Posts Tagged ‘housing market trends in McLean Virginia

29
Apr
15

State of the Housing Market – McLean, VA 22101 and 22102 – Quarter End 3/31/15

State of the Housing Market for McLean, VA 22101 and 22102 – Quarter End 3/31/15

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 buy,” 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.

Tables 1 and 2 and Charts 1 and 2 compare the number of homes for sale (the supply) to the number of homes sold or under contract (the demand) in the local real estate markets of McLean (zip codes 22101 and 22102) by price range for the period from 10/1/14 – 3/31/15.  The following chart depicts the relationship between supply, demand and price.

Supply_and_demand

Based on the current date, the real estate markets in our area can be characterized in one of the three ways:

Buyers’ Market – More Homes for Sale (Supply) than Homes Sold and Under Contract (Demand)

Balanced Market – An Equal Number of Homes for Sale (Supply) vs. Homes Sold and Under Contract (Demand)

Sellers’ Market – More Homes Sold and Under Contract (Demand) than Homes for Sale (Supply)

 22101 chart as of 033115

22101 table as of 033115

Summary of Zip Code 22101

$700,000 – $899,999STRONG SELLERS’ MARKET.  The number of homes sold in this price range, including those under contract, is almost four times the number listed for sale.  Even if the 17 homes withdrawn from the market and with expired listings, went back on the market, there would be more than 2 times the number sold or under contract as compared to active listings, and thus this price range would remain a sellers’ market.

$900,000 – $1,199,999SELLERS MARKET.  The number of properties sold in this price range, including those under contract, is more than two times the number listed for sale.  If you factor in the 11 properties withdrawn from the market and with expired listings, the number sold or under contract would be over 25% the number of homes for sale, and thus this price range would remain a sellers’ market.

$1,200,000 – $1,499,999SELLERS’ MARKET.  The number of properties sold in this price range, including the number under contract, is more than 20% the number listed for sale.  If you factor in the 12 properties withdrawn from the market and the listings that expired, the number is higher than the number sold or under contract, and this price range becomes a buyer’s market.

$1,500,000 – $1,999,999BUYERS’ MARKET.  The number of properties sold in this price range, including the number under contract, is less than the number for sale, and thus this price range is a buyers’ marketHowever, if you factor in the 15 homes withdrawn from the market and those with expired listings, the number of homes for sale would be more than twice the number sold or under contract and this price range becomes a stronger buyers’ market.

$2,000,000 – $2,499,999BUYERS’ MARKET.  The number of properties listed for sale in this price range is over 65% more than the number sold or under contract.  However, if you factor in the 11 properties withdrawn from the market and listings that expired, the number becomes more than two times the number sold or under contract, and this price range becomes a stronger buyers’ market.

$2,500,000 – $2,999,999BUYERS’ MARKET.  The number of homes listed for sale in this price range is over two times the number sold or under contract.  If the three homes withdrawn from the market go back on the market, the number listed for sale would be three times the number sold or under contract, and this price range becomes a stronger buyers’ market.

$3,000,000 and upSTRONG BUYERS’ MARKET.  The number of homes currently listed for sale in this price range is more than four times the number sold, including the number under contract.  If you factor in the 7 properties withdrawn from the market and listings that expired, the number on the market is more than five times the number sold or under contract and becomes an even stronger buyers’ market.

22102 chart as of 033115


 22102 table as of 033115
Summary of Zip Code 22102

$700,000 – $899,999SELLERS’ MARKET.  The number of homes sold in this price range, including those under contract, is three times the number listed for sale.  Even if the three homes withdrawn from this market and those with expired listings went back on the market, the number sold or under contract would still be 47% more than all listings.

$900,000 – $1,199,999SELLERS’ MARKET.  The number of homes sold in this price range, including those under contract, is two and a half times the number currently on the market.  Even if you factor in the seven properties withdrawn from this market and those with expired listings, the number sold or under contract would still be 25% more than all listings.

$1,200,000 – $1,499,999 BALANCED MARKET. The number of homes sold in this price range, including those under contract, is almost equivalent to the number currently listed for sale and thus appears to be a balanced market.  However, if you include the 6 homes withdrawn from the market and those with expired listings, the number sold or under contract would be 42% less than the total available.

