Find Virginia Waterfront property on the Northern Neck
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Contact Information
Kathryn Murray, associate broker
Tiffany Realty LLC
130 Rappa Point Road
Warsaw, VA 22572
Cell: 804-450-4442
Fax: 877-295-0940
May updates on sales

The numbers below are for January 1 through May 4 for the respective years. Much as I had thought that residential sales were improving I find that the overall shows that, but the waterfront residential sales are not a bigger number (yes, more dollars and higher median sales figure this year but one fewer sold). Take a look below to see what is going on. Basically the improved number of sales this year is associated more with non-waterfront properties. 

All residential (4 counties) 1/1 through 5/4
  2015 2016 2017 Active
#sold 139 155 162 692
$ sold (millions) 43.2 40.3 50.2 298.5
Median sales price 250,000 185,500 222,500 339,000
Median days on market 212 239 195 156

For the residential market as a whole, more sales, more dollars, higher median sales price and reduced median days on market. All of this is good. Also we have about a year and half of inventory if you annualize the sales we've had thus far. That's not bad at all.

Waterfront residential (4 counties) 1/1 through 5/4
  2015 2016 2017 Active
#sold 70 73 72 411
$ sold (millions) 34.3 30.1 36.6 236.4
Median sales price 394,675 370,000 427,250 469,000
Median days on market 230 249 232 175

Looking at waterfront residential we see that in terms of the past couple of years there isn't anything significant to say except that some higher end properties are selling. A tiny drop in sales from last year, a higher median sales price and a higher set of dollars in the sold transactions for this year. Pretty similar median days on market as has been going on in the last couple of years. We have close to two years worth of inventory which for the Northern Neck is not a really bad number. It just shows that there are more actives in relationship to solds in the waterfront properties than in the non-waterfront ones.

All land (4 counties) 1/1 through 5/4
  2015 2016 2017 Active
#sold 37 30 53 861
$ sold (millions) 3.0 2.7 5.1 114.5
Median sales price 39,000 28,500 80,000 75,000
Median days on market 271 296 317


Land is doing better. Significantly better than it had been. This has to be great news for land owners. Not something that you can look at and start raising prices....just look at the number of actives....861 versus the 53 sold thus far this year. But certainly reason to believe that if your property is priced well and provides value to the land seeker that you could actually be selling this year. Can't know but it sure looks better than 2015 and 2016.


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