Run Like an Antelope: McLean Virginia Real Estate Market in High Gear!
January 20, 2010
There are NO antelope in McLean,
Virginia.
However, the real estate market in McLean Virginia has shifted into high gear and is about to run like an antelope out of control!
What the heck am I talking about?
The lyrics (and I use that term loosely) to a popular Phish song say:
Run Run Run Run Run Run Run
Set the gearshift for the highgear of your soul
You've got to run like an antelope out of control
Run Run Run Run Run Run Run
Comparing the real estate market in McLean Virginia in January 2010 to the one that existed at this time last year, one could describe it as an antelope running out of control! The McLean Virginia market has shifted into highgear!
What's Happening in the McLean, Virginia Real Estate Market?
Here's a snapshot of McLean Virginia home sales in the last 30 days compared to January 2009:
MCLEAN VIRGINIA HOME SALES:
- Active homes for sale: 202 (including 20 new listings in the last
30 days)
Inventory in McLean is way down from the 360 active homes for sale in January 2009. - Homes sold in the last 30 days: 37
Last year, due to the economic meltdown of late Fall 2008, only 21 homes sold in the same time period. - Average Sales Price: $864,969 compared to $741,137 in January
2009. A significant increase of over 16% in sales price in McLean.
- Median Sales Price: $832,200 versus $552,110 in January
'09.
- Average Days on Market: 60 versus 54 in 2009. Still relatively
quick sales.
- Average Sales Price/Original Listing Price: 92.48% versus 90.65% in January 2009. Homes in McLean are selling for closer to their asking price this year.
Interesting Notes:
Based on
current rates of sale there's a 5.46 months' supply of McLean homes on the
market. Back in January 2009, there was an incredible 17 month supply of
inventory, due to slower sales and very high inventory!
There are 133 homes (or over 65%) on the market in McLean priced at $1 million or more.
The McLean real estate market is in high gear! If you're looking to buy or sell in McLean, Virginia, let me help you lasso this out of control antelope.
