Figuring out the McLean Home Market… July 2009

With all you read about the July real estate market, I was surprised to read through the MRIS data for the two McLean, Virginia zip codes, 22101 and 22102. The sales numbers remain down although prices have dropped and mortgage rates were close to 5% on 30-year loans. The strength of the McLean home market is its strategic location keeping this area in demand since access to D.C., Tyson’s, Arlington plus Dulles and National Airports is excellent, but the price point still averages above $900k.

Numbers for 22101:

• Total Units Sold in July 2009, 42 vs. 45 in 2008 (down 6.65%)
• Average Sold Price in July 2009, $945,693 vs. $1,262,965 in 2008 (down 25.12%)
• In the $700,000 to $799,999 range, 4 sold of 19 active listings
• In the $800,000 to $899,999 range, 6 sold of 18 active listings
• In the $900,000 to $999,999 range, 4 sold of 13 active listings
• In the $1,000,000 to $2,499,999 range, 12 sold of 125 active listings
• In the $2,500,000 to $4,999,999 range, 1 sold of 20 active listings
• Average days on market in July 2009 was 69 vs. 132 in 2008
• The average sold price in 2009 was 92.08% of the average list price

Numbers for 22102:

• Total Units Sold in July 2009, 27 vs. 32 in 2008 (down 15.63%)
• Average Sold Price in July 2009, $920,233 vs. $934,903 in 2008 (down 1.57%) **
• In the $700,000 to $799,999 range, 3 sold of 6 active listings
• In the $800,000 to $899,999 range, 1 sold of 7 active listings
• In the $900,000 to $999,999 range, 0 sold of 6 active listings
• In the $1,000,000 to $2,499,999 range, 5 sold of 62 active listings
• In the $2,500,000 to $4,999,999 range, 2 sold of 36 active listings
• Average days on market in July 2009 was 91 vs. 109 in 2008
• The average sold price in 2009 was 86.88% of the average list price

**This zip code reflects some extremes in pricing as there were 14 sales under $500k and 6 sales over $1. million. The McLean home market includes condominiums in all price ranges.