I started in on this thinking that 2016 is going to be a busy year. I still think it is going very well, but sometimes a firm has deals pull together and has all sorts of action and sometimes they don't. You'd think there'd be rhyme or reason to this, but you can't always explain it. From what has been happening here, I'd say this is going to be quite a year.
With that preface I show you that the overall numbers below that don't exactly match my current sense of the market....they fall short. Still, people are interested in our local real estate, properties are going under contract and we all know that a sample that isn't quite 2 months' duration isn't a perfect sample.
These numbers are for the four counties of the Northern Neck...Westmoreland, Northumberland, Lancaster and Richmond.
Jan. 1 through Feb. 24 All residential (4 counties)
| |
2014 |
2015 |
2016 |
Active |
| # sold |
47 |
53 |
37 |
682 |
| $ sold (millions) |
11.2 |
17.7 |
10.7 |
285.9 |
| Median sales price |
145,000 |
255,000 |
205,000 |
300,000 |
| Median days on market |
239 |
196 |
226 |
247 |
With fewer sales thus far in 2016 the one good point is that the median sales price is up considerably from 2014. Granted, it is lower than last year. Lots of inventory here.
Jan. 1 through Feb. 24 waterfront residential (4 counties)
| |
2014 |
2015 |
2016 |
Active |
| # sold |
14 |
27 |
16 |
368 |
| $ sold (millions) |
7.3 |
14.7 |
7.5 |
224.1 |
| Median sales price |
454,000 |
430,650 |
326,000 |
472,000 |
| Median days on market |
304.5 |
215 |
256.6 |
260
|
Again, reduced sales in 2016 when compared to the beginning of 2015. Considerably lower median sales price than either of the preceding years. And median days on market are up from last year. I'm just hoping this is not representative of the year.....and I really don't think it is.
There are 29 waterfront properties Pending or Under Contract at this moment. They will mostly be closing in the next month and that will help these numbers. I'll be sure to let you know.
Jan. 1 through Feb. 24 All land (4 counties)
| |
2014 |
2015 |
2016 |
Active |
| # sold |
10 |
17 |
10 |
835 |
| $ sold (millions) |
1.2 |
1.3 |
462,500* |
126.7 |
| Median sales price |
102,250 |
45,000 |
20,750 |
74,900 |
| Median days on market |
127.5 |
275 |
145 |
479 |
I thought about doing the subset for waterfront land for this period, but looking at 10 sales in 2016 and that the median sales price is $20,750 we know that there haven't been any big waterfront lot sales to date. Within the next week or so I will look more closely at land sales and see where they have been taking place, and what kind....will probably break down a full year and see how the chips fall geographically and price-wise.
It is time for land to start selling....prices have been coming down. There are some great opportunities.
