Fresh from a wonderful week long ski vacation in beautiful Steamboat Springs, CO, I thought I’d write a blog post about the real estate market out there. Steamboat is located in Routt County, Colorado.
Check it out at:
http://taniahosmer.wordpress.com
As always, if you have any questions about this blog post or the McLean real estate market, please don’t hesitate to contact me at tania@hbgroup.us or 703-403-8225.
New Listings in 22102 – Week of 3/18/10 – 3/25/10
There were 17 new listings this week (3/18/10-3/25/10) in 22102 with 4 already under contract. Ten are condominiums and 7 are single family homes.
Below are two links to more detailed information about the listings including MLS number, number of bedrooms and bathroom, directions to the properties and exterior photographs.
If you have any questions about these listings or would like to see them, please feel free to contact me at tania@hbgroup.us.
New Listings in 22101 the Week of 3/1810-3/25/10
There were 20 new listings in the 22101 zip code in the past week (March 18-25) with two already under contract.
Below are links to two .pdf files with more detailed information about the properties including lot size, number of bedrooms and bathrooms, tax assessment and photographs.
If you have any questions about these listings or would like to visit one, please don’t hesitate to contact me at tania@hbgroup.us or 703-403-8225.
Three listings sold this past week (3/15/10-3/22/10) in 22102. Two were condominiums and 1 was a single family home:
Attached is a pdf file with more detailed information about these listings.
If you have any questions about the information contained in this blog, please feel free to contact me at tania@hbgroup.us.
Eight Listings Sold this past week ( 3/13/10 – 3/20/10) in 22101:
Below is a link to a pdf file which contains more detailed information about the listings:
If yo have any questions about the informaiton contained in this or any of my blogs, please feel free to contact me at tania@hbgroup.us
New Listings in 22102 – This Week (3/11/10 – 3/18/10)
There were 11 new properties listed in the 22102 zip code area this week (3/11/10-3/18/10). Two are already under contract. Five are condominiums and six are single family homes.
Below are two links to more detailed information about the listings including MLS number, number of bedrooms and bathroom, directions to the properties and exterior photographs.
Photos of New Listings in 22102
If you have any questions about the information contained in my post, please feel free to contact me at tania@hbgroup.us.
New Listings in 22101 This Week
There were 11 new listings in the 22101 zip code in the past week (March 10-17) with five already under contract. One is listed in the high $500,ooo’s. Two are listed in the $600,000’s . Three are listed in the $700,000’s. One is listed in the 900,000’s. Four are listed in the $1,000,000-$1,200,000 range. One is listed above $1,500,000 at $1,600,000.
Below are links to two .pdf files with more detailed information about the properties including lot size, number of bedrooms and bathrooms, tax assessment and photographs.
Photos of New listings in 22101 3/10/10-3/17/10
If you have any questions about the information contained in my blog, please feel free to contact me at tania@hbgroup.us.
McLean-Great Falls Market Analysis
(6/30/09-12/31/09)
Tables 1, 2 and 3 and Charts 1, 2 and 3 in the attached .pdf file (McLean Great Falls Market Analysis) compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate markets of McLean and Great Falls (zip codes 22101, 22102 and 22066) by price range for the period from 6/30/09 – 12/31/09. Based on the balance, the markets can be characterized three ways:
Buyers’ Market – More Active Listings (Supply) than Sales and Under Contract Listings (Demand)
Balanced Market – An Equal Number of Active Listings (Supply) vs. Sales and Under Contract Listings (Demand)
Sellers’ Market – More Sales and Under Contract Listings (Demand) than Active Listings (Supply)
22101
22102
22066
$3,000,000 and up – strong buyers’ market (There are 4 times as many active listings as sold and under contract listings.
Local Market Overview (3/31/09-9/30/09)
Background
I gathered the data available in the multiple listing service for active listings, under contract listings, sold listings, expired listings and withdrawn listings by price range for 22101 (McLean), 22102 (McLean) and 22066 (Great Falls). With that information, I created three charts to illustrate the supply (active listings) vs. the demand (sold listings and those that are under contract) by price range for the quarter ending 9/30/09. Copies of these charts are attached (McLean GF market analysis).
Synopsis
The charts show strong activity in the lowest price range – $700,000-$900,000. In the real estate industry, we characterize this activity as a sellers’ market (i.e. there is more demand for housing than supply and thus price pressure up). However, you have to take into account the listings that were withdrawn or expired (shadow inventory) in the same time frame. Those listings create wild cards. The owners may be waiting on the sidelines to see what is going to happen in the local real estate market and decide to put them back on the market in the near future. When you factor the “shadow inventory” into the equation, it makes the market in the lower price range more balanced with less price pressure up, especially in Great Falls. The McLean markets of 22101 and 22102 are stronger in the lower price range.
22101
The market is pretty balanced above $1,200,000 until you hit the $3,000,000 and up range, except in the $1,500,000-$2,000,000 range where it is a buyers’ market (without factoring in the “shadow inventory”).
22102
The market shifts from a sellers’ market to a buyers’ market sooner (in the $900,000 – $1,200,000 range) and stays that way up to the $3,000,000 and up range. Although in the $1,500,000-$2,000,000 and $2,500,000-$3,000,000 ranges, the market is closer to balanced (without factoring in the “shadow inventory”).
22066
The market shifts from a sellers’ market to a buyers’ market at the $1,200,000-$1,500,000 range and stays a buyers’ market. There are no price ranges where the market shifts closer to a balanced market.
22101 and 22066
Up to $1,200,000 is a sellers’ market, if you are looking strictly at the number of active listings vs. sold and under contract listings. However, if you factor in the “shadow inventory”, the balance shifts, but again those listings are wild cards.
Conclusion
All of the activity in the lower price range indicates that we are in a recovery in our local housing market.
Tania grew up in Northern Virginia and is a life long resident of the area. She has lived in McLean, Virginia with her husband and 2 children since 2001. She holds a bachelor’s degree in Physics from Mary Washington College and an MBA in Finance from The George Washington University. Tania began her real estate career over 20 years ago. In addition to real estate sales, her experience includes managing residential renovation projects in the greater Washington area, planning and overseeing new residential construction and managing rental properties. After completing her MBA in 1996, she joined CIG International (a Washington-based residential real estate investment firm) as Vice President where she conducted extensive due diligence investigations of real estate investment opportunities and oversaw ongoing investment projects. Tania became a residential real estate agent in 2006.
