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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N Neck waterfront residential sales broken out by price

The sales statistics shown below are for the full years of 2013 and 2014. For 2015 the solds are dated through the 17th of December. Sometime early in January when I would expect the full information to be in, I'll update 2015....probably not in quite such a detailed fashion. 

As always these statistics are for the four counties of the Northern Neck of Virginia (Westmoreland, Northumberland, Lancaster and Richmond.

Waterfront residential sales listed at Under $200,000
  2013 2014 2015 Active
# sold 25 23 20 27
$ sold (millions) 4.0 3.6 2.9 4.5
Median sales price 162,500 160,000 147,725 179,000
Median days on market 220 203 205.5 301

Fewer sales, fewest dollars, lowest median sales price....that's what has happened in 2015. Not a huge amount of inventory in relationship to the solds, so that seems fairly healthy. The actives are at 301 for median days on market....that's a lot and quite a disconnect from the sales reality of 205.5 in 2015. It says there are a bunch of properties that have been on a long time and may not have been priced to sell yet.

Waterfront residential sales listed at $200,000-$400,000
  2013 2014 2015 Active
# sold 81 103 114 138
$ sold (millions) 24.2 30.9 34.5 44.3
Median sales price 305,000 302,000 310,000 325,000
Median days on market 269 254 212.5 219.5

Better sales numbers, better dollars, higher median sales price, fewest median days on market....this for 2015. Relationship between the solds of this year and the actives--114 to 138--isn't a bad one. And the active properties median days on market at 219.5 is pretty close to what has sold in 2015. This is a good segment that is performing well.

Waterfront residential sales listed at $400,000-$600,000
  2013 2014 2015 Active
# sold 55 52 59 115
$ sold (millions) 24.5 24.1 28.3 56.6
Median sales price 435,000 455,000 489,500 479,000
Median days on market 264 218 194 197

More sales, more dollars, higher median sales price, lowest median days on market....this is a good segment as well, that is performing well. More inventory here, but not a ridiculous amount (in Northern Neck terms). Nice relationship between the median sales price of 2015 and the median of the actives...rare that the actives is a lower number. Nice median days on market number for the actives in relationship to the solds of 2015. Looks healthy to me!!

Waterfront residential sales listed at $600,000-$800,000
  2013 2014 2015 Active
# sold 20 19 23 69
$ sold (millions) 13.3 12.5 15.1 49.1
Median sales price 651,500 649,000 639,900 698,000
Median days on market 215.5 235 203 216

More sales, more dollars, hmmm lower median sales price, lower median days on market. This is a healthy segment in terms of sales. There are about three years' worth of actives so that could be a concern for sellers. Median days on market for the actives isn't a bad number. Most of this news is good...only the inventory is a bit excessive so it spells lots of competition for the sellers.

Waterfront residential sales listed at $800,000 to $1,000,000
  2013 2014 2015 Active
# sold 14 14 10 27
$ sold (millions) 11.6 12.0 8.5 24.1
Median sales price 812,500 845,000 839,500 898,000
Median days on market 326 252 160 248

Here's the second segment where we clearly have fallen behind in sales. Fewer sales, fewer dollars, reduced median sales price from 2014 and reduced median days on market (in a big way) for 2015. So the numbers sold and dollars taken in for those sales reflect a celar drop. The median sales price for 2015 is better than 2013 but not as good as 2014. The median days on market are great....shows that listings that come on and are priced right are selling. We have a fairly high active inventory and pretty high median days on market. Not quite as challenged as the $600,000 to $800,000 market, but close.

Waterfront residential sales listed at $1,000,000,000-$1,250,000
  2013 2014 2015 Active
# sold 1 5 5 12
$ sold (millions) 890,000* 4.8 5.2 14.0
Median sales price 890,000 950,000 1.19 1.17
Median days on market 348 299 128 277.5

For 2015 this segment is sort of improved. Not in sales numbers since it is flat with 2014, but in dollars and median sales price. More good news for 2015 is that the median days on market have dropped a great deal and that says the newer properties that are coming on the market are taking into account what is selling  and not just wishful thinking. This is good. (Look though, at the active inventory and see that those median days on market are 277.5. Lots of un-reality still out there.)

Waterfront residential sales listed at $1,250,000 plus
  2013 2014 2015 Active
# sold 6 6 7 35
$ sold (millions) 9.97 10.5 9.9 65.9
Median sales price 1.5 1.3 1.3 1.5
Median days on market 302 203.5 212 228

Here's another segment where I somewhat grudgingly give it a green, though this is mixed. One more sale in 2015 than in 2013 or 2014. Fewer dollars in 2015. Same median sales price as 2014 which is lower than the median sales pice in 2013. Slight uptick in median days on market for 2015. But the one piece of information which is extraordinary, and not in a good way, is that there are five times the number of active properties at this above $1.25 million price point as there are solds in 2015. There is no other sold segment reviewed above that even begins to approach this glut of inventory.

The point of this exercise is to better understand what is going on. With an improved market in 2015 there is no promise that a property at a given price point will necessarily sell next year even if the market continues as it is. This means it is most important to know where you fit in....as someone buying or as someone selling. Please consider contacting us to help you make an informed decision in a purchase or with a sale. There is no replacement for really good market analysis and knowledge.

 



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