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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Yes, more waterfront numbers

Breaking out the sales in a similar fashion to the last couple of messages, shows us what sold in 2011 and then in 2014 and 2015. Comparing these sales with what is active and on the market is perhaps helpful. We all realize though, that some properties are off the market for a bit, so this may not be exactly what is going on, but we have to look at what we have. These numbers are for the four counties of the Northern Neck (Westmoreland, Northumberland, Richmond and Lancaster) and lo and behold....full year information!!

Waterfront residential sales Listed Under $200,000
  2011 2014 2015 Active
# sold 12 23 20 23
$ sold (millions) 1.85 3.55 2.9 3.76
Median sales price 163,250 160,000 147,725 175,000
Median days on market 194 203 205.5 315

What do we have here? A far better 2014 than 2011. A drop in sales and in overall dollars in 2015 when compared with 2014. A reduced median sales price in 2015 and about the same median days on market in 2015 as in 2014.  Looking at the actives, well there aren't too many in comparison with what sold in 2015. What is considerably different is the median sales price of the actives would be $175,000 (a more than 15% difference) and the median days on market is 315. That is quite a bit off what we see in 2015. Still, not a glutted segment of the market.

Waterfront residential sales Listed $200,000-$400,000

  2011 2014 2015 Active
# sold 71 103 126 118
$ sold (millions) 21.5 30.9 37.8 38.5
Median sales price 300,000 302,000 303,750 329,000
Median days on market 182 254 213.5 245.5

Certainly very nice news here in that 2014 and 2015 sales are way above the sales of 2011. Also that 2015 was an improvement over 2014 in every way. More sales, more dollars, slightly higher median sales price and greatly reduced median days on market....213.5 in 2015 while there were 254 in 2014. Nice. The actives are fairly in line with few actives available than sold in 2015. There's a fairly good relationship between the overall dollars sold in 2015 and the dollars of the actives. Median sales price is a bit higher for the actives, but not horribly (less than 10%). Very healthy segment. Plenty of sales here. 

Waterfront residential sales Listed $400,000-$600,000

  2011 2014 2015 Active
# sold 48 52 62 100
Median sales price 455,000 455,000 488,000 489,000
$ sold (millions) 22.1 24.1 29.6 49.5
Median days on market 259 218 212.5 222

More sales, More dollars (sorry I swapped the $ sold and the median sales price in this chart), considerably higher Median sales price and reduced days on market. (Actives median sales price is right on the money....$489,000 versus $488,000 for the 2015 solds.) Yes, we have a lot more inventory in this category, but that is no surprise really. Less than a two year supply of inventory which is good in Northern Neck terms. Reasonable median days on market for the actives.

Waterfront residential sales Listed $600,000-$800,000
  2011 2014 2015 Active
# sold 20 29 23 62
$ sold (millions) 13.2 12.5 15.1 44.1
Median sales price 672,500 649,000 639,900 695,000
Median days on market 331 235 203 243

Not such good news here. Not good, not bad....for a seller probably it would be of concern with all the extra inventory. Fewer sales in 2015 than in 2014. Almost three year's worth of inventory. Median sales price has dropped from 2011 to 2014 and then further for 2015. Nice, though, that the median days on market have dropped for 2015. Looks like new listings are coming on at a price more related to what is selling. The actives don't have a really high median days on market so that is good. Obviously the median sales price for the actives is about 10% higher than the ones that sold in 2015.

For the moment we are in the wait and see mode. People are calling. People are traveling to look, but this cold certainly slows all of that down. 2015 was overall a good year. Here's to a better year in 2016!!



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