|Great Falls||Sep-09||Sep-08||% Change||Aug-09|
|Average Sales Price||$963,273||$1,002,773||-3.9%||$1,087,710|
|Average Sales Price||$781,810||$817,480||-4.4%||$872,806|
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.