November 2011 Real Estate Trends for McLean, Virginia 22102

For Sale

There were close to 24% fewer properties listed for sale in November 2011 (91) as compared to November 2010 (119). In November 2011, 18 condominiums, 71 detached homes and 2 town home were listed for sale in McLean, VA22102. However, there were 14% more new listings (32) in November 2011 versus November 2010 (28).

Contracts

There were more new contracts in November 2011 (32) versus November 2010 (28). However, the total number of outstanding pending contracts in November 2011 (46) was 18% more than November 2010 (39).

Solds

A total of fourteen (27) homes sold in November 2011, up more than 12% from the same time last year and up more than 92% from October 2011. Eighteen (18) condominiums sold in November 2011 while only 8 single family homes and 1 town homes sold during the month of November. In November of 2010, a total of 24 homes sold (14 condos, 9 single family and 1 town home).

Sold Prices

Average sold prices for detached homes were down over 20% from $1,667,667 in November 2010 to $1,321,563 in November 2011, average sold prices for town homes were up close to 97% from $305,000 in November of 2010 to $600,000 in November 2011, and average sold prices for condominiums were up 8% from $354,786 in November 2010 to $383,322 in November 2011. The ratio of sold price to original list price improved slightly (by 3%) in November 2011 (95%) over November 2010 (92%).

Days on Market

Average days on the market were down over 23% from 76 in October 2011 to 58 in November 2011 and down over 53% from 126 in November 2010 to 58 in November 2011.

If you would like to discuss market trends in more detail, please feel free to contact the author directly at taniahosmer@gmail.com.

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.

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