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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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November Northern Neck residential sales update

Here we are almost to the end of November and as I've been discussing most recently, it will be interesting to see if we end the year on an uptick, or if sales will be the same as 2014. Although we won't know until this year is over, what I have here does give us a fair indication.

The numbers below are for the full year for 2013 and 2014. Obviously 2015 is only up to yesterday, the 22nd of November. It tells me that at least for waterfront residential we shouldn't have a problem exceeding 2014. For the overall residential market, well that may be a different story.

Residential sales Jan. 1 through Dec. 31, 2013
  All residential Waterfront residential
# sold 405 199
$ sold (millions) 118.9 87.5
Median sales price 214,900 372,500
Median days on market 212 246

 

Residential sales Jan. 1 through Dec. 31, 2014
  All residential Waterfront residential
# sold 459 221
$ sold (millions) 130.9 98.2
Median sales price 212,500 371,000
Median days on market 211 231
 

 

Residential sales Jan. 1 through Nov. 22, 2015
  All residential Waterfront residential
# sold 414 217
$ sold (millions) 125.8 96.2
Median sales price 243,000 375,000
Median days on market 185 210
 

 

So it's easier if I run through the numbers here all in a row perhaps, rather than referring back and forth.

Residential market 2013, 2014 and 2015 to date: 405, 459 and 414

WF Residential market 2013, 2014 and 2015 to date: 199, 221, 217

Question is, will we catch up with 2014 in the overall market with 6 weeks to go and two big holidays in there (which can really complicate closings)? It is reasonable to expect we'll exceed 2014's sales numbers for the waterfront market given that we have 217 sold as of now and need only five more to put us ahead of 2014's number of 221.

 

Residential dollars 2013, 2014, and 2015 to date: 118.9, 130.9 and 125.8 (millions)

WF residential dollars 2013, 2014 and 2015 to date: 87.5, 98.2, 96.2 (millions)

The same question goes for overall dollars in the full residential market. Can't be 100% sure we'll exceed the waterfront dollars. Could be close.

 

Residential Median sales price 2013, 2014 and 2015 to date: 214,900, 212,500, 243,000

WF residential median sales price 2013, 2014 and 2015 to date: 372,500, 371,000, 375,000

Overall residential median sales price is up considerably in 2015 when looking at 2013 and 2014. Waterfront is up as well.

 

Residential median days on market 2013, 2014 and 2015 to date: 212, 211, 185

WF residential median days on market 2013, 2014 and 2015 to date: 246, 231, 210

Dropping median days on market says that we are getting healthier in our sales. Not such a long period of time from listing to closing. This is good!!

 

A little later this week I'm going to break out sales of waterfront homes by price and see how we've been doing this year in relationship to other years. Once again I'll look at the inventory factor. Yes, we have done this before, but this seems to be what people are most interested in.



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