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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More price points for residential sales

I started on this last week, running (hah!) through the different price points to show how sales are going in particular price points. Bit by bit this will be done. Here are three more as we rise a bit higher in price. This is for the four counties of the Northern Neck (Lancaster, Northumberland, Richmond and Westmoreland).

Residential sales 1/1 to 11/10 (4 counties) $500,000 to $600,000

  2013 2014 2015 2016 Active
# sold 24 26 33 28 65
$ sold (millions) 12.6 13.5 17.0 14.8 36.8
Median sales price 528,500 524,500 511,000 526,500 575,000
Median days on market 185 267 245 248.5 190.5
$/sq.ft 218.50 219.50 224.05 207.50 206
 
As I've said before I don't set much stock in the $/sq.ft numbers because there are so many variables in a property here on the Northern Neck. We don't have all subdivisions or all city blocks. We have properties that may have a lot of outbuildings or none. A lot of acreage or none. A pier or no pier. Good water depth, bad water depth. Good view. Bad view. Many many more variables than in suburbs or in the cities. (As an aside....that is why I find it fascinating that rural Realtors aren't considered to be the best of the best....the good ones. We need to know a lot. We need to navigate a lot. City Realtors do not have anywhere near the complexities that we do.....interesting thought, isn't it?) 
 
Anyway, looking at the numbers for the above segment sales are doing pretty well. With the exception of 2015 the sales this year are the best. The median sales price is the second highest too. We still have plenty of days on market for the solds. Looking at the actives we have about 2.5 times as much inventory as the solds. Not great, but certainly not terrible.

 

Residential sales 1/1 to 11/10 (4 counties) $600,000 to $700,000

  2013 2014 2015 2016 Active
# sold 14 24 17 27 36
$ sold (millions) 8.6 15.1 10.5 16.9 24.1
Median sales price 625,000 646,500 615,000 625,000 674,000
Median days on market 192.5 192 142 305 227
$/sq.ft 251.50 235.00 221.48 207.48 191.50
 
Sales in 2016 are the best of the four years....doing quite well really. And there aren't that many active in comparison to the solds....just 36 active to the 27 solds. The 2016 solds obviously had a fair amount of older inventory that came down in price. That's the reason for the median days on market of 305. Interesting. Pretty healthy segment.
 

Residential sales 1/1 to 11/10 (4 counties) $700,000 to $800,000

  2013 2014 2015 2016 Active
# sold 9 6 8 9 37
$ sold (millions) 6.2 4.2 5.9 6.5 28.5
Median sales price 715,000 705,000 755,000 725,000 778,000
Median days on market 303 265 223.5 242 236
$/sq.ft 210.36 225.50 211.50 206.55 218.77

We are certainly holding our own in terms of the numbers of sales at this price point. Both 2013 and 2016 had the greatest number of sales with the 2016 sales recognizing the greatest number of dollars. This is good. What isn't so good is the number of properties that are active versus what has sold. With 37 active and only 9 sold there are at least three years' worth of inventory right here. Anyone selling at this price should take note!

 



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