In this blog we've been reporting that 2016 sales have basically been keeping pace with 2015. That was truly what was going on. I suspect that if I factor in the land sales, then the overall total will be very close between 2015 and 2016. Looking at residential sales in 2016 in comparison to the previous years it is clear that our market is truly better. This is good for all of us.
Later, next week, I'll break out segments of the market and so we will see where the sales are and are not. There are shifts going on and 2016 was a year with fewer homes in the high price points selling. But that clarity will come in a bit. And yes, I'll lump in land at a later date for a comparison so we'll see the total market. For now, though, it is great to see that 2016 has been a good one for residential sales, and one that reflects our market getting more and more healthy.
This information is for the four counties of the Northern Neck--Westmoreland, Northumberland, Lancaster and Richmond.
All residential sales 1/1 to 12/31 except 2016*
$ sold (millions)
Median sales price
Median days on market
*sales are for 1/1 through 12/24 for only 2016.
2016 gave us the most homes sold in the last 5 years. Most dollars in the five year period (2016). Not the highest median sales price. Fewer median days on market in 2016 than any of the other years shown here. Not that many active properties in relationship to what we've sold this year, although significantly higher dollars in the active category when compared with 2016 overall sales number. Higher median days for the on markets too. Still and all, this snapshot shows an improved market that we should be pleased with. Good to see. Suggests a strong market for next year too.