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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Sales data as of March 13

These sales are for the four counties of the Northern Neck, Richmond, Lancaster, Northumberland and Westmoreland for almost the first quarter of each of the respective years. Interesting about 2017. I would have thought we were doing better than this in 2017.

All residential sales 1/1 through 3/13
  2014 2015 2016 2017 Active
# sold 61 70 67 57 616
$ sold (millions) 14.7 20.5 16.2 18.4 259.6
Median sales price 159,900 212,650 178,000 225,000 339,000
Median days on market 239 205 223 210 221

Least number of properties sold in this timeframe since prior to 2014. Best median sales price of the four years and therefore almost the highest dollars from sales of the four years. Reasonable number of median days on market this year.  Probably in the vicinity of three years' worth of inventory right now although we'll be getting lots of new listings in the next 6 weeks or so.

Waterfront residential sales 1/1 through 3/13 (subset of above)
  2014 2015 2016 2017 Active
# sold 22 32 25 25 357
$ sold (millions) 10.0 16.2 10.6 13.5 204.3
Median sales price 425,000 384,000 317,000 429,000 469,000
Median days on market 304.5 224 264 261 257

Waterfront sales this year isn't exactly a dynamic segment, although it is good to see that the median price is up and that shows some of the higher-end properties are selling. If we were to round this out and think that there'd be about 100 waterfront homes sold this year, then looking at what we have here we'd think we have a bit in excess of three years worth of inventory. Not bad....not great....yet.

All land sales 1/1 through 3/13
  2014 2015 2016 2017 Active
# sold 18 20 14 12 733
$ sold (millions) 2.9 1.9 1.3 1.5 110.8
Median sales price 164,500 49,950 53,000 118,000 90,500
Median days on market 140 177.5 274.5 534 471

Hmmm. Fewest properties sold in this timeframe looking at our four years. Better dollar sales this year than last year. Much increased median sales price over the last two years. Look at the median days on market for these twelve solds!!! 534 days. That means many of the sold properties came down quite a bit to get sold. And look at the number of active properties. This is a difficult market for selling land.



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