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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Details on waterfront residential sales

I decided to do this series of breakdowns on sales because even though I believe that what was posted yesterday is helpful for perspective, it doesn't give a full enough story. I keep looking at the 2015 versus 2016 numbers and know that overall 2015 exceeded 2014. Nonetheless, I do think it is instructive to see where the sales were in 2014 before the "improvement." Here we will look at them broken down into many price categories. That may help.

Waterfront residential sales 1/1 through 6/1
List price up to $200,000 2014 2015 2016 Active
# sold 7 5 8 18
$ sold (millions) 1.2 734,450* 1.2 3.0
Median sales price 164,000 151,950 173,500 175,000
Median days on market 224 297 189.5 330.5

2016 shows an improvement over 2015. With the same number of sales in 2016 as in 2014 and the same total dollars, the one telling part here is that the median sales price is up and the median days on market are down in 2016. Both of these are good news. With 8 sold and 18 active there isn't a huge amount of inventory. That factor is just 2.25 times the number of actives as sold this year.

*734,450 is the total dollars and not in millions.

Waterfront residential sales 1/1 through 6/1
List price $200,000-$300,000 2014 2015 2016 Active
# sold 14 14 26 70
$ sold (millions) 3.4 3.41 6.4 18.5
Median sales price 241,750 245,000 250,000 269,250
Median days on market 320 307.5 229 95

Wow! This segment is doing well and that's really what I had thought. I've been talking to people and telling them that this is where the action is. This is where people want to spend their dollars and that under $300,000 is a good segment.  You can see that this is a health one. Twenty six sales this year versus the previous two years with 14. Obviously better total dollars. A slightly increased median sales price and a considerably reduced median days on market. Good.   The factor for this one is 2.69 times solds for the active listings. Not bad.

Waterfront residential sales 1/1 through 6/1
List price $300,000-$400,000 2014 2015 2016 Active
# sold 11 21 22 96
$ sold (millions) 3.8 7.5 7.5 34.9
Median sales price 345,000 360,000 332,500 359,000
Median days on market 288 296 243 104.5

This segment saw marked improvement in 2015 and in 2016 we're holding our own. The median sales price is a bit lower, but their is an improvement in median days on market with them down to 243.  The actives to solds is 4.36. Not great.... a couple of years inventory here.

Waterfront residential sales 1/1 through 6/1
List price $400,000-$500,000 2014 2015 2016 Active
# sold 9* 10 15 90
$ sold (millions) 3.9 4.2 6.5 41.2
Median sales price 450,000 413,750 435,000 499,900
Median days on market 184 141 266 115

An improved segment. More sales, improved median sales price in 2016 versus 2015. Ooops, considerably increased median days on market for 2016.  The actives to solds in 2016 ratio is 6 times. Looks like the higher the price, the higher this ratio becomes. Therefore the more competition their is for any seller trying to sell their house. I'd have to say this ends up as mixed. Improved and challenged.

* one of these nine took 1530 days to close. Who knows what the original price was.

Waterfront residential sales 1/1 through 6/1
List price $500,000-$600,000 2014 2015 2016 Active
# sold 6 11 10 54
$ sold (millions) 3.1 5.8 5.2 30.7
Median sales price 528,000 528,500 518,500 574,000
Median days on market 305 341 230 155

Thus far 2015 was the best year for this segment. Then again one sale and we are only 5 months into the year doesn't tell the story. As you can see the median sales price is slightly decreased in 2016. The real good news is that the median days on market has really dropped.  Our actives to sold in 2016 number is 5.4, so not as large as the previous segment....less challenged in terms of inventory.

Waterfront residential sales 1/1 through 6/1
List price $600,000-$700,000 2014 2015 2016 Active
# sold 6 7 11 36
$ sold (millions) 3.9 4.3 6.8 23.8
Median sales price 643,000 599,000 625,000 662,500
Median days on market 223.5 372 321 235.5

An improved market in  2016. More sales, more dollars, higher median sales price in 2016 versus 2015 and reduced median days on market versus 2015.   Our actives versus solds figure is 3.27. An improvement on a couple of the categories just before this. This is a better off segment for a number of reasons. Doesn't say that properties are flying off the shelf, but it is the best it has been in a couple of years which probably means since 2009.

Waterfront residential sales 1/1 through 6/1
List price $700,000-$999,999 2014 2015 2016 Active
# sold 2 9 4 54
$ sold (millions) 1.6 7.1 2.9 45.7
Median sales price 800,000 765,000 717,500 831,000
Median days on market 450 203 298.5 177

2016 shows far fewer sales with 4 and 9 in 2015. Median sales price is down considerably from either of the previous years. 2014 Median Days on Market was horrendous at 450. For 2016 the median days on market have inceased considerably. Our actives to solds in 2016 number is 13.5....that is something to take note of!!

Waterfront residential sales 1/1 through 6/1
List price $1,000,000 plus 2014 2015 2016 Active
# sold 4 6 2 43
$ sold (millions) 5.8 7.4 2.9 68.7
Median sales price 1.25 1.2 1.4 1.37
Median days on market 296 79 281 242

We've been looking at this segment off and on. This puts it in perspective with the prevous two years. Obviously this year is more challenged with the fewest sales. Median sales price is up a bit. Median days on market for the solds is way up over the 2015 number of 79 days. Our actives to 2016 sold is 21.5 times. This one has all the others beat, and no one would want to win this category.

Yes, overall the market seems to be improving a bit. Where you are in the market makes a huge difference in the current market. It's good to know where you stand...

--Kathryn Murray, principal broker, MBA



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