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

30 Oct
October 30, 2009

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

Great Falls Sep-09 Sep-08 % Change Aug-09
Active Listings 186 196 -5.1% 195
Homes Sold 20 11 81.8% 21
Average Sales Price $963,273 $1,002,773 -3.9% $1,087,710
Average DOM 106 152 -30.3% 190
McLean Sep-09 Sep-08 % Change Aug-09
Active Listings 387 429 -9.8% 399
Homes Sold 65 33 97.0% 67
Average Sales Price $781,810 $817,480 -4.4% $872,806
Average DOM 95 80 18.8% 92

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.

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