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Kathryn Murray, associate broker
Tiffany Realty LLC
130 Rappa Point Road
Warsaw, VA 22572
Cell: 804-450-4442
Fax: 877-295-0940
Sept. 1, 2016 update on Northern Neck real estate sales

Here's the overview I promised. Thoughtit would be nice to know where we stand as of the 1st of September. I think we're really doing pretty much as you'd expect if you've been following this blog for the last few months.

These numbers are for the four counties of the Northern Neck which includes Northumberland, Lancaster, Richmond and Westmoreland. The numbers are for the timeframe 1/1 throug 9/1 for the respective years. Also included are the active properties for each category. First are the residential sales with the waterfront residential sales following and they are obviously a subset. Then the same is displayed for land and then for waterfront land.

Residential sales 1/1 through 9/1

  2014 2015 2016 Active
# sold 279 308 349 778
$ sold (millions) 78.9 94.9 93.7 327.4
Median sales price 210,000 240,000 220,000 326,500
Median days on market 204 181 196 157

Noticed that the property in the residential category that has been on the market the longest has been on 2488 days. I'd say someone has been witing a while. And there hasn't been a price change in a year. That certainly fits as someone who "doesn't need to sell."

That little note was just an aside. If we look at the numbers above we see that more property has sold this year, but fewer dollars have been spent on these sales. Mixed results although it is good to reduce our inventory.


 Waterfront Residential sales 1/1 through 9/1

  2014 2015 2016 Active
# sold 124 157 168 443
$ sold (millions) 56.5 73.2 67.6 259.7
Median sales price 370,000 392,000 370,000 450,000
Median days on market 233 215 235.5 167

As with the total residential market we have the same situation....more sales with fewer dollars and a lower median sales price. Slight more days on market for the median. Quite a bit of inventory in regard to the solds. Looked at the Million Dollar plus sales for this same timeframe. 6 sold in 2014, 9 sold in 2015 and 2 have sold thus far in 2016. There are forty-six $1,000,000 plus properties for sale in our four counties at the moment.

Land sales 1/1 through 9/1

  2014 2015 2016 Active
# sold 107 94 80 950
$ sold (millions) 14.8 9.2 8.6 139.4
Median sales price 136,500 52,000 49,250 75,000
Median days on market 202 265 206.5 387

As you can see the numbers of properties sold has been diminishing and the dollars are fewer. Also an incredible difference in the active inventory (950) to the sold of 80 properties.

Waterfront land sales 1/1 through 9/1

  2014 2015 2016 Active
# sold 44 35 25 437
$ sold (millions) 8.7 5.4 4.2 108.7
Median sales price 187,000 125,000 99,950 169,000
Median days on market 226 265 284 366

Same story as the sales of overall land, fewer properties sold in 2016 and fewer dollars for those solds. In this case the median sales price is dropped and median days on market has increased. Median days on market is right around a year. And the multiple of actives to solds in 2016 is right around 17.5 times as many active as sold....that could take a few years?

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