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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Residential sales 1/1 to 11/28

The sales reviewed in the four charts below are for the four counties of the Northern Neck. This includes Westmoreland, Northumberland, Lancaster and Westmoreland counties. It covers the years noted for the timeframe 1/1 through 11/28. It shows that 2017 has been the best year since the big banking debacle. Thankfully our inventories are coming down although we'll see what the sales to active relationship is come around the 1st of March since there is a fair amount of inventory that has been taken off the market for the winter. Time will tell.

All residential in 4 counties 1/1 to 11/28

 

 

2015 2016 2017 Active
# sold 430 517 560 612
$ sold (millions) 129.9 140.9 166.1 270.3
median sales price 246,750 224,000 221,502 338,200
median days on market 181 178 168 173

Quite an improvement if you look at 2015 to 2017 sales...and even a reasonable increase over last year's sales. We don't have an excessive amount of inventory. It could be that we almost have a year's inventory which is great!

Waterfront residential 4 counties 1/1-11/28
  2015 2016 2017 Active
# sold 229 252 256 378
$ sold (millions) 99.7 101.7 119.6 218.2
median sales price 327,000 360,000 403,750 440,000
median days on market 203 214 200 202

Looking at the waterfront sales there has been a pretty good increase looking at 2015 to this year's sales. There's a considerably higher median sales price in 2017 than in the previous years. Median days on market is pretty close to 200 at any time over the last three years. Actives in this category are more considerable. Still there is less than two years' worth of inventory here which is good.

Land sales, all in 4 counties 1/1-11/28
  2015 2016 2017 Active
# sold 115 99 155 848
$ sold (millions) 12.7 10.1 15.0 118.5
median sales price 52,000 42,500 75,000 74,700
median days on market 258 221 288 517

Big improvement in sales in 2017, a 50% increase over 2016. There's a much higher median sales price in 2017 too. Looks like we are beginning to deal with some of the backlog. Then again with 155 sold this year and 848 active....that's a lot of inventory. Also for the active properties there is a median days on market of 517. That is a really large number. It says to us that there are lots of properties that have been on the market for years and years. I have to believe that those who are sensitive to the market and price their properties are the ones who are finding success. This part of our market is truly starting to move which is great!

WF Land sales, 4 counties, 1/1-11/28
  2015 2016 2017 Active
# sold 44 32 71 391
$ sold (millions) 6.9 5.8 10.4 85.7
median sales price 133,500 105,775 125,000 149,900
median days on market 265 268 408 412

Waterfront properties seem to be the biggest winner in the land sales this year. In both 2015 and 2016 the subset of waterfront land to overall land was close to 1/3. With 2017 we are looking more at almost 1/2 the overall sales are waterfront ones. That says there is some real demand here. It must be too that prices are coming down or people who are buying are having the courage to offer what they believe something is worth and that perhaps is being accepted. Look at that 408 median days on market for the sold property. That is a long time. Then again look at the number of active listings....close to 400 with 71 sold so far this year. Still a buyer's market even though it is a greatly improved market this year.



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