Appraisers need to look at recent comps (sold properties) in order to do their work. Knowing that three months back is preferred, with 6 months sometimes being an option, I took a look at how many properties have sold at a given price point in the last 6 months. (For anyone who hasn't been on this site in a few days I did put up other new information just two days ago).

Here are waterfront residential sales for the four counties of the Northern Neck from October 1 of 2015 to March 31 of 2016....our six month window.

800,000 plus            4 sold    5.2                     1.265                         65                 (as you can tell I miscalculated on this chart, but this works!)

** I looked at that number and thought, how could that be? Went back and double checked and yes, it is true that it is the median sales price. If you look at those 8 sales half of them are less than 500,000 and half are more.

For the up to $200,000 there have been 10 sold and there are 20 on the market. That isn't bad. Not bad at all. A reasonable inventory given what is selling.

$200,000 to $300,000 is really in the same boat with 26 sold and 54 active at this moment. Nice ratio.

$300,000 to $400,000 with 32 sold and 84 on the market. Not quite as good a ratio, but not bad.

$400,000 to $500,000. 12 properties have sold and there are 75 on the market.....quite a bit more challenged, I'd say.

$500,000 to $600,000. 8 properties have sold and 44 on the market.

$600,000 to $800,000. 14 sold and 67 on the market.

$800,000 plus. 4 sold and 65 on the market.

Makes "waterfront residential sales" a bit more clear when you look at it this way. More reasonably priced properties have more of an audience and that makes sense.