The information below confirms that we are in an improving market. Not hugely improving, but improving. These sales for residential property are from the four counties in the Northern Neck, Richmond, Lancaster, Northumberland and Westmoreland. They are for the period January 1 through May 16. I've changed this slightly in that the waterfront residential subset is included in the overall chart. I believe it is clear.
Residential sales 1/1 through 5/16
| |
2015 |
2016 |
2017 |
Active |
| Ttl # sold |
151 |
174 |
177 |
696 |
| Ttl $ sold (milions) |
47.3 |
44.9 |
55.1 |
301.9 |
| Median sales price |
240,000 |
195,750 |
225,000 |
349,000 |
| Median days on market |
204 |
233.5 |
210 |
131 |
| Wf # sold (subset of above Ttl) |
76 |
84 |
82 |
417 |
| Wf $ sold (millions) (subset of above Ttl) |
37.7 |
33.6 |
41.1 |
241.3 |
Slightly less than half the sales were waterfront property this year. A very major portion of the dollars $41.1 million was for waterfront when looking at the value of sales overall $55.1. Although I haven't put it in, it's obvious that with slightly fewer waterfront sales this year (82 versus 84) in comparison to last year and greatly increased dollars $33.6 compared with $41.1 this year, the median sales price has to be much higher this year. Yes, improving, and by the weekend I'll look at the price points of waterfront property to see what under $500,000 is doing and compare it with $500,000 to $800,000 and then some of the higher segments. Good news, although not a big change except for the more high-end properties.