$1,500,000 – $1,999,999BALANCED MARKET.  The number of homes sold in this price range, including those under contract, is almost equal to the number of homes currently on the market and thus also appears to be a balanced market.  However, if you factor in the 7 homes withdrawn from the market and those with expired listings this becomes a buyers’ market.

$2,000,000 – $2,499,999BUYERS’ MARKET.  The number of homes listed for sale in this price range is more than 5 times the number of homes sold or under contract, and thus appears to be a buyer’s market.  If you factor in the 2 properties withdrawn from the market and those with expired listings, the number of active listings would be six times those sold or under contract and thus a stronger buyers’ market.

$2,500,000 – $2,999,999BUYERS’ MARKET.  The number of homes listed for sale in this price range is more than 1 ½ times the number sold or under contract and thus appears to be a buyer’s market.  However, if the 4 homes withdrawn from the market in this price range between 10/1/14 and 3/31/15 went back on the market, the number listed for sale would be more than 2 times the number sold or under contract and thus a stronger buyers’ market.

$3,000,000 and upBUYERS’ MARKET.  The number of homes listed for sale in this price range is more than seven times the number of homes sold and under contract.  Also, if you factor in the 8 properties withdrawn from the market and those with expired listings, the number of homes on the market would be more than 10 times the number sold or under contract and thus be an even stronger buyers’ market.

For more information on the real estate market in McLean or to buy or sell a home in McLean, please contact Tania at 703-403-8225 or TaniaHosmer@gmail.com.

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20
Feb
13

January Housing Market Statistics for McLean, Virginia 22102

January Housing Market Statistics for McLean, Virginia 22102

Statistics for McLean, Virginia 22102
Values YOY MoM
Total Sold Dollar Volume $26,458,510 +34% +18%
Closed Sales                 25 39% +14%
Median Sold Price       $610,000 -33% – 27%
Avg Sold Price    $1,058,340 –  4% +  3.5%
Avg Days on Market     112 days -19% +15.5%
Avg Sold to Orig List Ratio       94.65% + 8%   – 3%
Inventory   22102
13-Jan 12-Jan %  Change
Active   Listings
65 86 -24%
New Listings 45 33 36%
New Under Contracts 16 5 220%
New Contingents 19 10 90%
New Pendings 35 15 133%
All Pendings 45 34 32%
For more information on the McLean VA Housing Market, please contact Tania at TaniaHosmer@gmail.com or 703-403-8225.
06
Feb
13

State of the Housing Market – McLean, VA 22101 and 22102 – Quarter End 12/31/12

State of the Housing Market – McLean, VA 22101 and 22102

Quarter End 12/31/12

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 buy,” 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.

Tables 1 and 2 and Charts 1 and 2 compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate markets of McLean (zip codes 22101 and 22102) by price range for the period from 7/1/12 – 12/31/12.  The following chart depicts the relationship between supply, demand and price.

Supply_and_demand

Based on the current date, 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)

Tania Chart 22101
Table 1
Market Analysis for Zipcode 22101 (7/1/12-12/31/12)
Solds + Expireds +
Contracts Withdrawns
Type of (7/1/12- Active (7/1/12-
List Price Range Market 12/31/12) Listings Difference 12/31/12)
$700,000-$899,999 Sellers’ 47 7 40 or 85.11% 17
$900,000-$1,199,999 Sellers’ 45 13 32 or 71.11% 14
$1,200,000-$1,499,999 Sellers’ 34 11 23 or 67.65% 10
$1,500,000-$1,999,999 Balanced 33 30 3 or 9.09% 14
$2,000,000-$2,499,999 Buyers’ 11 14 -3 or -27.27% 3
$2,500,000-$2,999,999 Balanced 5 5 0 or 0.00% 2
$3,000,000+ Buyers’ 10 20 -10 or -100.00% 3

