Posts Tagged ‘housing market trends in McLean Virginia

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06
Jan
12

State of the Real Estate for McLean, VA 22101 – Quarter End 12/31/11

By Tania Hosmer 1 Comment
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State of the Real Estate Market for McLean, VA 22101

Quarter End 12/31/11

The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean, VA 22101 by price range for the period from 6/30/11 – 12/31/11.

This analysis is a snapshot in time.  The real estate market constantly changes just like any other market.  However, this is an accurate picture of the local real estate market at this point in time.  Based on the balance, the markets can be characterized in one of 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)

Solds + Expireds +
Contracts Withdrawns
Type of (6/30/11- Active (6/30/11-
List Price Range Market 12/31/11) Listings Difference 12/31/11)
$700,000-$899,999 Sellers’ 62 14 48 or 77.42% 25
$900,000-$1,199,999 Sellers’ 40 12 28 or 70.00% 19
$1,200,000-$1,499,999 Sellers’ 24 15 9 or 37.50% 12
$1,500,000-$1,999,999 Buyers’ 24 33 -9 or -37.50% 15
$2,000,000-$2,499,999 Buyers’ 5 12 -7 or -140.00% 9
$2,500,000-$2,999,999 Balanced 5 5 0 or 0.00% 4
$3,000,000+ Strong Buyers’ 4 22 -18 or -450.00% 2

Summary of 22101

  • $700,000-$899,999 – Sellers’ Market.  There are more than 4 times as many sold plus under contract listings as active listings.  If you factor in the expired and withdrawn listings, there are still twice as many sold properties plus under contract properties as currently listed properties and this price range is still a sellers’ market.
  • $900,000 – $1,199,999 – Sellers’ Market.  There are more than 3 times as many sold plus under contract properties as currently listed properties.  If you factor in the withdrawn and expired listings, this price range is still a sellers’ market.
  • $1,500,000 – $1,999,999 – Buyers’ Market.  The nuber of active listings is greater than the number of sold plus under contract listings combined.  If you factor in the withdrawn and expired properties, this price range would be a stronger buyers’ market.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  There are twice as many properties currently on the market as sold plus under contract properties.
  • $2,500,000 – $2,999,999 – Balanced Market.  There is an equal number of active listings as sold and under contract listings combined.  If you factor in the withdrawn and expired listings, this price range would shift to a buyers’ market.
  • $3,000,000 and up – Buyers’ Market.  There are 5 times the number of active listings as sold and under contract listings combined. The nubmer of withdrawn listings would not significantly impact the balance.

If you would like to dicsuss the trends in the McLean-Great Falls real estate market, please don’t hesitate to contact me at TaniaHosmer@gmail.com.

02
Dec
11

Real Estate Trends in McLean, Virginia 22102

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Real Estate Trends in McLean, Virginia 22102

For Sale

There were close to 22% fewer properties listed for sale in October 2011 (111) as compared to October 2010 (142).  In October 2011, 25 condominiums, 85 detached homes and 1 town home were listed for sale in McLean, VA 22102.  However, there were 28% more new listings (32) in October 2011 versus October 2010 (25).

Contracts

There were more new contracts in October 2011 (26) versus October 2010 (21).  However, the total number of outstanding pending contracts in October 2011 (39) was 9% less than October 2010 (43).

Solds

A total of fourteen (14) homes sold in October 2011, down more than 33% from the same time last year and down more than 50% from September 2011.  Eight (8) condominiums sold in October 2011 while only 4 single family homes and 2 town homes sold during the month of October.  In October of 2010, a total of 21 homes sold (13 condos, 7 single family and 1 town home).

Sold Prices

Average sold prices for detached homes were up over 11% from $1,881,429 in October 2010 to $2,105,100 in October 2011, average sold prices for town homes were also up close to 17% from $575,000 in October of 2010 to $672,500 in October 2011, and average sold prices for condominiums were down almost 12% from $293,608 in October 2010 to $259,938 in October 2011.  The ratio of sold price to original list price stayed stable at close to 93% in October 2011, or unchanged from October 2010.

Days on Market

Average days on the market were up 100% from 38 in September 2011 to 76 in October 2011 and down over 51% from 156 in October 2010 to 76 in October 2011.

