November 2011 Real Estate Trends for McLean, Virginia 22102

November 2011 Real Estate Trends for McLean, Virginia 22102

For Sale:

There were close to 24% fewer properties listed for sale in November 2011 (91) as compared to November 2010 (119). In November 2011, 18 condominiums, 71 detached homes and 2 town home were listed for sale in McLean, VA 22102. However, there were 14% more new listings (32) in November 2011 versus November 2010 (28).

Contracts:

There were more new contracts in November 2011 (32) versus November 2010 (28). However, the total number of outstanding pending contracts in November 2011 (46) was 18% more than November 2010 (39).

Solds:

A total of fourteen (27) homes sold in November 2011, up more than 12% from the same time last year and up more than 92% from October 2011. Eighteen (18) condominiums sold in November 2011 while only 8 single family homes and 1 town homes sold during the month of November. In November of 2010, a total of 24 homes sold (14 condos, 9 single family and 1 town home).

Sold Prices:

Average sold prices for detached homes were down over 20% from $1,667,667 in November 2010 to $1,321,563 in November 2011, average sold prices for town homes were up close to 97% from $305,000 in November of 2010 to $600,000 in November 2011, and average sold prices for condominiums were up 8% from $354,786 in November 2010 to $383,322 in November 2011. The ratio of sold price to original list price improved slightly (by 3%) in November 2011 (95%) over November 2010 (92%).

Days on Market:

Average days on the market were down over 23% from 76 in October 2011 to 58 in November 2011 and down over 53% from 126 in November 2010 to 58 in November 2011.

The author of this post, Tania Hosmer, regularly writes about McLean, Virginia real estate at http://McLeanRealEstateNews.com.  If you would like to discuss market trends in more detail, please feel free to contact her directly at taniahosmer@gmail.com.