Market Conditions in the Reserve in McLean, VA as of 6/30/10
Properties in the Reserve are selling more readily than properties in 22102 outside of the Reserve neighborhood in the same price range.
As of 6/30/10, 7 properties were listed for sale in the Reserve. There have been 3 sales in the past 6 months in the Reserve and there are currently 3 properties under contract.
This means that the supply and demand for properties in the Reserve are about equal or “balanced”. The demand is the number of sold properties plus the number currently under contract (3+3). The supply is the number of properties currently on the market (7).
Attached is a pdf file which shows more detailed information about these listings. Here is the link to that file:
One of the “under contract” properties – 1026 Founders Ridge Lane – went on the market on 6/17/10 for $3,695,000 and went under contract in 8 days.
I will post the sales price of the under contract properties once they settle.
In contrast, in the postal code area of 22102 overall excluding the properties in the Reserve, 37 properties are listed for sale for $2,400,000+, with 3 under contract and 4 sold. Thus, the supply is more than 5 times the demand, i.e. not balanced.
A pdf file with more detailed information on these listings is also attached. Here is a link to that file:
22102 $2.4M+ Market Outside Reserve
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 ($2,400,000+).
If you have any questions about this or any other post, please contact me at tania@hbgroup.us.
Reserve Real Estate News 