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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Northern Neck Residential sales update

I had been thinking that 2015 was turning out to be a  year that was pretty much the equivalent of 2014. That would be a disappointment, so what is shown in these tables below comes as a very pleasant and positive surprise. Not that flat would be bad for sales of 2015 versus 2014, but it is far better to be moving forward toward selling off the inventory that we have, and that is happening!!

These three charts cover the period from January 1 through December 10 for the respective years. Also, this is data for the four counties of the Northern Neck which obviously includes Westmoreland, Northumberland, Lancaster and Richmond counties. (As I've said earlier, I will do the breakouts for waterfront residential at a variety of price points, probably by this weekend....looks like there is more to be learned about exactly what is selling there.)

Residential sales, Jan. 1 through Dec. 10 (4 counties)
  2011 2012 2013 2014 2015 Active
# sold 337 347 384 428 438 799
$ sold (millions) 91.2 99.8 112.9 123.9 132.4 331.3
Median sales price 206,000 230,000 216,200 216,000 244,000 299,000
Median days on market 176 179 211 202 185 203

Yes, better overall in many ways. 2015 has given us the greatest numbre of sales, highest overall income to sellers, highest median sales price and a real reduction in Median Days on market over the last two years. This looks good. We do have our fair share of inventory, but it isn't terrible by an means.

Waterfront Residential sales, Jan. 1 through Dec. 10 (4 counties)
  2011 2012 2013 2014 2015 Active
# sold 153 180 189 208 231 429
$ sold (millions) 65.9 74.7 82.9 92.9 101.2 260.7
Median sales price 365,000 360,000 365,000 373,000 375,000 474,500
Median days on market 215 195.5 238 221 203 219

Similar, though even better than overall sales is the waterfront residential report here. 2015 with the greatest number sold. Greatest number of dollars received by sellers. Highest median sales price and reduced median days on market in comparison with 2013 and 2014. Knowing that our sales dipped drastically in 2009 and 2010, this is a real line on a graph showing improvement and 2015 was one more dot on the chart showing sales growth. Good for sellers. Good for our local economy. Good to see. (Less than two years worth of inventory that is active compared with the 2015 sales to date.... a little over a year and three quarters.)

Waterfront residential sales $500,000 plus, Jan. 1 through Dec. 10 (4 counties)
  2011 2012 2013 2014 2015 Active
# sold 49 51 57 58 72 187
$ sold (millions) 33.4 35.8 43.6 46.5 52.4 175.9
Median sales price 601,000 575,000 653,000 670,000 613,500 750,000
Median days on market 277 182 246 266 207.5 226

2015 there are more residences sold, higher dollars.....a decrease in median sales price.  Median days on market is at its lowest except for 2012. This is all good news too.  (More inventory in this segment, the over $500,000 segment, with a bit more than two and half years' inventory if we annualize the 2015 sales to date of 72.)



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