September Housing Recap – McLean

CIA Headquarters: McLean, VAI went into to greater detail regarding my approach to the monthly local statistics on the Vienna post, so if you are interested in some additional insight into my perspective head on over there. However, for the remainder of the area’s updates I figured it best to jump right in.

So, having a look at McLean shows that much remains the same in some ways in the 22101 and 22102 zip codes. If you are new to the area, or browsing Northern Virginia Real Estate from a distance, entry level for a single family home in McLean pretty much comes in the $600k – $699k range, and there is a good chance you are getting yourself a dated fixer-upper at that price. You may ask how that is possible or sustainable in such uncertain economic times? Well, consider that in the month of September 15 out of 24 non-condo sales in McLean closed in the $1m – $2.49m price range.

The broader picture for McLean:

22101: Avg. Price Up 22.3% Compared to Sept. 2009 / Time on Market Down 52.4%
22102: Avg. Price Up 22.8% Compared to Sept. 2009 / Time on Market Down 36.6%
These numbers for avg. price are a perfect case in point from the video above. In Sept. 2010 sales in the $1m+ range were similar to those in 2009, however the market for $900k homes and below was stronger in Sept. 2009, so the lack of activity in the $900k and below price range in Sept. 2010 actually brought up the overall sales price average, making the number quite misleading.

Now as for time on market, anytime that goes down it is good for sellers, and we saw a precipitous drop year over year.

Here are a few sub-plots for McLean:

SUB-PLOT #1: The Luxury Short Sale
One of the fastest growing tiers in our local Short Sale market is the Luxury level, $1m+ home. Of 9 Short Sale listings in McLean, 3 are priced over $1m including one home priced at $2.95m. There is also an additional listing at $999k (See post on McLean Short Sales to see the listings). So, even though most of the McLean transactions are taking place in that tier, it is still a price point that has taken a hit  in prices during this downturn.

SUB-PLOT #2: So What IS Available For Under $600k?
Focusing on the $500-$599k  non-condo market, there are currently 2 listings available (view these listings. NOTE: 5 listings shown, 3 are under contract). At least one of the two listings is being sold “As-is”, and will need quite a bit of work to bring up to good health.
(data source for the above: ©RealEstate Business Intelligence, an MRIS Company, Data provided by MRIS as of Oct. 5, 2010)

Here are a couple charts with additional data:

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