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.
