As a subset of the most recent post, I'm breaking out how many waterfront lots have sold in the four counties of the Northern Neck (Northumberland, Lancaster, Richmond and Westmoreland). All evidence as we follwed sales this year directed us toward poor results for 2016 and this has been borne out by looking at the below numbers today.
In the below chart are the sales for the full year for all years (2012 through 2015) with 2016 being the exception where the sales are through today, December 29. (Please keep in mind that some Realtors take a bit of time to post their sales so perhaps by the 10th of January there will be a couple more stragglers to this sales total.) The current years' sales show a considerable decrease from 2015, actually slightly more than a 25% decline. And we're at lmost half of the 2014 sales. 12 years' worth of inventory is active, if sales continue at this rate. Not a pretty picture for waterfront land sales. We'll see if the economy will accelerate in 2017 and provide more sales to the owners who are ready to sell and have their lots have a new life....more new construction and activity for this very special part of the world.
Waterfront land sales in NNeck (four counties)*
|$ sold (millions)
|Median sales price
|Median days on market
* sales for the full year except for 2016. 2016's sales are for January 1 through December 29th.