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
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What's happening with waterfront residential

Here are the sales of waterfront homes broken out in $200,000 increments. These charts compare the timeframe of 1/1 to 4/27 for 2015 and 2016. Then we see what is active in that same category. This is for the four counties of the Northern Neck--Richmond, Lancaster, Northumberland and Westmoreland. There really is something to learn taking a look at this breakout!

Waterfront residential sales 1/1 to 4/27
Up to $200,000 2015 2016 Active
# sold 3 5 20
$ sold (millions) 457,500* 817,500* 3.45
Median sales price 160,000 170,000 177,500
Median days on market 107 261 293

This segment doesn't look too bad. More sales. Higher median sales price. True, median days on market aren't great. Not too huge an inventory.

Waterfront residential sales 1/1 to 4/27
$200,000-$400,000 2015 2016 Active
# sold 26 27 164
$ sold (millions) 8.5 7.7 53.3
Median sales price 350,000 290,000 329,750
Median days on market 301.5 259 100

More sales (very slightly....just one). Reduced dollars and reduces median sales price. Reduced median days on market. Plenty of inventory!!

Waterfront residential sales 1/1 to 4/27
$400,000 to $600,000 2015 2016 Active
# sold 14 12 128
$ sold (millions) 6.7 5.6 63.5
Median sales price 492,500 460,000 479,000
Median days on market 183 256.5 190

Slightly fewer solds this year. Fewer dollars. Lower median sales price this year. Considerably higher median days on market. Lots and lots of inventory!

Waterfront residential sales 1/1 to 4/27
$600,000 to $800,000 2015 2016 Active
# sold 9 12 64
$ sold (millions) 5.9 7.8 44.9
Median sales price 600,100 642,750 695,000
Median days on market 372 348 247

More sales. More dollars. Higher median sales price....all for 2016. Reduced median days on market for 2016 as well. That's pretty good news. And although there's plenty of inventory, it is a much better amount than the previous two segments. 

Waterfront residential sales 1/1 to 4/27

$800,000 to $1,000,000 2015 2016 Active
# sold 4 0 29
$ sold (millions) 3.3 0 26.2
Median sales price 805,500 0 895,000
Median days on market 214 0 207

This one make me take a bit of notice. No sales in 2016 at this price point. Twenty nine active properties. That is noteworthy.

Waterfront residential sales 1/1 to 4/27
$1,000,000 plus 2015 2016 Active
# sold 3 2 42
$ sold (millions) 4.1 2.9 67.5
Median sales price 1.33 1.44 1.38
Median days on market 53 281 262.5

Two sales in 2016 versus 3 in 2015 for this period. Median sales price is higher. Median days on market is much much higher for 2016. Forty-two actives in this category says....wow....lots and lots and lots of competition. Then again I didn't break it out so the $1 million to $1.5 might be a reasonable category and anything in excess of $2 million may be hugely challenged. Perhaps I'll better define this at a later date.

 



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