Monday in McLean: Save $369,002 on Your Next Home
October 19, 2009
McLean Homes on the market for over a year present a buying opportunity
Today is Monday. Monday in McLean. That's got a nice ring to it!
To celebrate, I looked at some of the real estate data in McLean, Virginia.
Specifically, I was interested today in homes that have been on the market for a long time. A very long time. 365 days or more. If you've ever sold a home before, you know that 5 weeks can seem like a long time, especially with trying to keep the place clean, constantly preparing for showings, leaving the home when buyers come around in the evenings and on the weekends.
Now imagine a full year, or two, or yikes -- 3 full years on the market, as one home in McLean (8521 Georgetown Pike) remains.
Of the 332 McLean homes on the market, 56 of them have been on the market for a total of 365 days or more. Let's look at some statistics about these homes, their prices, their price reductions, and then compare the data with the McLean homes that have been actively listed for less than one year.
McLean Homes on the Market One Year or More:
56 homes
Average days on market - 654
Average current listing price - $2,990,167
Average original listing price - $3,359,169
Current listing price as percentage of original listing price - 90.88%
Average price reduction - $369,002
McLean Homes on the Market Less than One Year:
276 homes
Average days on market - 124
Average current listing price - $1,635,731
Average original listing price - $1,690,504
Current listing price as percentage of original listing price - 96.76%
Average price reduction - $54,773
Overall analysis: It's not rocket science. The statistics prove what common sense dictates. The more expensive homes in McLean Virginia are staying on the market longer. The longer the time on the market, the larger the price reductions. If you're in the market for a McLean home, you can likely get a pretty good deal with a home that's been listed for a while.
Yes, the majority of homes on the market over one year are in the upper price ranges, but there are a few lower priced ones too.
