Here we have the same approach to land as I followed yesterday while reviewing residential properties, both total and with the subset of waterfront. This two set of statistics reviews the land sales for the same durations, November&December of 2019 and then January of 2020. This is the same period used for the following three years to give you pre and post-covid perspective. Once again it shows a major shift in the market. The four counties that have been included are: Westmoreland, Richmond, Northumberland and Lancaster.
Land sales (all) for the four counties
| |
N/D 2019, J 2020 |
N/D 2020, J 2021 |
N/D 2021, J 2022 |
N/D 2022, J 2023 |
Active |
| # sold |
42 |
79 |
101 |
55 |
516 |
| $ sold millions |
3.2 |
9.6 |
11.4 |
6.1 |
70.2 |
| Med. sales $ |
32,500 |
70,000 |
55,000 |
60,000 |
59,000 |
| Med. DOM |
252 |
309 |
222 |
199 |
347 |
Waterfront sales have changed a fair amount, but are still fairly strong if you look at post-covid versus pre-covid. 15 sales in the 2019 period while in the most recent 3 months ending January 31 of 2023 there have been 32 sales.
Waterfront land sales (subset of above)
| |
N/D 2019, J 2020 |
N/D 2020, J 2021 |
N/D 2021, J 2022 |
N/D 2022, J 2023 |
Active |
| # sold |
15 |
44 |
52 |
32 |
226 |
| $ sold millions |
2.5 |
8.1 |
8.8 |
5.2 |
45.4 |
| Med. sales $ |
135,000 |
143,250 |
105,000 |
118,750 |
132,500 |
| Med. DOM |
304 |
386 |
316 |
211 |
316 |
And just to keep this a bit in perspective, there are many many listings for land that have been on the market for forever. I looked at the most long standing group of land listings (not waterfront) and there is a considerable number that have been on since 2005 with no price change.Not precisely responding the market. I think that's a waste. Whatever was going on with the covid market certainly put those properties in a better position to be sold than now when we have started to turn the corner even on land sales. So it goes.
