Great Falls/McLean, VA Market Report – 10/30/2009

The data below reflects the market conditions in Great Falls and McLean, Virginia:

The Great Falls market continues to show impressive results over the same time period in 2008.  With inventory down 5%, average days on market down 30%, and homes sold up by an impressive 81.8%, the buyers are definitely out and about in Great Falls.  The only disappointing number was that the average sales price was down 3.9%, but given the small number of transactions in the Great Falls market, we would expect to see fluctuations in average price, and it is not a substantial one.  The other robust numbers show a recovering market, although the small sample size can also explain an 81% increase in sales.  Overall, very good news for the market.

McLean is also showing great numbers against the same time last year.  Inventory is down almost 10%, but sales are up 97%.  It did take longer to sell homes, by 18%, and prices fell 4% over last year.  These numbers are still strong, with the inventory and sales levels showing recovery in the McLean market.  Lower priced homes are also selling well, which has brought the average price down a bit.

With the new tax credit that Congress is considering, which will expand the tax credit to move-up buyers who have lived in their homes for at least 5 years, as well as new homebuyers, I foresee a great market in both communities through the Spring.  If you are thinking of moving up, and this act passes, be sure to get your home on the market as soon as possible, as you will need to be under contract on your next home by April 30, 2010.  This will most definitely help our recovery along through the Spring market.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for homes in Great Falls, McLean and all of the DC Metro: www.averyhess.com

Great Falls/McLean, VA Market Report – 10/2/2009

The following tables represent the market in Great Falls and McLean, Virginia:

The Great Falls market continues to show strong signs of recovery and positive appreciation from 2008.  From the data, we can see a small increase in inventory as sellers begin to come back to the market to take advantage of new buyers.  While the number of homes sold dropped slightly from the same time last year, we see that the average sales price has increased 3%.  The anomaly here is that days on market (DOM) increased almost 45%.   This is typical of cases when a single home that has been on the market a very long time has been sold during the month, and it tends to skew the numbers.  With demand increasing in the lower priced markets in Northern Virginia, I believe that we will see move-up buyers purchasing homes in Great Falls and anticipate demand to be good for the rest of the year.

The McLean market, on the other hand, is showing decreasing supply and a significant drop in days on market.  Although the average sales price has fallen 12.5% over the same time last year, the demand for homes under $800,000 is significant, and is one of the main things causing a drop in the average sales price.  We are seeing multiple contracts in homes priced in that range.  To give you a comparison of active listings, there are only 155 homes under $1,000,000 on the market, while there are 244 active over this price point in August.  Similar to Great Falls, I expect the demand for the lower priced homes to begin bringing move-up buyers into the upper price ranges in McLean.  My belief is that McLean will be a consistent and stable market the rest of the year.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for homes in Great Falls, McLean and all of the DC Metro: www.averyhess.com

Great Falls/McLean, VA Market Report – 9/3/2009

When considering the Great Falls and the McLean markets statistically speaking, Great Falls appears to be weathering the difficult real estate market well, and even rebounding. Considering that active listings have remained very steady in the Great Falls market, sales activity has increased by just over 44%, and the average price has actually increased 3.08% over the same time last year, while selling 16% faster. The only real down side to the Great Falls housing market is that supply is still exceeding demand. There is almost an 8 month supply of homes on the market. McLean, on the other hand, has also had a consistent inventory level, but has continued to be affected by the housing market. Both homes sold and the average sales price dropped, by 10% and almost 17%, respectively. However, homes were selling 36% faster than the previous year. The housing market for these two very similar areas is actually statistically very different. I expect the Great Falls market to continue it’s very remarkable activity. The McLean market, with the increasing rate days on market and lower sales prices, is probably going to be reaching the bottom shortly, if it is not already there. At this time, I would expect to see some stabilization of prices, as the move up activity from lower priced homes is slowly beginning to occur. Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors. Search for Homes in Mclean and Great Falls: www.averyhess.com Click here to Learn more about McLean >> Click here to learn more about Great Falls >>