19
Jan
11

Status of McLean-Great Falls, VA Housing Market

The following chart (compiled by my partner) illustrates what is going on in the McLean-Great Falls, VA housing market: 
 
McLean & Great Falls Market Analysis of Home Sales  
  (Based on Final Closed Price)      
  >$3 Mil. $2-3 Mil. $1.25-2 Mil   $750k-$1.25 Mil <$750k
2009            
             
22101 2 29 53   143 182
22102 8 7 22   53 205
22066 3 12 38   80 48
  Total: 13 Total: 48 Total: 113   Total: 276 Total: 435
             
  Combined Total: 174   Combined Total: 711
      All Sales 2009: 885    
2010            
             
22101 8 12 55   154 141
22102 7 17 27   65 181
22066 1 11 69   101 33
  Total: 16 Total: 40 Total: 151   Total: 320 Total: 355
             
  Combined Total: 207   Combined Total: 675
      All Sales 2010: 882    
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The number of closed sales for McLean and Great Falls was flat between 2009 and 2010:  885 total sales in 2009 and 882 total sales in 2010.  In the category of under $1.25 million there were fewer sales in 2010 than in 2009, 675 versus 711.
  
The most significant increase in number of sales was in the $1.25 to $2 million market segment with 151 in 2010 up from 113 in 2009.
  
Inventory continues to be less relative to demand in the under $1.25 million price range.  With 675 total sales in 2010 in that market segment, that is a demand of 56.25 properties per month.  As of January 1, 2011 there were only 141 properties available to purchase, which represents 2.5 months’ supply. At the end of the third quarter 2010, there was a 3.5 months’ supply which clearly shows that this market segment is recovering.  A balanced market, neither a buyers or sellers market, offers a 6 months’ supply of properties.   When there is less than a 6 month supply of inventory, then the market is considered a sellers’ market.
  
The over $2 million price range in McLean and Great Falls is also on the road to recovery, just not as fast.  The absorption rate for this segment in 2010 was almost 5 properties per month.  With 95 properties available to purchase as of January 1, 2011, that represents approximately a 19 months’ supply of inventory, down from 26 months’ supply the end of the third quarter 2010.   It is clearly still a strong buyers’ market in the over $2 million price range.  A true recovery will not happen in that market segment until it becomes balanced and stays that way for some time.  However, the market is moving in the right direction.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


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

Tania Hosmer

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

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 696 other followers

Disclaimer:

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

%d bloggers like this: