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
EMAIL OFFICE
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Northern Neck Real Estate Sales to date, August 1, 2016

As promised, here are the numbers to put this year into context with the previous few. Really nothing here is a big surprise, but it does serve as confirmation. In residential there are more properties sold thus far this year both in the overall category of residential and in the subset, waterfront residential, but dollars are down....sort of a mixed blessing. More property getting cleared from inventory. Greater focus on lower priced properties. All in all, property is selling.

Residential sales 1/1 through 8/1
  2013 2014 2015 2016 Active
# sold 220 224 267 305 810
$ sold 65.1 59.7 84.2 81.8 336.1
Median sales price 210,000 188,500 250,000 220,000 324,450
Median days on market 210.5 224.5 163 218 141

So yes, more property sold in 2016 but at a lesser overall value and at a lower median sales price. Also the median days on market is up considerably when compared with last year. What we can see with the active properties is that people area putting property on the market at a fair rate since the median days on market is relatively low. Quite a bit of inventory, but if we are generous we'll say about 40% of this amount of inventory has sold this year. That isn't too bad in our buyers market.

Waterfront residential sales 1/1 through 8/1 (subset of above)
  2013 2014 2015 2016 Active
# sold 103 94 140 147 462
$ sold 47.7 41.9 65.8 59.4 266.2
Median sales price 385,000 357,500 382,250 371,250 449,500
Median days on market 246 274.5 212 246 153

Nothing surprising here. More properties sold and at a lesser price in 2016. Fewer dollars for the overall sales. Here we are at 32% of the overall active number in terms of what has sold in the NNeck in 2016. Again, not that bad for our buyer's market. We've certainly seen worse. Of course I will break out the sales in the various segments sometime later this month and that will tell us that that number doesn't apply across the board. That's for a later blog.

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There are two waterfront residential segments that I have a bit of special interest in right now. The first is for properties priced between $400,000 and $500,000. We have 83 that are active and 25 that have sold thus far this year. The median sales price for those solds was $425,000.

On the million dollar plus waterfront residential sales we still have only two that have sold thus far this year. One closed in January and the other in March. There are currently 46 active million dollar plus waterfront residential properties.

All land sales 1/1 through 8/1
  2013 2014 2015 2016 Active
# sold 61 83 73 57 928
$ sold 6.5 10.5 7.2 7.2 140.8
Median sales price 75,000 90,000 52,000 49,900 79,000
Median days on market 287 168 271 204 363.5

No surprise here either. Fewer units but same amount of dollars for the sales in 2016. Huge amount of inventory. One drop of good news is that the median days on market for the solds has dropped. 

That's it for now. Lots of inventory. Lots of great deals. Call us......Kathryn Murray, principal broker



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