River & Rural Realty--Find Virginia Waterfront property on the Northern Neck
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Contact Information

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
Here Comes the Memorial Day weekend....

We're facing a most busy weekend coming up. This one is filled with all sorts of energy and excitement related to summer being on its way and weeks and weeks of fun by the water. Along with that energy hopefully there is serious reflection on what Memorial Day stands for and how thankful we should be for those who have made our lives what they are--free and safe. Somehow this is a very special time on many levels.

With that said, here are a few numbers that show us how we are progressing or not, with this very mixed market. Everywhere you turn you hear stories about how it is now a sellers market. Well not here. That is not the case. One of these days we may turn a corner and join those locales that are fortunate to have a sellers market, but don't hold your breath. Our market is stable. Our market is slowly improving in most market segments. There is more and more activity. It is just each market is different and each segment of a market is subject to differing interest. It is not simple and don't let anyone tell you that it is.

Here are numbers for our five counties, Essex, Lancaster, Richmond, Westmoreland and Northumberland. These numbers are for January 1 through May 20th for the respective years. What they show us is that in the residential market we are improving. In the land market (at least the waterfront land and that is the most sought after....) more properties have been sold but at a signficantly lower median sales price which results in fewer total dollars. 

All residential sales 1/1-5/20
  2013 2014 2015 Active
# sold 145 157 161 981
$ sold (millions) 38.9 39.9 47.3 394.9
Median sales price 180,000 160,000 210,000 299,500
Median days on market 220 211 201 140

Greater number of solds in 2015. Greater dollars in terms of overall sales. Higher median sales price and fewer median days on market. Still considerable inventory, but all in all this looks good. And the active median days on market is quite low!

Waterfront residential sales 1/1-5/20--a subset of the above
  2013 2014 2015 Active
# sold 61 54 74 527
$ sold (millions) 27.0 25.6 35.8 299.3
Median sales price 375,000 411,000 394,675 449,500
Median days on market 307 298 230 134

In this subset of residential sales 2015 are significantly higher in number over the last two years. The dollars for the solds is higher too. The median sales price is not as high as 2014, but higher than 2013. Median days on market is quite improved over the previous two years. Just as with the overall residential market there is plenty of inventory and also the median days on market is much lower than the median days for the solds.

Waterfront land sales 1/1-5/20
  2013 2014 2015 Active
# sold 18 19 21* 419
$ sold (millions) 2.7 4.1 3.2 105.5
Median sales price 144,000 189,000 115,000 175,000
Median days on market 457 107 172 364

So a tale of two markets. Residential is improving. Although there are more sales in terms of numbers in 2015 the dollar value for those sales is quite a bit less than 2014. The median sales price for 2015 is lower than both 2013 and 2014. The median days on market has climbed up some in 2015 over 2014 numbers. Then again look at the median days on market for sales in 2013--457!! And look at the median days on market for the actives--364. Also, there is lots and lots of inventory. There is almost 20 times as much inventory that is active as has sold in 2015. If we were to roughly annualize our 1/1 to 5/20 numbers (which isn't totally fair in that it is not quite a full 5 months...but still it gives some perspective) then we would see that within the waterfront land actives we have close to ten years' worth of inventory. That's a lot of lots!

* of the 21 solds this year, 6 were with conventional financing, 1 with owner financing and 14 were with cash. Cash is still talking big time in this segment of the market.

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