21
Sep
11

State of the Real Estate Market of McLean, VA 22102 – Quarter End 6/30/11

By Tania Hosmer Leave a Comment
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There is a popular saying among top economists:  “As goes housing, so goes the economy.”

Normally, nationwide housing and housing-related services account for about 15-19% of the Gross Domestic Product (GDP), depending on the year.  However, broad generalizations like, “It’s a great time to buy,” don’t even begin to tell the whole story, particularly here in Northern Virginia.  In order to fully understand our local housing market, the statistics need to be broken down into meaningful parts which can be understood and applied by the average home owner and potential buyer.

This analysis provides a snapshot in time of our constantly changing local real estate market.  Hopefully, it will provide you with a more detailed and accurate picture of what is happening in our market today.

State of the Real Estate Market in McLean, VA 22102 for the Quarter End 6/30/11

The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean 22102 by price range for the period from 12/31/10 – 6/30/11.

Based on the balance, the real estate market in our area can be characterized in one of three ways:

Buyers’ Market – More properties for sale (Supply) than properties that have sold in the past 6 months or are currently under contract (Demand)

Balanced Market – an equal number of properties for sale (Supply) as properties that have sold in the past 6 months or are currently under contract (Demand)

Sellers’ Market – more properties that sold in the past 6 months or are currently under contract (Demand) than properties that are currently for sale (Supply)

To get an enlarged view of the table or chart, click on them.

22102 Summary

  • $700,000 – $899,999 – Sellers’ Market. There are over 4 times the number of sold plus under contract listings as the number of active listings.
  • $900,000 – $1,199,999 – Sellers’ Market. If you factor in the withdrawn and expired listings, this range is closer to balanced.
  • $1,200,000 – $1,499,999 – Sellers’ Market, but very close to a balanced market (without factoring in the withdrawn and expired listings). 
  • $1,500,000 – $1,999,999 – Balanced Market.  There is an equal number of active listings as sold and under contract listings combined.  If you factor in the number of withdrawn and expired listings, this range would become a sellers’ market.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  There are 3 times the number of active listings as sold and under contract listings combined.
  • $2,500,000 – $2,999,999 – Strong Buyers’ Market.  There are more than 5 times the number of active listings as sold and under contract listings combined.
  • $3,000,000 and up – Buyers’ Market.  There are more than 3 times the number of active listings as sold and under contract listings combined.

If you have any questions about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.

21
Jun
11

McLean, VA 22102 Housing Market – Comparative Analysis – Quarter End 3/31/10 vs. Quarter End 3/31/11

By Tania Hosmer Leave a Comment
Categories: Uncategorized
Tags: , , , , , , , , , , , , , , , , , , , , , , , , ,

There is a popular saying among top economists:  “As goes housing, so goes the economy.”

Normally, nationwide housing and housing-related services account for about 15-19% of the Gross Domestic Product (GDP), depending on the year.  However, broad generalizations like, “It’s a great time to buy,” don’t even begin to tell the whole story, particularly here in Northern Virginia.  To further understand our local housing market, the statistics need to be compared from quarter to quarter or year to year, so that the average home owner and potential buyer can see the trends in the local housing market.

Hopefully, this analysis will provide you with a more detailed and accurate picture of what is happening in our local housing market.

Housing Market Comparative Analysis for McLean, VA 22102

Quarter End 3/31/10 vs. Quarter End 3/31/11

I compared my market analyses for McLean, VA 22102 for the quarters ending 3/31/10 and 3/31/11 and compiled the data first into a table, then charted the data.  The table and chart are below.  For a larger view of either the table or chart, click on them.

Summary of 22102 Comparison

  • $700,000 – $1,199,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a sellers’ market.
  • $1,200,000 – $1,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a balanced market.
  • $1,500,000 – $1,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a buyers’ market.
  • $2,000,000-$2,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers.
  • $2,500,000 – $2,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a strong buyers’ market.
  • $3,000,000+ – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers’.

Please refer to my previous post for the quarter end 3/31/10:

http://mcleanrealestate.wordpress.com/2010/06/08/first-quarter-2010-market-analysis-for-mclean-great-falls/

If you have any questions about this post or about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.

20
Jun
11

State of the Real Estate Market – McLean, VA 22102 – Quarter End 3/31/11

By Tania Hosmer 3 Comments
Categories: Uncategorized
Tags: , , , , , , , , , , , , , , , , , , , ,

There is a popular saying among top economists:  “As goes housing, so goes the economy.”

