In May 2010 McLean’s real estate market saw a change in some key indicators. Depending how one reads these stats they can tell different stories. My take is that there has been some slowing down in the higher price ranges, however, the number of sales compared to last year wasn’t affected much, and even grew in the lower price ranges. Overall, I’d say McLean was still in pretty good shape in May. Let’s take a look at what happened this month:

Home Sales in 22101

This month, 32 properties went to settlement, compared to 35 in May of 2009. The average days a property stayed on the market increased by 18.28% to 110, vs. 93 in May of 2009. The average sold price decreased by 10.93% to $952,405, while the median sold price decreased by 13.32% to $749,750.

The average listing price for sold properties was $1,033,078, which is 12.46% less than May of 2009, but properties sold on average for 92.19% of their listing price vs. 90.61% in April 2009.

Overall, in May 2010, there were 68 new listings (for a total of 208 active listings), while 46 properties were under contract.

Home Sales in 22102

In May 2010, a total of 21 properties were sold in 22102, an increase of 10.53% over May 2009, while the average days a property stayed on the market decreased by 33.88%, to 80 from 121. The average sold price decreased by 17.90% to $755,967, while the median sold price increased by 39.09% to $567,500.

The average listing price for properties sold was $844,659, a decrease of 27.92% over May 2009, while in May 2010 sellers received, on average, 89.50% of their asking price compared to 78.57% in May of last year.

Overall, this month, 44 new listings came on the market (for a total of 188 active listings), while 33 properties were under contract.

In case you are curious

The most expensive property sold in May 2010 was a 7 bedroom, 5.5 bath 3-level home with 5 fireplaces, in Langley Farms. Built in 2001, this home was sold for $3,850,000.

The most expensive condominium sold in McLean in May 2010 was a 2 bedroom, 2 bath condo with 1620 sq.f. in Park Crest. This unit in the newest condominium building in McLean, commanded $728,200 with the seller giving $7k towards closing costs. If you care about condo fees, you’d love to know that the condo fees for this unit were only $478/mo, which is very low for this size of unit.

Out of all sales in both zip codes there were 12 all cash transactions, once again the majority being in 22102.

There is plenty of competition in McLean’s condo and townhouse market. If you are planning to sell your home, you will benefit immensely by enlisting the expertise and marketing savvy of myself and the team at Arbour Realty, Northern Virginia’s first green real estate company. Contact me today for an initial consultation!

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