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
EMAIL OFFICE
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Northern Neck land sales update for November 2015

As promised here are the numbers related to land sales. Just like the residential sales which seemed to be slowing this year, the same seemed true for land. The difference here is that we've decidedly fallen behind in 2015....there's no fudging these figures. Land is struggling, but that we knew. We just didn't know how much relative to the last couple of years. Now we do.

2013 sales 1/1 to 11/4 in four counties
  All land Waterfront only
# sold 100 45
$ sold 9.7 6.9
Median sales price 60,000 140,000
Median days on market 187 312
     

 

2014 sales 1/1 to 11/4 in four counties
  All land Waterfront only
# sold 118 58
$ sold 13.9 10.4
Median sales price 72,500 165,000
Median days on market 205 261
     

 

2015 sales 1/1 to 11/4 in four counties
  All land Waterfront only
# sold 101 39
$ sold 9.9 6.0
Median sales price 52,000 125,000
Median days on market 265 275
     

 

Active land on 11/4 in four counties
  All land Watefront only
# sold 927 414
$ sold 141.8 110.3
Median sales price 75,000 175,000
Median days on market 431 413
     

(Yes, I noticed that I have an extra row, but since I'm racing to get this information up before I'm out showing property today, I thought....I'll let it go. I doesn't hurt the information at all.)

So I can look at these numbers on the piece of paper I've written this down on since I'm taking it from my MLS. 

It may be easier to know that all land was 106, 118 to 101 if you are looking at 2013 to 2014 to 2015 (all for the timeframe 1/1 to 11/4) and then the actives are 927.

Then looking the same way at waterfront we have 45, 58 and 39 for the years 2013, 2014 and 2015, and the actives are 414. Given 39 sold waterfront lots and 414 active, it isn't hard to imagine why I often say to pepole we have ten years' worth of inventory in that category....it's very close.

Looking at median sales price for the waterfront it is 140,000 then 165,000 and then 125,000 in 2015. The median of the actives is 175,000.

The median days on market for active properties be they the total which has median days on market of 431, or the waterfront which is 413, is a very very long time. 

On the one hand these numbers aren't terribly encouraging, but on the other hand land sales were so poor in 2009 and 2010 and 2011, so this doesn't look so bad. It is just unfortunate that there is a slowing in 2015. Maybe once we get rid of the excess inventory in houses we can move forward and have this land sell...or at least a bigger percentage.



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