24
Apr
13

State of the Housing Market – McLean, Virginia 22101 – September 30, 2012 to March 31, 2013

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 such as: “It’s a great time to sell,” don’t even begin to tell the whole story, particularly in Northern Virginia.  In order to fully understand our local housing market, the statistics need to be broken down into meaningful components 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 Housing Market – 9/30/13 – 3/31/13 – McLean, Virginia 22101

Based on the current data, the real estate markets in our area can be characterized in one of the 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 Sold and Under Contract Listings (Demand) than Active Listings (Supply)

Solds + Expireds +
Contracts Withdrawns
Type of (9/30/12- Active (9/30/12-
List    Price Range Market 3/31/13) Listings Difference 3/31/13)
$700,000-$899,999 Sellers 57 9 48 or 84% 11
$900,000-$1,199,999 Sellers 47 11 36 or 77% 5
$1,200,000-$1,499,999 Sellers 28 15 13 or 46% 10
$1,500,000-$1,999,999 Sellers 37 30 7 or 19% 7
$2,000,000-$2,499,999 Sellers 17 9 8 or 47% 6
$2,500,000-$2,999,999 Buyers 3 9 -6 or -200% 0
$3,000,000+ Buyers 8 16 -8 or -100% 7

22101 chart 093012-033113

Summary of McLean, VA 22101

$700,000 – $899,999 – Sellers’ Market. The number of homes sold between 9/30/13 and 3/31/13 combined with the number of properties currently under contract is more than 6 times the number of homes currently on the market. If the expired or withdrawn listings went back on the market, the number of sold properties plus under contract properties would still be almost 3 times the number of homes listed for sale properties, and this price range would still be a sellers’ market.

$900,000 – $1,199,999 – Sellers’ Market. The number of homes that sold between 9/30/13 and 3/31/13 plus the number of currently under contract properties is more than 4 times the number of homes currently listed for sale. If you factor in the homes that were withdrawn from the market and the listings that expired, the number of sold properties plus under contract properties would still be almost 3 times the number of currently listed properties, and the price range would still be a sellers’ market.

$1,200,000 – $1,499,999 – Sellers’ Market. The number of homes that sold between 9/30/13 and 3/31/13 plus the number of currently under contract properties is almost 2 times the number of homes currently listed for sale. If you factor in the 10 properties that were withdrawn from the market or listings that expired, this price range would shift closer to a balanced market.

$1,500,000 – $1,999,999 – Sellers’ Market. The number of homes currently on the market is slightly less than the number of homes sold between 9/30/13 and 3/31/13 and under contract properties combined. If you factor in the 7 property listings that were withdrawn or expired, this price range would be balanced.

$2,000,000 – $2,499,999 – Sellers’ Market. The number of homes currently on the market is almost half the number of properties that sold between 9/30/13 and 3/31/13 combined with the number of homes currently under contract. If you factor in the 6 property listings that were withdrawn or expired, this price range would be closer to a balanced market.

$2,500,000 – $2,999,999 – Buyers’ Market. The number of homes currently listed for sale is exactly 3 times the number of homes sold between 9/30/13 and 3/31/13 plus the number of properties currently under contract. There were no property listings that expired or were withdrawn from the market in this price range between 9/30/12 and 3/31/13.

$3,000,000 and up – Buyers’ Market. The number of homes currently for sale is exactly 2 times the number of properties sold between 9/30/13 and 3/31/13 and the number of currently under contract listings combined. The 7 withdrawn and expired listings, if they were put back on the market, would make the number of active listings almost 3 times the number of sold plus under contract listings and would make this price range a stronger buyers’ market.

If you have any questions on any of the housing market information or data, please do not hesitate to call 703 403-8225 or email me at taniahosmer@gmail.com.

Advertisements

0 Responses to “State of the Housing Market – McLean, Virginia 22101 – September 30, 2012 to March 31, 2013”



  1. Leave a Comment

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

You are commenting using your Google+ 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 1,693 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: