State of the Real Estate Market for Great Falls, VA 22066

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 Great Falls, VA 22066 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)

Table 1
Market Analysis for 22066 (6/30/11 – 12/31/11)

			Solds +					Expireds +
			Contracts					Withdrawns
Zip		Type of	(6/30/11-	Active				(6/30/11-
code	List Price Range	Market	12/31/11)	Listings	Difference			12/31/11)
22066	$700,000-$899,999	Sellers’	31	15	16	or	51.61%	18
22066	$900,000-$1,199,999	Sellers’	32	12	20	or	62.50%	26
22066	$1,200,000-$1,499,999	Balanced	20	21	-1	or	-5.00%	27
22066	$1,500,000-$1,999,999	Buyers’	17	20	-3	or	-17.65%	18
22066	$2,000,000-$2,499,999	Balanced	8	8	0	or	0.00%	6
22066	$2,500,000-$2,999,999	Buyers’	4	9	-5	or	-125.00%	2
22066	$3,000,000+	Strong Buyers’	3	13	-10	or	-333.33%	9

Summary of 22066

$700,000 – $1,199,999 – Sellers’ Market. There are twice as many sold plus under contract properties as currently listed properties. However, there are as many withdrawn and expired listings as currently listed properties, so if you factor in the withdrawn and expired properties, this price range would be balanced
$1,200,000 – $1,499,999 – Balanced Market. However, if you factor in the withdrawn and expired listings, this price range would be a sellers’ market.
$1,500,000 – $1,999,999 – Buyers’ Market. However, it is close to a balanced market. If you factor in the withdrawn and expired listings, this range would be a stronger buyers’ market.
$2,000,000 – $2,499,999 – Balanced. However, if you factor in the withdrawn and expired listings, this range would be a buyers’ market.
$2,500,000 – $2,999,999 – Buyers’ Market. There are twice as many active listings as sold plus under contract listings.
$3,000,000 and up – Strong Buyers’ Market. There are 4 times as many active listings as sold plus contract properties.

If you have any questions about the McLean-Great Falls real estate market, please don’t hesitate to contact me 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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