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
$ sold (millions)
Median sales price
Median days on market
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.
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.
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.
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!!