Normally, nationwide housing and housing-related services account for about 15-19% of the Gross Domestic Product (GDP), depending on the year.  However, broad generalizations like, “It’s a great time to buy,” don’t even begin to tell the whole story, particularly here in Northern Virginia.  In order to fully understand our local housing market, the statistics need to be broken down into meaningful parts which can be understood and applied by the average home owner and potential buyer.

This analysis provides a snapshot in time of our constantly changing local real estate market.  Hopefully, it will provide you with a more detailed and accurate picture of what is happening in our market today.

State of the Real Estate Market in McLean, VA 22102 for the Quarter End 3/31/11

The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean 22102 by price range for the period from 9/30/10 – 3/31/11.

Based on the balance, the real estate market in our area can be characterized in one of three ways:

Buyers’ Market – More properties for sale (Supply) than properties that have sold in the past 6 months or are currently under contract (Demand)

Balanced Market – an equal number of properties for sale (Supply) as properties that have sold in the past 6 months or are currently under contract (Demand)

Sellers’ Market – more properties that sold in the past 6 months or are currently under contract (Demand) than properties that are currently for sale (Supply)

To get an enlarged view of the table or chart, click on them.

22102 Summary

  • $700,000 – $1,199,999 – Sellers’ Market.  If you factor in the withdrawn and expired listings, this range is closer to balanced.
  • $1,200,000 – $1,499,999 – Balanced Market (without factoring in the withdrawn and expired listings)
  • $1,200,000 – $1,499,999 – The amount of withdrawn and expired listings would increase the number of active listings by 80%, if they came back on the market, and shift the market from balanced to a buyers’ market.
  • $1,500,000 – $1,999,999 – Buyers’ Market (without factoring in the withdrawn and expired listings).  There are almost 2 times the number of active listings as sold and under contract listings combined.
  • $1,500,000 – $1,999,999 – If you factor in the withdrawn and expired listings, the number of active listings would be almost 3 times the number of sold plus under contract listings.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  The 1 withdrawn listing is negligibly significant.
  • $2,500,000 – $2,999,999 – Strong Buyers’ Market
  • $2,500,000 – $2,999,999 – There are 6 times the number of active listings as sold and under contract listings.
  • $3,000,000 and up – Buyers’ Market
  • $3,000,000 and up – There are over twice the number of active listings as sold and under contract listings.

If you have any questions about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.

12
Jun
11

McLean, VA 22101 – Multiple Listing Service Statistics – May 2011

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McLean, VA 22101 – Multiple Listing Service Statistics – May 2011

Here are 2 jpeg files containing the latest market statistics for McLean VA 22101 from the local multiple listing service (click on files to see larger views):

Here are links to pdf files of the statistics (which are easier to read):

22101 May 2011 Stats

22101 May 2011 Stats 2

The statistics show the following changes from May 2010 to May 2011:

  • a decrease in number of total contracts form 82 to 69 (broken down as follows):
    • non-contingent contracts from 37  to 31
    • a decrease in number of contingent contracts from 45 to 38
  • a 14.39% increase in dollar volume for the month
  • a 4.3% increase in average sold price
  • a 9.68% increase in units sold from 31 to 34
  • a small decrease in average sales price to original list price ratio of 2.84%
  • a 66.67% decrease in number of attached units sold
  • a 40.91% increase in number of detached units sold from 22 to 31
  • a decrease in the number of days on the market of 26.55%

34 properties sold in McLean VA 22101 in May of 2011.  As of May 31, 2011, 163 properties were on the market and 69 properties were under contract.

As compared to May 2010, the number of active listings was down by 5.23% and the number of contracts was down 15.85%, but the number of properties sold was up by 9.68%.

If you have any questions about this post or the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com,

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“it’s not your father’s real estate market anymore” ®

Tania Hosmer

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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.

Contact Information:

Tania Hosmer
Keller Williams Realty
6820 Elm Street, Suite 100
McLean, Virginia 22101
cell: 703-403-8225
email: taniahosmer@gmail.com
website: www.taniahosmer.com

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Disclaimer:

If your home is currently listed with another broker, this is not intended as a solicitation of that listing.