McLean, VA

With the downturn in the real estate market and the worsening economy last year, not surprisingly, the homes which tended to do the best were the entry level price points. This was true in McLean as it was everywhere in Fairfax County. Homes on the upper end tended to sit for longer periods of time and less sold as consumers, many first time home buyers, focused on the more affordably priced properties.

An examination of homes sold in McLean priced at $1,000,000 and more show a strong return of this market after a dip last fall. While the median home prices fluctuated over the last 14 months, with February 2009 at the highest ($1,900,000) and August 2009 the lowest median sold price ($1,245,500), the overall number sold bounced back starting in May of this year.

In August 2008, only 10 homes at $1 million or more sold and in September 2008, the number of homes sold dropped to 9. By comparison, 22 homes priced in this range sold in August 2009 and 16 sold in September 2009. Finally, DOM seemed to drop as well, with July and August posting the lowest average DOM-P of the 14th month at 133 and 134 respectively.

See the chart below for all the data (Source: MRIS).

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.

McLean VA is home to many businesses and personal residential pieces of real estate. The zip of 22101 is heavily populated with Businesses, so I've broken out the August statistics by zip code:

22101

Detached Houses

Average Net Sale Price: $981,131 after 104 DOM
Range: $526,000 - $2,251,000

Townhouses

Average Net Sale Price; $627,700 after 84 DOM
Range: $535,000 - $820,000

The overall market in McLean in 22101 is BUSY. Sales has more than doubled this point last year, for both volume and the number of homes sold. Surprisingly, days on the market has also gone up by about 20 days. Prices are still lower than this time last year.

22102

Detached Houses

Average Net Sale Price: $1,307,625 after 106 DOM (median was 7 days)
Range: $728,000 - $2,525,000

1 Bedroom Condos

Average Net Sale Price: $188,923 after 40 DOM

2 Bedroom Condos

Average Net Sale Price: $399,561 after 71 DOM

The overall market in McLean in 22102 is similar to 22101 for September. Volume and the number of homes sold are both up, as well as days on the market. Similarly, prices are still a bit lower than this time last year.

Search the current Homes For Sale in McLean VA

Laura Rubinchuk
Keller Williams Realty
703.283.6120
Laura@TheLJRGroup.com

The 2009 McLean Bowl will be held on Saturday, November 7, at McLean High School's Stadium Field. The annual bowl game features the McLean Mustangs youth football teams versus various teams from the Fairfax County Youth Football League. There will be a slate of six games starting at 9:00 a.m. with the last game concluding at approximately 6:00 p.m.

McLean Mustang teams participating in the McLean Bowl are matched up with teams of similar records and are those teams that are not participating in the post season playoffs. Following each contest an Offensive and Defensive Player of the Game will be selected by each opposing team and the winners will receive a trophy. All game participants will get a specially designed McLean Bowl 2009 tee shirt with a quote from Vince Lombardi on the back: It's not whether you get knocked down, it's whether you get up. Team moms for each Mustang team will organize the post game food and drink for both clubs.

Come on out and watch some great football!

The McLean Orchestra is set to open up its 2009-2010 Season -- A Season of Renaissance - on October 24th, with a performance titled, Revolution. The orchestra will next perform, Voices of Angels, on December 12 and 13, followed by Sweet Sorrow, performed on February 13, 2010, A Season for All, on March 20, 2010, and the finale, Reformation, on May 8, 2010. All concerts are held at the Oakcrest School, located at 850 Balls Hill Rd. in McLean.

For more information about the McLean Orchestra, please visit their website. The 2009-2010 season flyer can be found here.