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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Quick overview of 2015 sales

I put this together last Monday and at that point I then noted was there were 263 expired listings between Christmas and January 1st. That's a lot of listings to drop off. Of course a number of them came right back on, but so far there aren't a lot of listings in the beginning of January.  On to the statistics.

Since there has been a gradual climb from 2011 up until today, I shortcut this and simply put up 2011 and 2014 and 2015 to show you where we've come since 2011. Here we have the total residential and then the subset of waterfront residential. Below that is the total land sales and then the subset of waterfront land sales. I think using the 2011 and 2014 numbers for comparison makes it easier understand. These statistics are for the Northern Neck counties of Northumberland, Lancaster, Richmond and Westmoreland.

Annual sales residential, four counties
  2011 2014 2015 Active
# sold 354 459 473 683
$ sold (millions) 95.6 130.9 141.4 291.7
Median sales price 205,500 212,500 243,000 299,500
Median days on market 175.5 211 192 217

Yes, better overall in 2015. Not a huge difference from 2014, but decidedly an improvement. And a significant improvement from 2011. That's important. Plenty of active.....not as much as you might expect.

Annual sales waterfront residential, four counties
  2011 2014 2015 Active
# sold 163 221 250 361
$ sold (millions) 69.8 98.2 108.2 230.5
Median sales price 375,000 371,000 365,000 485,000
Median days on market 215 231 210.5 229

Again, an improvement and it is very similar to the improvement in the overall market. Nice to see that 2015 was a good  market with more selling and obviously more inventory being bought by buyers who have been very picky. 

 

Annual sales land, four counties

  2011 2014 2015 Active
# sold 114 135 130 785
$ sold (millions) 11.5 15.8 13.6 117.0
Median sales price 37,750 77,500 49,250 73,000
Median days on market 171 202 273 491

A slight drop in sales in 2015. Signficantly reduced median sales price. Significant increase in median days on market for those properties that sold in 2015.

Annual sales waterfront land, four counties
  2011 2014 2015 Active
# sold 34 66 47 348
$ sold (millions) 5.6 11.9 7.3 90.8
Median sales price 132,250 167,500 138,500 175,000
Median days on market 268 210.5 275 491

Sales decreased significantly in 2015 when compared with 2014. Still a bit better than 2011, but it shows that we have these moments when land starts to come back and then we have moments when that improvement recedes. There really isn't too much of a way to predict this. Look, though, at the 47 that have sold in the past year and that there are 348 actives. That is a significant number. And see where the actives have a median days on market of 491. That is a signficant number of days. 

All of this is perspective. Perspective for the buyer. Perspective for the seller. It helps to know. So keep us in mind if you want assistance and you want to KNOW. Thank you. 



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