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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Waterfront residential sales from $700,000 on up

Here are the numbers that I didn't finish off quite some time ago. They are for the higher end properties, residential waterfront, in terms of sales in the four counties of the Northern Neck. Sorry to have taken so long to get these up. This was completed as of 2/16/17 and so that is when the actives were noted. Let's see what this tells us.

$700,000 to $800,000 wf residential sales
  2014 2015 2016 Active
# sold 5 7 8 21
$ sold (millions) 3.4 5.1 5.7 16.2
Median sales price 700,000 750,000 717,000 778,000
Median days on market 235 150 306 238

Highest number sold in 2016. Highest total value sold. Lower median sales price than 2015 and very significant median days on market in 2016 at 306. Actives are somewhat numerous but not horribly so. Also median days on market for those actives is at 238 which is within reason for our market.

$800,000 to $900,000 wf residential sales
  2014 2015 2016 Active
# sold 9 4 9 10
$ sold (millions) 7.4 3.2 7.3 8.7
Median sales price 829,000 815,000 828,000 879,000
Median days on market 273 170 269 246

Not bad. Not bad at all. Good number of sales. Good value for those solds. Good median sales price and not a terrible median sales price for 2016....plus not that many actives in relationship to solds. This looks good.

$900,000 to $1,000,000 wf residential sales
  2014 2015 2016 Active
# sold 5 6 4 10
$ sold (millions) 4.6 5.3 3.7 9.8
Median sales price 915,000 900,000 943,000 992,000
Median days on market 231 160 340 318

Some good news and some bad news. Fewest sold but when you are talking about the difference between 4, 5 or 6 sales that difference isn't huge. Then again....hmmm....at 4 sales it is 1/3 fewer homes sold than in 2015. You decide. Got some inventory off the market in 2016 that had been on for a long time. There is still a fair amount of inventory, but not terrible....the active inventory has in terms of the median been on for almost a year. It's taking a while, isn't it?

 

$1,000,000 to $1,250,000 wf residential sales
  2014 2015 2016 Active
# sold 5 5 0 11
$ sold (millions) 4.8 5.2 0 12.6
Median sales price 950,000 1,050,000 0 1,150,000
Median days on market 299 128 N/A 340

This is where 2016 was a real problem. No sales at all. And 11 actives, and they have on at a median days on market of 340. This is not good news for sellers.

$1,250,000 to $1,500,000 wf residential sales
  2014 2015 2016 Active
# sold 4 4 3 12
$ sold (millions) 5.1 4.45 3.5 16.6
Median sales price 1,270,000 1,200,000 1,330,000 1,380,000
Median days on market 203.5 273.5 318 516

Reasonably active when compared with 2014 and 2015. Reasonable number of sales in relationship to 2014 and 2015. Four years' worth of inventory on the market with a median days on market at 516. That says it takes a very very long time....or maybe never depending on how a property is priced.

$1,500,000 plus wf residential sales
  2014 2015 2016 Active
# sold 2 5 2 10
$ sold (millions) 5.35 7.8 2.3 21.3
Median sales price 2,700,000 1,360,000 1,170,000 1,890,000
Median days on market 369.5 92 229 335

Some sales. Nothing to write home about. 2015 was obviously much better. There are 5 years' worth of active inventory. Close to a year for the median days on market. Not a quick sale by any means and plenty in this category.

 



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