State of the Real Estate Market or McLean, VA 22102
Quarter End 12/31/11
The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean, VA 22102 by price range for the period from 6/30/11 – 12/31/11.
This analysis is a snapshot in time. The real estate market constantly changes just like any other market. However, this is an accurate picture of the local real estate market at this point in time. Based on the balance, the markets can be characterized in one of 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 Sales and Under Contract Listings (Demand) than Active Listings (Supply)
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Solds + |
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Expireds + |
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Contracts |
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Withdrawns |
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Type of |
(6/30/11- |
Active |
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(6/30/11- |
| List Price Range |
Market |
12/31/11) |
Listings |
Difference |
12/31/11) |
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| $700,000-$899,999 |
Sellers’ |
21 |
3 |
18 |
or |
85.71% |
4 |
| $900,000-$1,199,999 |
Sellers’ |
17 |
6 |
11 |
or |
64.71% |
12 |
| $1,200,000-$1,499,999 |
Sellers’ |
11 |
9 |
2 |
or |
18.18% |
9 |
| $1,500,000-$1,999,999 |
Sellers’ |
15 |
10 |
5 |
or |
33.33% |
11 |
| $2,000,000-$2,499,999 |
Sellers’ |
10 |
5 |
5 |
or |
50.00% |
4 |
| $2,500,000-$2,999,999 |
Strong Buyers’ |
3 |
12 |
-9 |
or |
-300.00% |
8 |
| $3,000,000+ |
Buyers’ |
7 |
17 |
-10 |
or |
-142.86% |
9 |
Summary of Zip Code 22102
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$700,000 – $899,999 – Sellers’ Market. The number of sold properties combined with the number of under contract listings is 7 times the number of homes currently on the market (active listings). If you factor in the properties that were withdrawn from the market or expired listings, there are still 3 times the number of active listings as sold properties plus under contract properties.
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$900,000 – $1,199,999 – Sellers’ Market. If you factor in the properties that were withdrawn from the market and listings that expired, this price range is balanced.
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$1,200,000 – $1,499,999 – Sellers’ Market. But, this price range is very close to a balanced market (without factoring in the withdrawn and expired listings). 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 a buyers’ market.
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$1,500,000 – $1,999,999 – Sellers’ Market. If you factor in the number of properties that were withdrawn from the market and listings allowed to expire, this price range becomes a buyers’ market.
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$2,00,000 – $2,499,999 – Sellers’ Market. The number of properties sold between 6/30/11 and 12/31/11 plus the number of properties currently under contract is twice the number of homes currently for sale.
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$2,500,000 – $2,999,999 – Strong Buyers’ Market. The number of homes listed for sale is 4 times the number of homes sold between 6/30/11 and 12/31/11 combined with the number of properties currently under contract.
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$3,000,000 and up – Buyers’ Market. The number of homes currently listed for sale is more than twice the number of homes sold between 6/30/11 and 12/31/11 plus the number of homes currently under contract.
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.
The property located at 922 Dominion Reserve Dr, McLean, Virginia 22102 was listed yesterday (1/6/12) for $2,799,990.
Reserve Real Estate News 