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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Land sales in the Northern Neck

Here we are closing in on the end of the year. Just a couple of days ago I had fun putting together my extreme numbers related to home sales. In that case I showed the listings that have sold (3) in each price category and how long they'd been on the market (the longest in their price point) and then showed what percentage of the original list price they ultimately sold for. Interesting to look at. What I didn't state then and should bring to your attention is that 2015 has been the best year for waterfront residential home sales....probably since 2007....would have to go back and look at 2008....to be sure. Give or take, though, it has been a long time for that market to come back, but it has!!

In the charts below the sales for the full years of 2013 and 2014 are compared with 2015 as of last evening, December 28 (and as ususal, the actives). There really isn't any way around it. Clearly 2015 is a year when land sales have been backsliding. Sorry to say.

All land types, four counties
  2013 2014 2015 Active
# sold 136 135 126 897
$ sold (millions) 12.7 15.8 13.2 131.8
Median sales price 60,000 77,500 49,250 74,900
Median days on market 183 202 268

481

 

Fewer sales, less dollars than 2014, but better than 2013. Lowest median sales price. Most median days on market. Slightly more than 7 years' worth of inventory in the active category. Median days on market of the actives is 481.....that's a lot of days. 

Waterfront land, four counties
  2013 2014 2015 Active
# sold 52 66 46 405
$ sold (millions) 8.4 11.9 7.0 175,000
Median sales price 142,000 167,500 131,750 175,000
Median days on market 295.5 210.5 295 467

2015 gives us fewer solds, fewer dollars, lowest median sales price and basically the same high median days on market as in 2013. Perhaps 9 years' worth of inventory is there in the actives.

The good news is that there are properties selling. The good news is that people are still buying land. The bad news is there aren't enough of those buyers these days. Let's hope that 2016 will be an improving story for land.

 

 

Looking at the most days on market for the actives I found the listing on longest is at 3833 days. This property has been all over the map coming on at one number, going up in price a few months later. Dropping again. Going up again. And now it is at 1/3 of the original asking price. When you see this sort of action in a listing it makes you cringe a bit if you have a client interested in it. Who knows what the seller is thinking? But it is always worth a shot. Maybe they have gotten tired. After more than 3,000 days it might be time to move on.  

The second longest listing has been on for around 3500 days. That property has had a price drop since 2007. Now that's optimism.....I think.



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