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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Residential sales, waterfront versus all other

Shown below we have the breakout for the five Virginia counties (Lancaster, Northumberland, Westmoreland, Richmond and Essex) in such a manner as to see how the market has affected two distinct segments of our market. First we have the waterfront residences and then we have all the other...these include what we call in our MLS water access, water view and non-water....any property not directly on the water. I found this rather informative. As I've said in the past, you get a feel for what is going on when you look at the sales and the new listings as they come on day by day, but standing back sometimes gives you a better perspective. Well here it is!!

Waterfront residential 2010 2011 2012 2013 2014 active
# sold 132 172 203 207 235 404
$ sold (millions) 63.4 72.9 83.9 90.4 105.2 241.7
Median sales price 432,000 370,000 350,000 365,000 375,000 449,975
Median days on market 197 211.5 182 238 231 252

Well yes, more sales and yes more dollars. Raised median sales price, although not as high as 2010 but better than all the intervening years. Not quite two year's worth of inventory which is a nice number....A considerably highter median sales price among the actives than among the solds, but that isn't unusual. Quite a bit of age on the solds in that the median days on market was 231 for 2014 and for the actives is 252. Still a lot of property that has been around and needs to find new ownership. But what we get out of this that is most clear is that the market has been improving.

Non-waterfront residential** 2010 2011 2012 2013 2014 active
# sold 212 228 220 255 282 380
$ sold (millions) 33.2 31.2 31.8 38.4 39.3 80.4
Median sales price 140,000 126,000 130,000 133,500 122,500 179,250
Median days on market 169.5 154.5 163 184 190.5 228

** all residential properties that don't directly front on water 

This market is improving too, although the median sales price is down in 2014 and the median days on market are at their highest mark. Less than two year's worth of inventory....considerably less which is good. A fairly big disconnect between the median sales point for 2014 and what is active on the market. And lots of days on the market for the median home that is currently active. We'll see if 2015 can make a real dent in these numbers....I sure hope so, but we continue to have our fair share of foreclosures so that keeps prices down especially within this category (actually more often the non-waterfront....but not exclusively).

Let us know if we can help you either buy or sell a house....or even put a real estate question into context. Just call me, Kathryn Murray, at 804-450-4442 cell or email me at kam129@aol.com.  Thanks......looking forward to a great 2015!!

 



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