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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Mid May sales data

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.

 



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