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
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Residential sales by $100,000 increments

This will be a work in progress. Obviously it takes time to compile these statistics and then to lay them out here for your review. For that reason today will be up to $500,000 and in a couple more days I'll do probably five more segments and a day or two later I'll finish this off.

These are residential sales and all types are contained in the numbers. No breaking out for waterfront. No breaking out for non waterfront. Everything. The numbers are for January 1 through November 3 for the respective years. This is for the four counties of the Northern Neck, Lancaster, Northumberland, Westmoreland and Richmond. This approach sheds a little more light on our market. And even though I believe the $/sqft is not a very good indicator of anything given the huge variables for each property (acreage, etc... just as a start) it's here for your review. That's it. Here we go for the price points up to $500,000.

Residential sales up to $100,000 (1/1 through 11/3)
  2013 2014 2015 2016 Active
# sold 53 57 63 63 56
$ sold (millions) 3.2 3.5 3.9 3.8 3.8
Median sales price 62,500 63,000 65,000 63,000 69,000
Median days on market 117 184 149 136 165
$/sq.ft 55.35 60.38 61.54 54.41 62.50

What do we see here? Well a gradual increase in sales and an improvement dollar-wise. Nothing earth shattering. Reasonable median days on market....all below 200 including the actives. Fewer actives than we have solds for this year. Looks good!

Residential sales $100,000 to $200,000 (1/1 through 11/3)
  2013 2014 2015 2016 Active
# sold 97 124 102 133 152
$ sold (millions) 14.1 17.4 14.9 19.3 23.5
Median sales price 147,500 143,500 147,250 142,000 154,450
Median days on market 198 199 154 170 143.5
$/sq.ft 103.59 103.00 99.50 97.80 101.50

Considerable increase in sales this year although you can see that 2014 was a good sales year for this segment and then 2015 the sales dropped off. Certainly the highest number of dollars in 2016 by far in terms of total sales. All median days on market are below 200. Actives are a bit more than the number of solds thus far this year, but still are under 20%. This looks good too!

Residential sales $200,000 to $300,000 (1/1 through 11/3)
  2013 2014 2015 2016 Active
# sold 64 71 76 101 122
$ sold (millions) 15.3 17.2 18.3 24.5 31.7
Median sales price 236,950 245,000 241,500 247,500 262,450
Median days on market 257 286 214.5 174 177.5
$/sq.ft 135.50 150.00 146.50 150.40 144.00

Quite a jump in sales for this segment in 2016. This both for numbers of solds and for total dollars. We have the highest median sales price in 2016 as well. Looks like the median days on market are declining with both the days on market for the solds and for the actives at under 200. Not a huge amount of inventory in relationship to the solds....about 20% and we haven't gotten through the year yet. Looks good to me.

Residential sales $300,000 to $400,000 (1/1 through 11/3)
  2013 2014 2015 2016 Active
# sold 46 52 68 70 101
$ sold (millions) 15.5 17.6 23.4 23.5 31.7
Median sales price 333,250 340,000 348,500 330,000 363,000
Median days on market 245.5 191.5 212 212 199
$/sq.ft 187.00 187.00 178.00 165.50 179.55

Some improvement in sales for 2016, although not sizable when compared to 2015. Median days on market is 212 for the solds, although 199 for the actives. About 30% more inventory on the market as we have solds for 2016. Not bad really, quite good. Just not quite as strong as the previous segments.

Residential sales $400,000 to $500,000 (1/1 through 11/3)
  2013 2014 2015 2016 Active
# sold 32 32 29 39 84
$ sold (millions) 12.7 13.9 12.7 16.6 38.6
Median sales price 410,000 444,250 435,000 420,000 450,000
Median days on market 289 116 187 242 182
$/sq.ft 194.00 177.50 180.34 199.28 187.00

Hmmmm. Yes, improved in 2016 both in numbers and in dollars. Median days on market are  up for 2016 over 2014 and 2015 and exceed that 200 mark. More than double the number of actives as we have solds in 2016. Obviously this is more competitive and not as well a selling segment as any of the ones we've looked at thus far. 

 



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