Yes, it has been too long and yes, I finally can add some perspective. My expectation about sales in 2018 would be that we are once again improving. As you can see though, we are holding our own, but it is a bit of a mixed bag. Interestingly although 2016 was not the year 2017 was for sales, it was an equally good year if you only looked at the January 1 to May 31st sales numbers, which is what we are looking at here.
I won't take so long for the statistics on the balance of residential or for land. It is unusual for me to let this go for so long simply because I'm so curious. It is also helpful for anyone buying or selling to know what the market is doing. With all the news we get about places having sales, sales, sales, the expectation is that that is happening here. The answer is no, not quite, although we have a healthy market and are glad to be able to say that.
The below numbers are for the four counties of the Northern Neck. Westmoreland, Northumberland, Richmond and Lancaster. Waterfront residential.
Waterfront residential sales, 4 counties for Jan. 1 through May 31
$ sold (millions)
Median sales price
Median days on market
The waterfront residential sales have been very consistent from 2016 through 2018. The dollars are different and most markedly so for 2017. The dollars for 2016 and 2018 are more similar as are the median sales prices. I'm not giving you the exact math here, but if you doubled the 96 that have sold and got 192....that would be roughly how many homes we'd anticipate selling this year. I annualized it although as you surely realized I used 5 not 6 months' number of sales. So very very roughly you can see with 388 listings that we have about two years inventory. At some point I need to break this down by categories for in some price points we probably have not too much inventory while in other price points there is enough inventory for many years. That is another angle that needs to be looked at and I'll do that soon. Thanks for reading, Kathryn