Yes, I've been away for too long. No sad stories, just a bit of results for right here and right now. I've really started to wonder about this market since it is so sort of hit-and-miss. Lots going on in places. Not so much going on in others. It really is a bit different. And what I've found out from the numbers tells me that we are holding our own, selling as much as last year at this time, and that is good, but we aren't eclipsing last year by any means. These two years (2017 and 2018) when you look at the first half of the year and way ahead of previous years. Still we have plenty of inventory. You'll see. Take a look at the number below.
These sales are for the four counties of the Northern Neck which includes Westmoreland, Northumberland, Lancaster and Richmond. It is for the period from January 1 through June 30th for the respective years. Also shows how many properties are currently active.
Residential sales of Northern Neck properties (All types)
| |
2015 |
2016 |
2017 |
2018 |
Active |
| # sold |
207 |
263 |
270 |
272 |
636 |
| $ sold (millions) |
62.8 |
70.4 |
83.7 |
82.2 |
283.9 |
| Median sales price |
235,000 |
205,000 |
225,000 |
236,500 |
349,000 |
| Median days on market |
258 |
219 |
177 |
185 |
117
|
Below are the waterfront only sales with the same parameters.
Northern Neck waterfront residential sales
| |
2015 |
2016 |
2017 |
2018 |
Active |
| # sold |
104 |
127 |
125 |
134 |
392 |
| $ sold (millions) |
48.9 |
51.5 |
61.9 |
60.2 |
227.1 |
| Median sales price |
391,000 |
375,000 |
425,000 |
386,250 |
462,000 |
| Median days on market |
237 |
249 |
214 |
220 |
211 |
We would appreciate that both buyers and sellers keep in mind that this isn't like the "big city" markets with the aggressive activity that relates to a tightening market. This is a strong market. This is a great place to buy, but there's still plenty on the market and so I'm sure that buyers are taking their time to weigh their options.
Written by Kathryn Murray, Broker, Owner, MBA
