McLean/Tysons Corner, VA Market Report – 10/24/2011

24 Oct
October 24, 2011

If you have driven around the Beltway through Tysons Corner recently you may have had plenty of opportunity to observe the degree of construction as you crawled along through narrowing lanes and gridlock, and changing exit ramps.

The work on the HOT lanes continues as the landscape once so familiar turns more and more to concrete and fewer trees. Simultaneously the Silver line extension of the Metro moves along despite the reported $150 Million over budget. How has all of this disruption impacted the real estate market in Fairfax County’s downtown?

September 2011 September 2010 August 2011
Total Revenue $31,481,000 $33,394,596 $51,949,026
Average Sold Price $771,367 $798,679 $806,108
Units Sold 49 42 64
Days on Market 54 53 84
Active Listings 202 263 201
New Listings 72 87 72
Pending Sales 55 77 77

The total revenue and average sold price was down slightly from a year ago but was down significantly from the previous month.

It is best left to the professional prognosticators and economist to examine the causes for the flux in the market. In the meantime the real estate professionals continue to serve their clients in the best way possible in this ever challenging environment.

Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
Search for homes in McLean, Tysons Corner and all of the DC Metro:
www.averyhess.com

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