 Summary of Zip Code 22101

  • $700,000- $899,999 Sellers’ Market.  The number of homes sold between 7/1/12 and 12/31/12 combined with the number of properties currently under contract is more than 6 times the number of homes currently on the market (active listings). If the homes that expired or were withdrawn from the market in the same time frame were put back on the market, there would still be close to twice the number of sold properties plus under contract properties as currently listed 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 7/1/12 and 12/31/12 plus the number of currently under contract properties is more than 3 times the number of homes currently listed for sale. If you factor in the property listings that were withdrawn from the market or expired, there are still 2 times the number of sold properties plus under contract properties as currently listed properties, and this price range would stay a sellers’ market.
  • $1,200,000 – $1,499,000 – Sellers’ Market. The number of homes that sold between 7/1/12 and 12/31/12 plus the number of currently under contract properties is more than 3 times the number of homes currently listed for sale.  If you factor in the properties that were withdrawn from the market or listings that expired, the number of sold properties plus under contract properties would still be more than 1  1/2 times the number of currently listed properties, and this price range would stay a sellers’ market.
  • $1,500,000 – $1,999,999 – Balanced Market.  The number of homes currently on the marketis almost equal to the number of homes sold between 7/1/12 and 12/31/12 and under contract propertiescombined, so it is close to a balanced market. If you factor in the 14 property listings that were withdrawn or expired, this price range would shift to a buyers’ market.
  • $2,000,000 – $2,499,999 – Buyers’ Market. The number of homes currently on the market is slightly more than the number of properties that sold between 7/1/12 and 12/31/12 combined with the number of homes currently under contract. If you factor in the 3 property listings that were withdrawn or expired, this price range would be a stronger buyers’ market.
  • $2,500,000 – $2,999,999 – Balanced Market.  The number of homes currently listed for sale is equal to the number of homes sold between 7/1/12 and 12/31/12 plus the number of properties currently under contract.  If you factor in the properties that were withdrawn from the market or expired listings, this price range would shift to a buyers’ market.
  • $3,000,000 – and up – Buyers’ Market.  The number of homes currently on the market is twice the number of properties sold between 7/1/12 and 12/31/12 and the number of currently under contract listings combined:  The 3 withdrawn expired listings, if  they were put back on the market, would make the number of active listings 23 and make this price range a stronger buyers’ market.

22102 chart 70112-123112

 Table 2
Market  Analysis for Zip Code 22102 (7/1/12 – 12/31/12)
Solds + Expireds +
Contracts Withdrawns
Type of (7/1/12- Active (7/1/12-
List Price Range Market 12/31/12) Listings Difference 12/31/12)
$700,000-$899,999 Sellers’ 31 4 27 or 87.10% 3
$900,000-$1,199,999 Sellers’ 25 5 20 or 80.00% 2
$1,200,000-$1,499,999 Sellers’ 17 5 12 or 70.59% 10
$1,500,000-$1,999,999 Sellers’ 21 6 15 or 71.43% 8
$2,000,000-$2,499,999 Buyers’ 3 6 -3 or -100.00% 7
$2,500,000-$2,999,999 Buyers’ 5 13 -8 or -160.00% 2
$3,000,000+ Buyers’ 7 20 -13 or -185.71% 11
Summary of Zip Code 22102
  • $700,000 – $899,999 – Sellers’ Market.  The number of properties sold between 7/1/12 and 12/31/12 combined with the number of under contract listings is more than seven times the number of homes currently on the market (active listings).  If the 3 property listings that expired or were withdrawn went back on the market, the number of sold properties plus under contract properties would still be more than 4 times the number of active listings.
  • $900,000 – $1,199,999 – Sellers’ Market.  The number of properties sold between 7/1/12 and 12/31/12 combined with the number of under contract listings is five times the number of homes currently on the market.  If you factor in the properties that were withdrawn from the market and listings that expired, there are still more than 3 times the number of sold properties plus under contract properties as the number of active listings.
  • $1,200,000 – $1,499,999 – Sellers’ Market.  The number of properties sold between 7/1/12 and 12/31/12 plus the number of under contract listings is more than 3 times the number of homes for sale.  If you factor in the properties that were withdrawn from the market and listings that expired, this price range shifts from a sellers’ market to close to a balanced market.
  • $1,500,000 – $1,999,999 – Sellers’ Market.  There is more than four times the number of homes for sale as number of homes sold between 7/1/12 and 12/31/12 plus under contract homes.  If you factor in the number of properties that were withdrawn from the market and listings allowed to expire, this price range is still a sellers’ market.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  The number of properties for sales is twice the number of homes sold between 7/1/12 and 12/31/12 plus the number of homes currently under contract.  If you factor in the 7 properties listings that were withdrawn from the market or expired, this price range becomes an even stronger buyers’ market.
  • $2,500,000 – $2,999,999 – Buyers’ Market.  The number of homes listed for sale is more than 2 times the number of homes sold between 7/1/12 and 12/31/12 combined with the number of properties currently under contract.  If you factor in the properties that were withdrawn from the market and listings that expired, the number of homes on the market would be 3 times the number of sold homes combined with the number of properties under contract and the price range would become a stronger buyers’ market.
  • $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 7/1/12 and 12/31/12 plus the number of homes currently under contract.  If you factor in the properties that were withdrawn from the market and listings that expired, there would be more than 4 times the number of homes on the market as sold homes plus the number of properties under contract and it would be a stronger buyers’ market.
22
Dec
12

