold 14 14 19 79
$ sold (millions) 9.4 9.3 12.4 55.6
Median sales price 669,000 656,550 625,000 695,000
Median days on market 192 201 249 182

2015 is a better year for this segment with more sales. The median sales price is down a bit and the median days on market is up in 2015. The total actives is 4.1 times as many as those that have sold in 2015. Not a great number for sellers.

Waterfront residential priced $800,000-$1,200,000

  2013 2014 2015 Active
# sold 12 9 13 46
$ sold (millions) 10.1 8.1 11.7 43.8
Median sales price 827,500 915,000 875,000 899,000
Median days on market 347 273 133 215

Nothing to really write home about here. No real significant trend or improvement. Reduced Median days on market which is nice. There are 3.5 times as many actives as number of solds for 2015. Kind of in the middle of those numbers with our lowest having been 1.9 with the $500,000 to $600,000 and the highest thus far at 4.1 for the $600,000 to $800,000 group of homes.

Waterfront residential priced $1,200,000 plus

  2013 2014 2015 Active
# sold 4 4 8 37
$ sold (millions) 7.2 7.8 11.1 66.1
Median sales price 1.8 1.8 1.3 1.5
Median days on market 302 208.5 158.5 194

Big improvement in sales, up 100% in 2015 over 2014 sales. Median sales price is signficantly lower for 2015 when looking at the prior two years. Median days on market is really improved. The number of actives is 4.6 times as many as have sold in 2015 which is the largest number for any of these groups. Still, a big improvement with twice as many homes selling at this price point as had sold in either of the previous two years. 



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