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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More numbers for perspective

I've been slow in putting anything up since I do get tired of pushing the same information over and over again. Granted it is good to be updated, but there should be a bit of a twist every now and then. Now this isn't anything really radical. You've seen something similar at some point in the last year or two, but it is a bit of a change.

In the charts below are the sales numbers for all residential in each of the counties over the course of 2012, 2013 and 2014 for January 1 through November 20th. Once I put those numbers together I decided it would be nice to have a bit of broad-brush perspective for land and that is at the conclusion. At the very very end I've made waterfront land a subset to review.

Essex county, all residential
  2012 2013 2014 Active
# sold 53 53 57 61
$ sold (millions) 10.2 9.1 12.1 18.2
Median sales price 152,000 129,950 141,000 215,500
Median days on market 157 156 129

158

This looks pretty healthy to me. Solds are up in 2014. Dollars are up. Median sales price is up and median days on market is down. Median sales price on the actives is 50% higher than the solds. There aren't that many properties on the market with 61 available compared to 57 sold thus far. Not bad at all.

Lancaster county, all residential

  2012 2013 2014 Active
# sold 102 123 119 324
$ sold (millions) 36.2 46.7 43.7 154.8
Median sales price 301,250 277,500 245,000 354,500
Median days on market 197 260 231

207

Completely different market here. Pretty healthy in that sales in 2014 are similar to those in 2013...not quite as good and with a reduced median sales price. Good news is that the median days on market have dropped. About 2.5 times as much inventory available as has sold. Similar difference between the median sales price of what has sold and what is on the market. Quite a bit of difference. Median days on market for the actives isn't too bad at 207.

 

Northumberland county, all residential

  2012 2013 2014 Active
# sold 126 125 148 340
$ sold (millions) 37.8 36.1 42.4 137.5
Median sales price 275,000 246,500 247,000 322,500
Median days on market 188 211 199.5 202

Better sales numbers and better dollars in 2014. Median sales price is up just a drop from last year. Real discrepancy between the median sales price and what things are selling for. More than double the inventory of actives as what has sold. Not perfect, but not bad at all. Improving sales market with a fair amount of inventory.

 

Richmond county, all residential
  2012 2013 2014 Active
# sold 23 31 34 39
$ sold (millions) 3.7 6.1 4.5 10.2
Median sales price 150,500 162,000 91,000 189,000
Median days on market 132 214 237 175

Looks pretty healthy in that there are more sales, but then take another look...there's a huge drop in the median sales price and as a consequence the dollars sold in 2014 is much lower than 2013. Not too many actives but the median price point is double that of what has sold. Not so many days on market for the actives. For the solds the days on market just seem to increase.  Reasonable number of sales, but seriously declining median sales price. Makes you wonder a bit. I guess a lot of foreclosure activity in Richmond county.

Westmoreland county, all residential
  2012 2013 2014 Active
# sold 79 82 95 161
$ sold (millions) 17.6 16.5 21.1 49.3
Median sales price 165,000 152,450 165,000 255,000
Median days on market 148 162.5 170 181

This is a healthy market for one of the counties that has quite a good number of sales. Improved number of solds. Improved dollars sold. Improved median sales price, all for 2014. The only place that 2014 fell behind is with median days on market, but if you compare with some of the other counties, this isn't bad at all. Not too many actives in relationship to what has sold this year. And not quite the same disconnect that some of the other counties have in terms of median sales price in 2014 and that of the actives. Looks good. Good for Westmoreland county.

Five counties, all land
  2012 2013 2014 Active
# sold 116 130 126 932
$ sold (millions) 9.8 11.5 14.3 135.1
Median sales price 48,000 54,000 63,000 74,750
Median days on market 160 216.5 203 389

2014 has brought us a couple fewer sales than 2013, but considerably more dollars. The median sales price has gone up this year, but then again, so have the median days on market. There isn't a bad relationship between the sales price in 2014 and the median sales price of the actives. It does look like we have about 7 years worth of inventory when looking at the actives vs. 2014 solds. And wow, look at the median days on market for those actives....that's a lot--389!!!

Five counties, all waterfront land 2014 sold & actives
      2014 Active
# sold     58 391
$ sold (millions)     10.4 96.9
Median sales price     165,000 175,000
Median days on market     261.5 352

We knew there would be some good news and some bad. Obviously there is lots and lots of inventory. What is good about this is that the median sales price of what has sold is very similar to the active median. There is a long period for median days on market for the actives which is 352. As with the overall land market there is about 7 times as much inventory available as has sold thus far this year. That's a lot of inventory.

Any words of wisdom about all this? Well, we are doing pretty well. Things are improving but very slowly. Don't be looking for a market that mimics 2005 any time soon....just take advantage of activity and be realistic, both buying and selling. And please call us if we can help. --Kathryn

Kathryn Murray, principal broker, 804-450-4442 cell

 

 




 



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