Market Conditions in the Reserve in McLean, VA 22102 as of 3/22/11
Properties in the Reserve are selling more readily than properties in 22102 outside of the Reserve neighborhood in the same price range.
As of 3/22/11, 6 properties were listed for sale in the Reserve. 2 properties sold in the past 6 months and 4 properties were under contract.
This means that the supply and demand for properties in the Reserve are equal or “balanced”. The demand is the number of sold properties plus the number currently under contract (2+4). The supply is the number of properties currently on the market (6).
One of the “under contract” properties – 1039 Founders Ridge Lane – went on the market on 2/10/11 for $2,450,000 and went under contract in 11 days.
In contrast, in the postal code area of 22102 overall excluding the properties in the Reserve, 35 properties were listed for sale for $2,300,000+ as of 3/22/11, with 2 under contract and 5 sold. Thus, the supply is 5 times more than the demand, i.e. not balanced.
Clearly, at the present time, properties in the Reserve are selling more easily than properties in 22102 outside of the Reserve neighborhood in the same price range ($2,300,000+).
If you have any questions about this or any other post, please contact me at tania@hbgroup.us.
Reserve Real Estate News 
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