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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Northern Neck land sales

Yes, I've been slow in getting this up. And after I put up land I need to put up residential to show 2017 year end totals in comparison to the preceeding years. Don't know what but putting up land seemed more pressing.

Below are the sales summaries of land in the four counties of the Northern Neck....Northumberland, Lancaster, Richmond and Westmoreland. The numbers are for the full years 2015, 2016 and 2017. There is a subset of waterfront land in the second chart which is obviously our largest set of land sales. And then finally there is the active listings which are on the market, today, February 5. This all adds to perspective.

All land sales in Northern Neck
  2015 2016 2017 Active 2/5
# sold 133 118 165 782
$ sold (millions) 13.7 11.1 15.7 115.9
Median sales price 48,500 41,750 70,800 81,950
Median days on market 265 250 317 470

Pretty strong sales in 2017. By far the most sales in a year since the crash at the end of 2008. Plenty of active properties though, with almost 5 years worth of inventory. Median sales price is up. Sales time is closing in on a year on market at least. Better, but not great. We can be thankful though, since there were years when there was very little moving with our land listings.

Waterfront land sales only
  2015 2016 2017 Active 2/5
# sold 49 34 77 390
$ sold (millions) 7.4 6.1 10.9 87.4
Median sales price 125,000 105,775 125,000 159,000
Median days on market 265 268 422 384

Good sales numbers for the waterfront properties. In 2017 the waterfront land sales were almost 50% of the overall sales which didn't happen in the previous years. It is clear these sales are taking a long time to finalize with 422 being the median days on market for this set of solds. Again, around 5 years' worth of property on the market. As a bit of a Ripley-Believe-It-Or-Not I looked at the land listing that has been on the market for the longest continuous period of time. It went on in 2005 and is still on the market. In my opinion the market price of the property now, more than a dozen years later refects the adjustment that should have been made in the beginning of 2009 and then the reductions should have followed the market. I guess this person epitomizes the "I don't have to sell it," since it looks as if it may never sell.



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