On Saturday (Christmas eve) I updated the sales of residential properties on the Northern Neck (Richmond, Westmoreland, Northumberland and Lancaster counties). In that blog it was suggested that were we to combine those sales which are definitely improved with land sales then it might be said that overall 2015 and 2016 have very similar sales. Well the answer is, almost. Still 2016 comes out on top I believe.
Here are land sales for the four county area. It does show that we have a very long way to go to start chipping away at current inventory. With 887 lots for sale at the moment and 112 that have sold thus far in 2016, that's a lot of inventory. Also, this is the year of the fewest sales and the lowest dollar total and the lowest median sales price when looking at 2012 through today. There are some great deals out there on lots and you can understand why!!
Land sales 4 counties of the Northern Neck*
$ sold (millions)
Median sales price
Median days on market
*Sales are for the full year except for 2016 which includes January 1 through December 26.
Look at the median days on market for the actives!! 448 days....that's a lot of time for the median property to have been sitting on the market. As we've said in the past, it is important to be the best of the best in any category in order to get sold. In land that is especially true. In some instances it seems to require more than that because there aren't many people building these days.....truly a complicated situation. Then again, more than 100 lots did sell, so there are buyers out there!