Posts Tagged ‘real estate trends in McLean Virginia

02
Dec
11

Real Estate Trends in McLean, Virginia 22102

By Tania Hosmer Leave a Comment
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Real Estate Trends in McLean, Virginia 22102

For Sale

There were close to 22% fewer properties listed for sale in October 2011 (111) as compared to October 2010 (142).  In October 2011, 25 condominiums, 85 detached homes and 1 town home were listed for sale in McLean, VA 22102.  However, there were 28% more new listings (32) in October 2011 versus October 2010 (25).

Contracts

There were more new contracts in October 2011 (26) versus October 2010 (21).  However, the total number of outstanding pending contracts in October 2011 (39) was 9% less than October 2010 (43).

Solds

A total of fourteen (14) homes sold in October 2011, down more than 33% from the same time last year and down more than 50% from September 2011.  Eight (8) condominiums sold in October 2011 while only 4 single family homes and 2 town homes sold during the month of October.  In October of 2010, a total of 21 homes sold (13 condos, 7 single family and 1 town home).

Sold Prices

Average sold prices for detached homes were up over 11% from $1,881,429 in October 2010 to $2,105,100 in October 2011, average sold prices for town homes were also up close to 17% from $575,000 in October of 2010 to $672,500 in October 2011, and average sold prices for condominiums were down almost 12% from $293,608 in October 2010 to $259,938 in October 2011.  The ratio of sold price to original list price stayed stable at close to 93% in October 2011, or unchanged from October 2010.

Days on Market

Average days on the market were up 100% from 38 in September 2011 to 76 in October 2011 and down over 51% from 156 in October 2010 to 76 in October 2011.

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23
Nov
11

Market Statistics – October 2011 – McLean VA 22101

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Market Statistics – October 2011 – McLean VA 22101

Statistic Values YoY MoM
Total Sold Dollar Volume $27,744,450 -14.71% -19.19%
Closed Sales 25 +13.64% -26.47%
Median Sold Price $695,000 -24.51% -16.97%
Avg Sold Price $1,109,778 -24.95% +9.9%
Avg Days on Market 40 days -51.22% -31.03%
Avg Sold to Orig List Ratio 95.98% +1.08% +1.89%

Oct-11  Oct-2010  % Change
Active Listings 179 152 17.76%
New Listings 54 44 22.73%
New Under   Contracts 10 11 -9.09%
New Contingents 24 11 118.18%
New Pendings 34 22 54.55%
Total Pendings 46 47 -2.13%

If you have any questions about these statistics or would like to discuss them or current real estate market conditions, I follow the market trends very closely and would be happy to discuss them with you.  I can be reached by email at taniahosmer@gmail.com or phone at 703-403-8225.

21
Jun
11

McLean, VA 22102 Housing Market – Comparative Analysis – Quarter End 3/31/10 vs. Quarter End 3/31/11

By Tania Hosmer Leave a Comment
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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.  To further understand our local housing market, the statistics need to be compared from quarter to quarter or year to year, so that the average home owner and potential buyer can see the trends in the local housing market.

Hopefully, this analysis will provide you with a more detailed and accurate picture of what is happening in our local housing market.

Housing Market Comparative Analysis for McLean, VA 22102

Quarter End 3/31/10 vs. Quarter End 3/31/11

I compared my market analyses for McLean, VA 22102 for the quarters ending 3/31/10 and 3/31/11 and compiled the data first into a table, then charted the data.  The table and chart are below.  For a larger view of either the table or chart, click on them.

Summary of 22102 Comparison

  • $700,000 – $1,199,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a sellers’ market.
  • $1,200,000 – $1,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a balanced market.
  • $1,500,000 – $1,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a buyers’ market.
  • $2,000,000-$2,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers.
  • $2,500,000 – $2,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a strong buyers’ market.
  • $3,000,000+ – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers’.

Please refer to my previous post for the quarter end 3/31/10:

https://mcleanrealestate.wordpress.com/2010/06/08/first-quarter-2010-market-analysis-for-mclean-great-falls/

If you have any questions about this post or about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.

09
Jun
11

Can You “Time the Market”?

By Tania Hosmer 2 Comments
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Can You Time the Market?
Historical Contract Data in the Reserve in McLean, VA 22102
Is it possible to time the market?
Recently a neighbor asked, have we missed the opportunity to list our property and get a contract/sell it this year?  I based my answer on some generalizations and what we typically see in the real estate industry.  Generally, we see more properties come on the market in the Spring and a peak in sales and closings in June and July of each year.   However, there are 2 schools of thought.  If you list a property in an “off”season like the Fall or Winter, there will be less inventory and thus less competition for properties on the market.
Many families with children prefer to buy in the summer, so they can move and settle in before the beginning of the school year.  But, there are people who have to buy in the “off” months because of necessity or perceive more value in properties  on the market in the “off” seasons (i.e. that property prices are lower).
So can you really time the market?  What you need to do is price your home properly for current market conditions.  This means that you need to consider the following:
(1) recent sales of comparable properties,
(2) sold prices of recently sold comparable properties,
(3) how long they were on the market and any price changes,
(4) comparable properties currently under contract, their list prices, any price adjustments, and how long they were on the market,
(5) comparable properties currently on the market, their list prices, any price adjustments, and how long they have been on the market,
(6) comparable properties that were taken off the market, their list prices, any price adjustments, and how long they were on the market,
(7) how many comparable properties sold in the past 6 months,
(8) how many comparable properties are currently under contract, and
(9) how many comparable properties are currently on the market.
The last 3 numbered items will tell you about the balance of the market – whether it is a buyers’ or sellers’ market.
I decided to look into it further for my neighborhood (the Reserve in McLean, VA) and see if the data supports this argument.   I pulled all the historical sales data for the Reserve including the contract dates and this is what I found.
Below is a link to a pdf file containing the raw data.
Some years show peak numbers (of contracts) in the Spring, and some actually show peak numbers in the Summer, Fall and/or Winter months.  Some showed no peak month.  There does not seem to be any clear pattern.  I don’t see any month that stands out over others with more contracts, but rather I see a pretty even distribution throughout the months of the year and a different peak month year to year.  Each year is different and there is no consistency. And, of course, historical data doesn’t always predict what will happen in future years.
Based on this information, it is clear that you can not time the market and you should look at the current market conditions as outlined in the above-list.
If you have any questions about this post, the real estate market in McLean, or just want to work with a knowledgeable and experienced real estate agent, please contact me at 703-403-8225 or taniahosmer@gmailcom.

“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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Disclaimer:

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