During February in McLean, 40 properties sold, of which 5 were short sales or foreclosures. Big gains in 22101 in the single family home sale price helped the overall average increase by 20.5%. Sellers averaged 93.6% of original list price. In 22102, an increase in condo sales caused a decrease in overall average sale prices (condos are obviously cheaper than the usual $1M+ homes that sell in 22102). Sellers averaged 96.8% of original asking price.
22101
Single Family Homes
Average Sale Price: $1,389,886 after 63 days
Range: $685,000 – $2,269,200
Median was 22 days
22102
1 Bedroom, 1 Bathroom Condo
Average Sale Price: $273,175 after 9 days
Range: $226,750 – $319,900
2 Bedroom, 2 Bathroom Condo
Average Sale Price: $407,920 after 14 days
Range: $326,500 – $740,000
Single Family Homes
Average Sale Price: $1,015,665 after 105 days
Range: $774,000 – $1,440,000
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What does it mean when you say “Big gains in 22101 in the single family home sale price helped the overall average increase by 20.5%.”? That’s seems pretty high. What are you measuring against? How is it calculated? Thank you.
CK,
Our local MLS contracts with a company called RBI to run monthly stats. I run my own every month and compare them to those provided by RBI. Here’s what I used: http://173.203.90.142/HotFusion/get_report.php?action=pdf&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22101&time_period=201302