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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Update on Northern Neck real estate sales

As I said in the earlier post about a week ago, I need to update and see how the overall market is doing in relationship to last year. That is what we have here, the numbers for last year at this time (August 12) and the numbers for this year. Although we found that sales of waterfront residential is improved in 2018 we aren't quite keeping up in the overall residential market this year. You'll see. Also, although the inventory for waterfront is far from excessive, we have quite a bit of inventory if you take into account all of the residential market. Here are the numbers:

All residential sales in four counties 1/1 through 8/12
  2017 2018 Active
# sold 352 345 626
$ sold (millions) 106.4 102.8 267.6
Median sales price 218,250 246,000 349,000
Median days on market 171 173 122

No bad news here, but just noteworthy that we aren't forging ahead again this year. Lots of factors for that I'm sure so we'll just have to see what the end of the year brings.

All land sales for the four counties 1/1 through 8/12

  2017 2018 Active
# sold 110 90 922
$ sold (millions) 11.1 8.9 126.4
Median sales price 82,500 41,000 75,000
Median days on market 277 245 358

Hmmm, we are sort of in the ballpark with last year's numbers but there is enough that is off that this should really be watched. The numbers and the dollars are lower for this year but the median days on market are considerably better this year. Look at that number of actives though....922 versus the 90 that have sold so far this year. Also the median sales price for property that has sold this year is way below last year. Looking for numbers to improve before the end of the year.



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