November Market Statistics for McLean, VA 22101 and 22102

November Market Statistics for McLean, Virginia 22101 and 22102

McLean, Virginia 22101

Statistic  Values  YoY MoM
Total Sold Dollar Volume $39,912,456 29.06% 78.61%
Closed Sales 38 52% 65.22%
Median Sold Price $901,500 7.07% 9.94%
Avg Sold Price $1,050,328 -15.09% 8.11%
Avg Days on Market 57 -25% 5.56%
Avg Sold to Orig List Ratio 96.35% 0.28% 2.09%

cart 22101

Inventory
November 2012 November 2011 % Change
Active Listings 123 143 -13.99%
New Listings 46 28 64.29%
New Under Contracts 11 12 -8.33%
New Contingents 26 17 52.94%
New Pendings 37 29 27.59%
All Pendings 56 50 12.00%

McLean, Virginia 22102

Statistic Values YoY MoM
Total Sold Dollar Volume $30,235,555 67.30% 94.15%
Closed Sales 38 40.74% 46.15%
Median Sold Price $451,500 11.90% 16.07%
Avg Sold Price $795,673 18.87% 32.84%
Avg Days on Market          67 days 15.52% -22.99%
Avg Sold to Orig List Ratio 94.68% -0.38% -1.90%

chart 22102 agian

Inventory
November 2012 November 2011 % Change
Active Listings 75 91 -17.58%
New Listings 23 32 -28.13%
New Under Contracts 6 12 -50.00%
New Contingents 19 20 -5.00%
New Pendings 25 32 -21.88%
All Pendings 42 46 -8.70%

For more information pertaining to the McLean, Virginia real estate market, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225

21
Nov
12

October Market Statistics for McLean, VA 22101 and 22102

October Market Statistics for McLean, Virginia 22101 and 22102

McLean, Virginia 22101

Statistic Values YoY MoM
Total Sold Dollar Volume $22,345,800 -19.46% -46.93%
Closed Sales 23 -8.% -23.33%
Median Sold Price $820,000 +17.99% -12.53%
Average Sold Price $971,557 -12.45% -30.78%
Average Days on Market 54 days +35% -40.66%
Average Sold to Original List Ratio 94.38% -1.67% +0.05%

Inventory      
  October 2012 October 2011 % Change
Active Listings 133 179 -25.70%
New Listings 42 54 -22.22%
New Under Contracts 10 10 0.00%
New Contingents 35 24 45.83%
New Pendings 45 34 32.35%
All Pendings 63 46 36.96%

McLean, Virginia 22102

Statistic Values YoY MoM
Total Sold Dollar Volume $15,573,689 +31.48% +12.43%
Closed Sales 26 +85.71% +18.18%
Median Sold Price $389,000 +12.75% -33.79%
Average Sold Price $598,988 -29.2% -25.9%
Average Days on Market 87 days +14.47% +67.31%
Average Sold to Original List Ratio 96.51% +3.98% -0.4%

Inventory      
  October 2012 October 2011 % Change
Active Listings 85 111 -23.42%
New Listings 28 32 -12.50%
New Under Contracts 21 11 90.91%
New Contingents 16 15 6.67%
New Pendings 37 26 42.31%
All Pendings 56 39 43.59%

For more information pertaining to the McLean, Virginia real estate market, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225

12
Oct
12

September Market Statistics for McLean, VA 22101 & 22102

September Market Statistics for McLean, Virginia 22101 & 22102

September Market Statistics for 22101

Statistic Values YoY MoM
Total Sold Dollar Volume $42,109,902 +22.65% -13.9%
Closed Sales 30 -11.76% -25%
Median Sold Price $937,500 +12.01% +15.74%
Average Sold Price $1,403,663 +39% +14.8%
Average Days on Market 91 Days +56.9% +42.19%
Average Sold to Original List Ratio 94.33% 0.14% -1.33%

