Posts Tagged ‘listings in McLean Virginia

07
Nov
12

Market Analysis for McLean, VA 22102 – Quarter End 9/30/12

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.

Based on the current data, the real estate markets in our area can be characterized in one of three ways:

Buyers’ Market – More Active Listings (Supply) than Sold and Under Contract Listings (Demand)

Balanced Market – An Equal Number of Active Listings (Supply) as compared to Sold and Under Contract Listings (Demand)

Sellers’ Market – More Sold and Under Contract Listings (Demand) than Active Listings (Supply)

Solds + Expireds +
Contracts Withdrawns
Type of (4/1/12- Active (4/1/12-
List Price Range Market 9/30/12) Listings  Difference 9/30/12)
$700,000-$899,999 Sellers’ 29 8 21 or 72.41% 2
$900,000-$1,199,999 Sellers’ 29 6 23 or 79.31% 3
$1,200,000-$1,499,999 Sellers’ 18 11 7 or 38.89% 4
$1,500,000-$1,999,999 Balanced 15 17 -2 or -13.33% 3
$2,000,000-$2,499,999 Balanced 6 6 0 or 0.00% 5
$2,500,000-$2,999,999 Buyers’ 5 11 -6 or -120.00% 4
$3,000,000+ Strong Buyers’ 7 30 -23 or -328.57% 5

Summary of Zip Code 22102

$700,000 – $899,999Sellers’ Market. The number of properties sold between 4/1/12 and 9/30/12 combined with the number of under contract listings is more than three 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 If you factor in the properties that were withdrawn from the market or expired listings, there are still close to 3 times the number of sold properties plus under contract properties as the number of active listings.

$900,000 – $1,199,999Sellers’ Market. The number of properties sold between 4/1/12 and 9/30/12 combined with the number of under contract listings is more than four (almost five) times the number of homes currently on the market. If you factor in the properties that were withdrawn from the market and listings that expired, there are still more than 3 times the number of sold properties plus under contract properties as the number of active listings.

$1,200,000 – $1,499,999Sellers’ Market. The number of properties sold between 4/1/12 and 9/30/12 plus the number of under contract listings is more than the number of homes for sale. 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 balanced market.

$1,500,000 – $1,999,999Balanced Market. There is an almost equal number of homes for sale as number of homes sold between 4/1/12 and 9/30/12 plus under contract homes. 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.

$2,000,000 – $2,499,999 Balanced Market. The number of properties for sales is exactly equal to the number of homes sold between 4/1/12 and 9/30/12 plus the number of homes currently under contract. If you factor in the properties that were withdrawn from the market and listings that expired, this price range shifts from a balanced market to a buyers’ market.

$2,500,000 – $2,999,999Buyers’ Market. The number of homes listed for sale is more than 2 times the number of homes sold between 4/1/12 and 9/30/12 combined with the number of properties currently under contract. If you factor in the properties that were withdrawn from the market and listings that expired, there would be 3 times the number of homes on the market as sold homes combined with the number of properties currently under contract and it would become an even stronger buyers’ market.

$3,000,000 and upStrong Buyers’ Market. The number of homes currently listed for sale is more than 4 times the number of homes sold between 4/1/12 and 9/30/12 plus the number of homes currently under contract. If you factor in the properties that were withdrawn from the market and listings that expired, there would be 5 times the number of homes on the market as sold homes combined with the number of properties currently under contract and it would become an even stronger buyers’ market.

For more information on the McLean real estate market, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225

18
May
11

Market Analysis for 22102 – Quarter End 3/31/11

Market Analysis for 22102 – Quarter End 3/31/11

 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 22102 by price range for the period from 9/30/10 – 3/31/11.  To get an enlarged view of the table or chart, click on them.

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 market can be characterized 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)

22102 Summary

  • $700,000 – $1,199,999 – Sellers’ Market.  If you factor in the withdrawn and expired listings, this range is closer to balanced.
  • $1,200,000 – $1,499,999 – Balanced Market (without factoring in the withdrawn and expired listings)
  • $1,200,000 – $1,499,999 – If you factor in the amount of withdrawn and expired listings, the number of active listings would increase by 80% and shift the market from balanced to a buyers’ market.
  • $1,500,000 – $1,999,999 – Buyers’ Market (without factoring in the withdrawn and expired listings)
  • $1,500,000 – $1,999,999 – If you factor in the withdrawn and expired listings, the number of active listings would be 3 times the number of sold plus under contract listings.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  The 1 withdrawn listing is negligibly significant.
  • $2,500,000 – $2,999,999 – Strong Buyers’ Market
  • $2,500,000 – $2,999,999 – There are 6 times the number of active listings as sold and under contract listings.
  • $3,000,000 and up – Buyers’ Market
  • $3,000,000 and up – There are over twice the number of active listings as sold and under contract listings.

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

11
Apr
11

Market Analysis for 22102 – Quarter End 3/31/11

Market Analysis for 22102 – Quarter End 3/31/11

 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 22102 by price range for the period from 9/30/10 – 3/31/11.  To get an enlarged view of the table or chart, click on them.

