McLean/Tysons Corner, VA Market Report – 11/29/2012

29 Nov
November 29, 2012

McLean Virginia, if you ask its surrounding neighbors, seems to be the club that everyone wants to get into but only a select few members are accepted each year. Well I am here to tell you that getting in, is not as hard these days!

The October markets statistics are showing that it is a great time for buyers who once thought they could not afford the 22101 zip code.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$22,345,800

-19.46%

-46.93%

Closed Sales

23

-8%

-23.33%

Median Sold Price

$820,000

+17.99%

-12.53%

Avg Sold Price

$971,557

-12.45%

-30.78%

Avg Days on Market

54 days

+35%

-40.66%

Avg Sold to Orig List Ratio

94.38%

-1.67%

+0.05%

The Median sold price is up ,but that is because if you look deeper into the numbers, there were more detached homes sold with higher price ranges, driving the median sold price up. If you look at the Average sales price, it is down 12.45% from  $1,109,778 to $971,557. If you are looking at detached homes, average sold prices have dropped 16.92% and for attached homes they have dropped 4.45%. Not bad for buyers when you take into account that the interest rates are at record lows.  That’s more money in the buyers pocket!

Clearly buyers are seeing this opportunity because the amount of active listings in McLean are down 25.7%, New Contingent and Pending contracts are both up 45.83% and 32.35 % respectively. This could be an argument for sellers that it is the time to put that house on the market since inventory is low. Just remember to call your Avery-Hess Agent to help you price your property accordingly so you don’t become part of the statistic that is showing a 1.67% drop from Average Sold Price to Original List Price.

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Chris Brown, Sales Manager at the Avery Hess, Realtors Tysons Office

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