Inventory      
  Sept 2012 Sept 2011 % Change
Active Listings 155 187 -16.58%
New Listings 69 77 -10.39%
New Under Contracts 6 7 -14.29%
New Contingents 27 23 17.39%
New Pendings 33 30 10.00%
All Pendings 47 40 17.50%

September Market Statistics for 22102

Statistic Values YoY MoM
Total Sold Dollar Volume $17,784,100 -16.71% -40.48%
Closed Sales 22 -24.14% -35.29%
Median Sold Price $587,500 -4% -32.1%
Average Sold Price $808,368 +9.79% -8.02%
Average Days on Market 52 Days +36.84% +13.04%
Average Sold to Original List Ratio 96.9% +1.48% +1.8%

Inventory      
  Sept 2012 Sept 2011 % Change
Active Listings 108 115 -6.09%
New Listings 41 39 5.13%
New Under Contracts 10 9 11.11%
New Contingents 19 15 26.67%
New Pendings 29 24 20.83%
All Pendings 47 33 42.42%

For more information on the McLean and Great Falls markets, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225.

13
Sep
12

August Market Statistics for McLean, VA 22101 and 22102

August Market Statistics for McLean, Virginia 22101

Statistic Values YoY MoM
Total Sold Dollar Volume $48,910,000 +0.75% +22.54%
Closed Sales 40 -0.09% +5.26%
Median Sold Price $810,000 -14.06% -1.64%
Average Sold Price $1,222,750 +10.82% +16.41%
Average Days on Market 64 days -3.03% -5.88%
Average Sold to Original List Ratio 95.6% +0.3% -2.37%

 

 

Inventory      
  August 2012 August 2011 % Change
Active Listings 148 168 -11.90%
New Listings 55 59 -6.78%
New Under Contracts 12 21 -42.86%
New Contingents 18 18 0.00%
New Pendings 30 39 -23.08%
All Pendings 48 47 2.13%

August Market Statistics for McLean, Virginia 22102

Statistic Values YoY MoM
Total Sold Dollar Volume $29,880,888 +40.17% +3.9%
Closed Sales 34 +21.43% +6.26%
Median Sold Price $865,250 +116.31% +6.49%
Average Sold Price $878,850 +15.43% -2.21%
Average Days on Market 46 days -54.9% -19.3%
Average Sold to Original List Ratio 95.19% +1.71% -0.21%

 

 

B

Inventory      
  August 2012 August 2011 % Change
Active Listings 109 122 -10.66%
New Listings 37 42 -11.90%
New Under Contracts 15 17 -11.76%
New Contingents 13 16 -18.75%
New Pendings 28 33 -15.15%
All Pendings 42 45 -6.67%
03
Sep
12

State of the Real Estate Market – McLean, VA 22102 – Quarter End 3/31/11

McLean Real Estate News

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 like, “It’s a great time to buy,” don’t even begin to tell the whole story, particularly here in Northern Virginia.  In order to fully understand our local housing market, the statistics need to be broken down into meaningful parts 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 Real Estate Market in McLean, VA 22102 for the Quarter End 3/31/11

The following table and chart compare the number of active…

View original post 361 more words

24
Aug
12

July Market Statistics – McLean VA 22101

McLean Real Estate News

StatisticValuesYoYMoM
Total Sold Dollar Volume$39,914,294+14.48%-37.95%
Closed Sales38+2.7%-34.48%
Median Sold Price$823,500+1.79%-11.55%
Avg Sold Price$1,050,376+11.47%-5.3%
Avg Days on Market68 days+11.48%-20.93%
Avg Sold to Orig List Ratio97.92%+2.82%+1.36%
 
 
 
 
Inventory
Jul-12Jul-11%Change
Active Listings144165-12.73%
New Listings5463-14.29%
New Under Contracts1011-9.09%
New Contingents332626.92%
New Pendings433716.22%
All Pendings665324.53%

View original post

07
Jan
12

State of the Real Estate Market for McLean, VA 22102 – Quarter End 12/31/11

State of the Real Estate Market for McLean, VA 22102

Quarter End 12/31/11

Please refer to the following link for my market analysis of McLean, Virginig 22102 for the quarter ending 12/31/11.

http://reserverealestatenews.com/2012/01/07/market-analysis-comparison-for-22102-mclean-va-2/

If you would like to discuss the trends in the McLean-Great Falls real estate market, please don’t hesitate to contact me at TaniaHosmer@gmail.com.




“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

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

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