Find Virginia Waterfront property on the Northern Neck
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Contact Information
Kathryn Murray, associate broker
Tiffany Realty LLC
130 Rappa Point Road
Warsaw, VA 22572
Cell: 804-450-4442
Fax: 877-295-0940
Finally some statistics!!

What is below is an update from last month related to sales of waterfront homes in the Northern Neck (in the four counties which includes Westmoreland, Northumberland, Lancaster and Richmond counties). For the residential sales I've just put up the numbers for 2016 through 2018 and the Actives. Although we have greater sales this year in terms of numbers, we hardly have an increase in the dollars sold. This also doesn't tell us about the entire reidential market and if we are running ahead, behind or even with last year. That is something I'll check on early next week.

It is nice to see that we are indeed holding our own and really in terms of inventory, well we only have a bit more than a year's worth of inventory in the current ACTIVE category which is good. Then again what I really need to do is look at how that breaks out at different price points. We've found in the past that there isn't much inventory under $500,000 or perhaps under $400,000 whereas in the higher price points there can be a couple of years or more. That is another category I need to work up and will try to look at next week.

I don't believe I've updated land statistics at all since the beginning of the year. In this set of numbers I've chosen to review only waterfront land since that is our largest category of sales. What thie below chart shows me is that sales pretty much swing back and forth between higher and lower numbers with 2017 being the best year and this year being average. What really stands out at this moment though is that there are 438 active waterfront listings in the four counties and we've sold 30 so far in the 7 months of 2018. Hmmmm.

Waterfront residential, 4 counties, 1/1 through 7/31
  2016 2017 2018 Active
# sold 148 147 170 379
$ sold (millions) 59.9 72.1 72.8 210.5
Median sales price 373,125 415,000 370,000 449,000
Median days on market 245 201 216 133

As stated above, more units in 2018 with hardly more dollars than 2017. Lower median sales price for this year. Slightly increased median days on market in 2018. Not too much inventory.

Waterfront land (4 counties) 1/1 through 7/31
  2014 2015 2016 2017 2018 Active
# sold 36 29 17 47 30 438
$ sold (millions) 7.3 4.3 3.1 6.8 5.1 92.6
Median sales price 192,000 120,000 111,600 130,000 150,000 149,000
Median days on market 239 315 284 483 332 301

In my mind there is a sizable shadow inventory of lots that people would love to sell but found that the market in 2009 and for a number of years was so poor that they just dropped out. You can see that there is plenty on the market, but with sales taking almost a year in the median category we are not experiencing quick sales by any means. And think about the amount of choice that people have and so that puts pressure on prices. Then again the right lot in the right location and priced well will really stand out. Sellers, take note! You have to be realistic. Also you need to work with your realtor since putting a sign up and putting something into MLS does not sell it. I can't begin to tell you how often I may go out with clients or may send them out to look at lots and scope out neighborhoods only to find that there may or many not be signs and there is no path to the water and there is just no way to evaluate a lot. That doesn't get your property sold. It needs to be somewhat cared for and easy to understand.

A closing note....and let me introduce you to a beautiful well priced waterfront lot on the Nomini. $174,900 for just under 3 acres. 180 feet of waterfrontage with 4 to 5 feet of water depth. Path cleared along the right side of the lot to the water. Motivated seller. Small subdivision where you'd hardly know you had neighbors. Perked for conventional system. If you are in the might take a look.

Thank you. Kathryn Murray, Broker, MBA

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