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
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New Northern Neck real estate statistics dated 10/6/2021

Here we are once again looking to see what the pandemic buying has done to our market. We are hardly alone, but the question comes up as to whether this is still marching along....this overheated market.....and the answer is sort of. but not really. It may be that the demand is there, but the inventory isn't. You'll see it's not simple once you look below.

This is for the four counties of the Northern Neck. Westmoreland, Northumberland, Lancaster and Richmond.

All residential properties

Sales 4/1 to 9/31 2020 2021 Active
# sold 537 477 132
$ sold (millions) 195.6 197.5 81.5
Median sales price 320,000 307,500 474,450
Median days on market 130 70 82

Significantly fewer properties sold in the six month period in 2021. Approximately same dollar amount though with these fewer sales. Obviously the sales are more skewed toward expensive properties. Not much inventory.

 

Here's the subset of the above, only waterfront residential sales.

                                                            Waterfront residential sales
Sales 4/1 to 9/31 2020 2021 Active
# sold 328 226 76
$ sold (millions) 155.6 140.1 63.1
Median sales price 417,000 515,000 649,000
Median days on market 137 75 82

Significantly fewer homes sold this year in this period. Higher median price, quicker turn around in terms of sales. Again, is it because the market has slowed or that the inventory just really isn't there. Too many sellers wanting to take advantage of this market and perhaps finding their expectations to be unrealistic. Then others just staying put since they don't know what kind of buying situation they'd get into going elsewhere.

I wanted to look at land with a bit broader perspective. For that reason I did exactly what I've done above except I've added the same 6 months for 2019. It is an informative way to look at land sales.

All land sales on the Northern Neck
Sales 4/1 to 9/31 2019 2020 2021 active
# sold 71 133 209 788*
$ sold (millions) 7.9 10.3 21.9 116.4
Median sales price 65,000 37,500 52,950 69,500
Median days on market 211 245 220 267

Yes, this is a very interesting chart. The reason I've put an asterix next to the number of active is that I find that number very deceiving. There are subdivisions with a dozen or two dozen or more lots that have been listed without any price change for five or maybe ten years. That takes the reality out of that number. I guess I could go back and just look at how many lots there are that have been on for five years and let you know. I think I may try it, but for now you can see that sales went from 71 to 133 to 209. That is a significant change in land sales over these past two years.



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