MRIS

Figuring out the McLean Real Estate Market – August 2009

There have been some impressive claims about the real estate market in August, but there is a sharp dividing line between McLean 22101 and 22102. Yes, 22101 saw some good real estate sales numbers. 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 August 2009, 42 vs. 40 in 2008 (up 5.00%)
• Average Sold Price in August 2009, $1,035,690 vs. $960,431 in 2008 (up 7.84%)
• In the $700,000 to $799,999 range, 6 sold with 16 active listings
• In the $800,000 to $899,999 range, 4 sold with 12 active listings
• In the $900,000 to $999,999 range, 6 sold with 14 active listings
• In the $1,000,000 to $2,499,999 range, 16 sold with 120 active listings
• In the $2,500,000 to $4,999,999 range, 1 sold with 15 active listings
• Average days on market in August 2009 was 93 vs. 105 in 2008
• The average sold price in 2009 was 93.46% of the average list price

Numbers for 22102:

• Total Units Sold in August 2009, 25 vs. 27 in 2008 (down 7.41%)
• Average Sold Price in August 2009, $599,160 vs. $1,050,865 in 2008 (down 42.98%) **
• In the $700,000 to $799,999 range, 1sold with 5 active listings
• In the $800,000 to $899,999 range, 2 sold with 6 active listings
• In the $900,000 to $999,999 range, 3 sold with 5 active listings
• In the $1,000,000 to $2,499,999 range, 3 sold with 61 active listings
• In the $2,500,000 to $4,999,999 range, 0 sold with 33 active listings
• In the $5,000,000 & Over range, 0 sold with 8 active listings
• Average days on market in July 2009 was 91 vs. 118 in 2008
• The average sold price in 2009 was 90.51% of the average list price

**This zip code reflects some extremes in pricing as there were 14 sales under $500k and 3 sales over $1. million. The McLean home market includes condominiums in all price ranges.

MRIS

Figuring out the Vienna Home Market… August 2009

I understand that you are bombarded with August’s real estate sales data, but I always like to keep it simple, and the Vienna home market  in the 22182 zip code was actually pretty flat versus 2008… which may be good news to some of you.

But, if you are a seller with a home priced over $800,000 then you are still searching for a needle in a haystack. I just looked over real estate resale data from MRIS of the Vienna zip codes ( 22180 and 22182)  for the month of August, and there wasn’t a gain in either area.

But please know that this information is reported from MRIS which is not guaranteed to be 100% accurate but should be considered pretty darn close.

Keep in mind, mortgage rates were super-low in August. Still, the numbers were flat!

Numbers for 22182:

• Total Units Sold in August 2009, 30 vs. 31 in 2008 (down 0.57%)
• Average Sold Price in August 2009, $753,718 vs. $733,616 in 2008 (up 2.74%)
• In the $500,000 to $599,999 range, 6 sold with 19 active listings
• In the $600,000 to $699,999 range, 8 sold with 19 active listings
• In the $700,000 to $799,999 range, 8 sold with17 active listings
• In the $800,000 to $999,999 range, 3 sold with 17 active listings
• In the $1,000,000 to $2,499,999 range, 4 sold with 55 active listings
• Average days on market in August 2009 was 74 vs. 68 in 2008
• The average sold price in July 2009 was 94.59% of the average list price

The statistics for the Town of Vienna, 22180, show a similar trend.

Numbers for 22180:

• Total Units Sold in August 2009, 27 vs. 27 in 2008 (0.00%)
• Average Sold Price in August 2009, $528,583 vs. $601,283 in 2008 (down 12.09%)
• In the $400,000 to $449,999 range, 8 sold with 8 active listings
• In the $450,000 to $499,999 range, 3 sold with 7 active listings
• In the $500,000 to $599,999 range, 7 sold with 21 active listings
• In the $600,000 to $799,999 range, 2 sold with 4 active listings
• In the $800,000 to $899,999 range, 1 sold with 2 active listings
• In the $1,000,000 to $2,499,999 range, 2 sold of 30 active listings
• Average days on market in August 2009 was 93 vs. 52 in 2008 (up 78.85%)
• The average sold price in July 2009 was 96.51% of average list price

MRIS

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.

MRIS

Figuring out the Vienna Home Market… July 2009

You may be bombarded with July’s real estate sales data but I want to keep it simple, and the Vienna home market  in the 22182 zip code appears to have picked up pace in July over 2008′s numbers. If you are a seller with a home priced over $800,000 then you are still searching for a needle in a haystack. I just looked over real estate resale data from MRIS of the Vienna zip codes ( 22180 and 22182)  for the month of July, and the biggest gain in the number of sales or transactions are in the 22182 zip code. But please know that this information is reported from MRIS which is not guaranteed to be 100% accurate but should be considered pretty darn close.

In my opinion, the key factors were low interest rates (around 5% on 30-year fixed), lower price points for homes vs. last year, and buyer anticipation that we were bouncing along a real estate bottom.

Numbers for 22182:

• Total Units Sold in July 2009, 36 vs. 26 in 2008 (up 38.46%)
• Average Sold Price in July 2009, $694,444 vs. $786,410 in 2008 (down 11.69%)
• In the $500,000 to $599,999 range, 7 sold of 15 active listings
• In the $600,000 to $699,999 range, 9 sold of 19 active listings
• In the $700,000 to $799,999 range, 6 sold of 13 active listings
• In the $800,000 to $999,999 range, 4 sold of 21 active listings
• In the $1,000,000 to $2,499,999 range, 4 sold of 58 active listings
• Average days on market in July 2009 was 65 vs. 72 in 2008
• The average sold price in July 2009 was 93.64% of the average list price

The statistics for the Town of Vienna, 22180, show a similar trend.

Numbers for 22180:

• Total Units Sold in July 2009, 32 vs. 28 in 2008 (up 14.29%)
• Average Sold Price in July 2009, $568.267 vs. $564,224 in 2008 (up 0.72%)
• In the $400,000 to $449,999 range, 8 sold of 10 active listings
• In the $450,000 to $499,999 range, 5 sold of 11 active listings
• In the $500,000 to $599,999 range, 7 sold of 17 active listings
• In the $600,000 to $799,999 range, 4 sold of 6 active listings
• In the $800,000 to $899,999 range, 2 sold of 4 active listings
• In the $1,000,000 to $2,499,999 range, 2 sold of 35 active listings
• Average days on market in July 2009 was 64 vs. 99 in 2008 (down 35.35%)
• The average sold price in July 2009 was 96.51% of average list price

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