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 market can be characterized 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)

22102 Summary

  • $700,000 – $1,199,999 – Sellers’ Market.  If you factor in the withdrawn and expired listings, this range is closer to balanced.
  • $1,200,000 – $1,499,999 – Balanced Market (without factoring in the withdrawn and expired listings)
  • $1,200,000 – $1,499,999 – If you factor in the amount of withdrawn and expired listings, the number of active listings would increase by 80% and shift the market from balanced to a buyers’ market.
  • $1,500,000 – $1,999,999 – Buyers’ Market (without factoring in the withdrawn and expired listings)
  • $1,500,000 – $1,999,999 – If you factor in the withdrawn and expired listings, the number of active listings would be 3 times the number of sold plus under contract listings.
  • $2,000,000 – $2,499,999 – Buyers’ Market.  The 1 withdrawn listing is negligibly significant.
  • $2,500,000 – $2,999,999 – Strong Buyers’ Market
  • $2,500,000 – $2,999,999 – There are 6 times the number of active listings as sold and under contract listings.
  • $3,000,000 and up – Buyers’ Market
  • $3,000,000 and up – There are over twice the number of active listings as sold and under contract listings.

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

23
Mar
11

McLean, Virginia 22102 Market Analysis – 9/22/10 – 3/22/11

McLean 22102 Market Analysis

(9/22/10-3/22/11)

The table and chart below 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 22102 by price range for the period from 9/22/10 – 3/22/11.  If you click on either the table or chart, you will get an enlarged view.

Based on the balance, the market can be characterized 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)

22102 Summary

  • $700,000 – $1,199,999 – Sellers’ Market.   If you factor in the withdrawn and expired listings, this range is closer to balanced.
  • $1,200,000 – $2,499,999 – Buyers’ Market (without factoring in the withdrawn and expired listings)
  • $2,500,000 + – Strong Buyers’ Market
  • $2,500,000 – $2,999,999 – There are 4 times the number of active listings as sold and under contract listings.
  • $3,000,000 and up – There are 3 times the number of active listings as sold and under contract listings.

If you have any questions about the McLean-Great Falls real estate market, please don’t hesitate to contact me at tania@hbgroup.us.

19
Jan
11

Status of McLean-Great Falls, VA Housing Market

I recently posted information on the status of the housing market in the broader McLean and Great Falls, VA area on my other blog site.

Please refer to the link below:

http://mcleanrealestate.wordpress.com/2011/01/19/status-of-mclean-great-falls-va-housing-market/

19
Jan
11

Status of Reserve Listings

Here is what has happened in the Reserve since August of 2010:

  • 7820 Loughran is still on the market for $2,490,000.  It has been on the market for 595 days.  It was originally listed for $2,700,000 on 6/2/09, then reduced to the current price on 8/11/10.
  • 928 Dominion Reserve is still on the market for $2,895,637. It has been on the market since 5/20/10 (228 days).  It was originally listed for $2,995,000, then reduced to the current price on 7/1/10.
  • 884 Alvermar Ridge is still on the market. It was originally listed for $2,995,000 on 6/23/10 and was reduced to $2,785,000 on 10/11/10.  It has been on the market for 210 days and is now vacant.
  • 1012 Founders Ridge has been on the market for 208 days. It was originally listed for $6,750,000 on 6/25/10 and then reduced to $6,250,000 on 10/1/10.
  • 936 Dominion Reserve was withdrawn from the market after 167 days. It was listed for $2,850,000 on 7/1/10.
  • 1017 Founders Ridge is still on the market for $4,850,000 (194 days). It was listed on 7/9/10.  There have been no price reductions.
  • 904 Centrillion settled on 11/15/10 for $2.3M after being on the market for 56 days. It was originally listed on 8/24/10 for $2.695M then reduced to $2.475M on 9/28/10.
  • 1072 Silent Ridge settled on 9/22/10 for $2,500,000. It was listed for $2,750,000 for 93 days.
  • 887 Alvermar Ridge Drive has been on the market for 111 days.  It went on the market on 9/30/10 for $4,980,000.  There have been no price reductions.
The good news is that we already hit the bottom of the market in 2009 (according to the Case-Shiller index published in the Washington Post) and the market is recovering in price ranges up to about $2,000,000. We are expecting the higher price ranges to follow.  However, even though the market is in a recovery, it may be a while before market values come back up to peak values. But, in the lower price ranges, there is price pressure up.
22
Jul
10

Settlement Scheduled – 7681 Ballestrade Court

Settlement Scheduled – 7681 Ballestrade Court

The property located at 7681 Ballestrade Court, McLean, Virginia 22102 in the Reserve neighborhood has been scheduled for settlement on Tuesday, August 3, 2010.  It was listed for $4,170,000 (after one price reduction) and went under contract on June 27, 2010 after 118 days on the market.  I will post the sales price once it settles.

Here is a link to the full listings for the property:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1582934X2DOF&p=DE-117891421-805

Here is a link to my previous post about the property which includes a photo gallery:

https://reserverealestatenews.com/2010/03/29/featured-listing-7681-ballestrade-court/

If you have any questions about this listing or any other listing in the Reserve, please feel free to call me at 703-403-8225.




Tania Hosmer

Tania grew up in Northern Virginia and is a life long resident of the area. She has lived in the Reserve in McLean, Virginia with her husband and 2 children since 2001. Tania and her husband Jim purchased their lot in Section 1 of the Reserve in June of 1999 and built their home in the following 18 months. 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.

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Tania’s Contact Information:

Tania Hosmer
Keller Williams Realty
6820 Elm Street
McLean, Virginia 22101
cell: 703-403-8225
email: taniahosmer@gmail.com
website: www.taniahosmer.com

Disclaimer:

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

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