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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
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Northern Neck sales in 2016: Mostly holding our own

As we've seen in recent blogs it looks as if the 2016 market is quite similar to the 2015, at least as far as residential sales go. Below are statistics on the four counties of the Northern Neck, Lancaster, Richmond, Westmoreland and Northumberland. Yes, pretty similar sales. 

Residential sales 1/1 through 4/26
  2015 2016 Active
# sold 120 122 762
$ sold (millions) 35.8 32.2 321.7
Median sales price 219,500 182,750 329,000
Median days on market 212.5 242 196

120 sales in 2015 and 122 in 2016. Pretty darn similiar. There's a drop in the overall dollars of $3.5 million and the median sales price has dropped. Median days on market have increased. Lots of actives and a considerably higher median sales price for the actives than for the solds. Then again let's look at that relationship when looking at waterfront. That really skews things since there are many many million dollar properties in that category.

Waterfront Residential sales 1/1 through 4/26 (subset of above)
  2015 2016 Active
# sold 57 56 433
$ sold (millions) 28.0 23.7 253.9
Median sales price 399,000 366,250 449,990
Median days on market 226 265 197

57 sold in 2015 and 56 sold in 2016. Again, very similar sales. Again a drop in dollars in 2016 to the tune of $4.3 million. The median sales price has dropped in 2016 and the median days on the market has increased. It is true, as expected, that the relationship between the median sales price with the recent solds ($366,250) and the actives ($449,990) is not as badly disconnected. There is a better relationship. The actives have a much lower median days on the market, but I'm betting that a whole lot of waterfront properties have just come on the market or come back on the market and that is why that number reads at 197.

Land sales 1/1 through 4/26
  2015 2016 Active
# sold 36 23 944
$ sold (millions) 2.7 1.8 136.8
Median sales price 38,300 21,500 72,250
Median days on market 248.5 284 390

Land. The story of struggles that have been going on since 2008 really. There were some moments when investors or speculators of some sort saw an opening and went after land. Sometimes they were absolutely right and they got some good deals. Right now the market is what one might call very very slow. 36 sales in this period in 2015 and now only 23 for the same period. Median sales price is down. Median days on market are up and the number of properties on the market....944....in relationship to the 23....it is huge. Also, median days on market for the actives is over a year. That is a long time and that is the median!

 



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