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 numbers in the Northern Neck of Virginia--an update

It was really my hope that the trend showing that this is an improved market would shine through after the August numbers were in...here we are greeting September already which is hard to believe (and note that some Realtors don't get their information on closings in for a couple of days so there may be more sales that would qualify for 2015). Looking at what we have below for sales in the Northern Neck of Virginia four counties (Lancaster, Northumberland, Richmond and Westmoreland) we are doing well....the best that we have in years. Nice to see.

In total residential sales are doing better, but percentage wise when we look at the subset of waterfront residential sales, that is where there is the most improvement.

All residential, 4 counties, 1/1 through 8/31
  2011 2012 2013 2014 2015 Active
# sold 241 235 259 278 298 903
$ sold (million) 66.5 65.6 77.1 78.5 91.5 375.5
Median sales price 204,500 215,500 220,000 205,000 240,000 315,000
Median days on market 172 169 212 203.5 164 154

 

Improved number of sales. Improved dollars. Highest median sales price within this five year period and fewest median days on market. That's good news!!

 

Waterfront residential, 4 counties, 1/1 through 8/31
  2011 2012 2013 2014 2015 Active
# sold 112 117 129 123 151 521
$ sold (million) 48.8 47.4 57.9 56.2 70.2 299.0
Median sales price 363,000 359,500 375,000 370,000 390,000 449,000
Median days on market 211 176 282 231 212 158*

Almost 50% increase in number of properties sold from 2011 to 2015. That's good. Significant dollars more in 2015 than in any of the previous four years. Highest median sales price and a reduced median days on market in relationship to 2013 and 2014. Interesting. Good news. The trend is that we are in a better market and that property is selling. If you are interested in buying, you might seriously consider doing so soon.....people are out there buying which makes for a more challenging market for buyers....not a sellers market yet, but it could be coming.

Sometimes I'm just curious so I looked at the property that has been on the market the longest in the waterfront residential category. It has been on for 2987 days. And almost more fantastic than that length of consecutive days the fact that when it was put on in 2007 there hasn't been a single price change makes me absolutely astounded. What is this seller thinking? What is the Realtor thinking? Any Realtor worth their salt wouldn't show the property....there isn't the value there, so what is going on? Well, not my problem.

I'll put together the land numbers either late today or in the morning. It's fun to get to the end of the month and see where things stand. We aren't just speculating, we're watching the numbers unfold. --Kathryn  (Kathryn Murray, 804-450-4442 cell)

 



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