Posts Tagged ‘state of mclean real estate market

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  Even if the 17 homes withdrawn from the market and with expired listings, went back on the market, there would be more than 2 times the number sold or under contract as compared to active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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25
Jan
15

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

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

Table 2 grey

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.com.

25
Jan
15

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

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

  • $700,000 – $899,999Sellers’ 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 – $1,199,999Sellers’ 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 – $1,499,999Sellers’ 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 – $1,999,999Sellers’ 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 – $2,499,999Sellers’ 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 – $2,999,999Sellers’ 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 upBuyers’ 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

25
Jan
15

State of the McLean VA 22101 Housing Market – July 1, 2014 to December 31, 2014 — Text Summary

State of the McLean VA 22101 Housing Market — July 1, 2014 to December 31, 2014 — Text Summary

  • $700,000 – $899,999Sellers’ Market The number of homes sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is almost 5 times the number of homes currently listed for sale (active listings). However, if the 30 home that were withdrawn from the market were put back on the market, there would still be more than 1 1/2 times the number of sold properties plus under contract properties as the number of active listings and this price range would remain a sellers’ market.
  • $900,000 – $1,199,999Sellers’ Market The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract homes is more than two times the number of homes currently on the market for sale. If you factor in the 23 properties that were withdrawn from the market, there would be an equal number of sold plus under contract properties as active listings and this price range would be balanced.
  • $1,200,000 – $1,499,999Sellers’ 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 2 times the number of homes for sale.  If you factor in the 30 properties that were withdrawn from the market and listings that expired, the number of active listings be more than the number of sold properties plus under contract properties and this price range would become a buyers’ market.
  • $1,500,000 – $1,999,999Sellers’ Market The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is slightly more than the number of homes for sale and this price range is almost balancedIf you factor in the 20 homes that were withdrawn from the market or expired, this price range becomes a buyers’ market.
  • $2,000,000 – $2,499,999Balanced Market The number of properties listed for sale is slightly more than the number of homes that sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. If you factor in the 20 properties that were withdrawn from the market and listings that expired, the number of active listings would be almost three times more than the number of sold plus under contract properties and this price range would become a buyers’ market.
  • $2,500,000 – $2,999,999Buyers’ Market The number of homes listed for sale is more than 6 times the number of homes sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. If the 4 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 be more than 8 times the number of sold plus under contract listings and this price range would become a stronger buyers’ market.
  • $3,000,000 and upBuyers’ 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 10 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 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.com.

25
Jan
15

State of the McLean VA 22101 Housing Market — July 1, 2014 to December 31, 2014 — Table

State of the McLean VA 22101 Housing Market — July 1, 2014 to December 31, 2014 — Table

22101 table

 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.com.

22
Jan
15

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

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

chart 2

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.com.

22
Jan
15

State of the McLean VA 22101 Housing Market – July 1, 2014 to December 31, 2014 — Chart

State of the McLean VA 22101 Housing Market – July 1, 2014 to December 31, 2014– Chart

chart 1

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.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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Disclaimer:

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