This is a bit of an unorthodox quarter, but I was just wondering about how we were doing and thought I'd look at it in a slightly different way.
We are almost at the end of July and so this is for all of May, all of June and July through the 28th (today) and looking at sales from 2014, 2015 and 2016. This for the four counties of the Northern Neck----Lancaster, Westmoreland, Northumberland and Richmond.
This is a little bit interesting. And because it is odd, I'll do the numbers for the full year-to-date on Monday when we've finished out this month.
For this timeframe (5/1 through 7/28 for respective years) here are the numbers:
2014 (all residential) 94 properties sold $26.8 million, value of the solds
2015 (all residential) 120 properties sold $37.9 million, value of the solds
2016 (all residential) 151 properties sold $40.9 million, value of the solds
All in all looking at the above we see that the numbers of properties have improved each year with 2016 giving us the most sales so far.
In the subset of residential we see that waterfront residential has done the following:
2014 (wf residential) 46 properties sold $19.7 million, value of the solds
2015 (wf residential) 66 properties sold $29.2 million, value of the solds
2016 (wf residential) 74 properties sold $28.7 million, value of the solds
Again, the improving number of sales, but in this case the 74 properties sold in 2016 in this category sold for fewer dollars than the 66 properties that sold in the same time period in 2015. (66 sold in 2015 and 74 sold in 2016. In 2015 the sold value was $29.2 million and this year it is less than that at $28.7.)
Finally land sales
2014 (all land) 44 properties sold $5.5 million, value of solds
2015 (all land) 36 properties sold $4.5 million, value of solds
2016 (all land) 28 properties sold $3.9 million, value of solds
We know that the number of lots for sale in the Northern Neck is greater than 900. We know if we round up the current sales we would end up with approximately 100 lots sold and so that is approximately 9 years' worth of inventory. We've known that land sales have been challenged. Essentially nothing has changed except that in the last three years worth of sales for this quarter, 2016 has performed the poorest.
We'll see what the full year tells us (to date) on Monday.