McLean Real Estate News

State of the McLean VA 22102 Housing Market – July 1, 2014 to December 31, 2014 — Text Summary

• $700,000 – $899,999 – Sellers’ Market. The number of homes sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is more than three times the number of homes currently listed for sale (active listings). If the 5 homes that were withdrawn from the market or allowed to expire were put back on the market, the number of sold properties plus under contract properties would still be 50% more than the number of active listings and this price range would remain a sellers’ market.
• $900,000 – $1,199,999 – Sellers’ Market. The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract homes is 5 times the number of homes currently on the market for sale. If you factor in the 10 properties that were withdrawn from the market or allowed to expire, there would still be 30% more sold plus under contract properties as active listings and this price range would stay a sellers’ market.
• $1,200,000 – $1,499,999 – Sellers’ Market. The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is more than the number of homes for sale. If you factor in the 10 homes that were withdrawn from the market and listings that expired, the number of active listings would be 50% more than the number of sold properties plus under contract properties and this price range would become a buyers’ market.
• $1,500,000 – $1,999,999 – Sellers’ Market. The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is 55% more than the number of homes for sale. If you factor in the 17 homes that were withdrawn from the market or expired, this price range becomes a buyers’ market.
• $2,000,000 – $2,499,999 – Sellers’ Market. The number of properties listed for sale is slightly less than the number of homes that sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. This price range is close to balanced. If you factor in the 11 properties that were withdrawn from the market and listings that expired, the number of active listings would be three times the number of sold plus under contract properties and this price range would become a buyers’ market.
• $2,500,000 – $2,999,999 – Sellers’ Market. The number of homes listed for sale is only 2/3 the number of homes sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. If the 3 homes that were withdrawn from the market in this price range between 9/30/12 and 12/31/14 went back on the market, the number of homes listed for sale would equal the number of sold plus under contract listings and this price range would become balanced.
• $3,000,000 and up – Buyers’ Market. The number of homes currently listed for sale is almost 3 times the number of homes sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 14 properties that were withdrawn from the market and listings that expired, the number of homes on the market would be almost 5 times the number of sold homes combined with properties currently under contract and it would become an even stronger buyers’ market.

Note: All of the numbers for the withdrawn and expired listings were cross referenced against currently active listings, sold listings and under contract listings.  If they were listed in another category, they were excluded from the numbers and thus not accounted for more than once.

If you have any questions about any of this housing market data or the McLean Housing market, please do not hesitate to contact Tania at 703 403-8225 or taniahosmer@gmail.co