|Great Falls||Aug-09||Aug-08||% Change||Jul-09|
|Average Sales Price||$1,087,710||1,056,135||3.0%||$1,121,846|
|Average Sales Price||$872,806||$996,875||-12.4%||$935,730|
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