January was a good month for the McLean real estate market, just like it was for Falls Church and Arlington. A total of 33 properties sold, and only 1 was a short sale. True for both 22101 and 22102, the average and median sales prices are UP, units sold was UP, and average days on the market was down! Things are selling faster and for more than this time last year. I’m seeing a trend for Fairfax and Arlington County!
Here are the average net sales prices and average days on the market per property type, per zip code:
22101
Single Family Home: $1,066,229 in 89 days (range: $565,000 – $2,285,000)
Townhouse: $754,917 in 97 days (range: $537,500 – $1,125,000)
22102
1 Bedroom Condos: $229,950 in 63 days
2 Bedroom Condos: $365,000 in 124 days
Single Family Home: $1,040,602 in 132 days (range: $865,000 – $1,346,109)
The McLean Virginia real estate market has been very interesting of late. Average sale prices are down just a bit from 2008 (6% for 22101 and 2 % for 22102), while the median sale price has skyrocketed from 2008 (32% for 22101 and 67% for 22102). Let’s look at the numbers:
22101
Average Net Sale Price for a Detached House: $1,085,030 after 141 Days on the Market
Range: $325,000 – $2,300,000
Average Net Sale Price for a Townhouse: $844,125 after 98 Days on the Market
Range: $549,000 – $1,050,000
22102
Average Net Sale Price for a Detached House: $1,030,428 after 166 Days on the Market
Range: $449,000 – $1,820,000
Average Net Sale Price for a Townhouse: $670,140 after 24 Days on the Market
Range: $575,000 – $806,700
Average Net Sale Price for a 1 Bedroom Condo: $260,000 after 84 Days on the Market
Average Net Sale Price for a 2 Bedroom Condo: $363,256 after 56 Days on the Market
Market Share Info: total of 64 properties sold; 7 were short sales and 3 were bank-owned…making 15.6% of the properties in distress.
The other interesting note on the market in McLean is that the days on the market for 22101 is up 26% from 2008, while 22102 has seen an 18% decline.
