February stats caught me by surprise for the sales last month in McLean. First of all, 10 of 33 properties were distressed (5 each of short sales and foreclosures). That’s a whopping 30% of market share – a number unheard of in McLean so far. So it’s kind of surprising that 22101 still saw a nearly 20% gain in average sale price over 2010. Now, the 22102 area of McLean saw a drastic decline in price, but that’s because most of their sales were distressed condos, which bring down average sale price compared to the multi-million dollar homes around the 22101 area. See for yourself:
22101
Single Family Home
Average Net Sale Price: $1,063,498 after 151 days
Range: $545,000 – $2,312,675
22102
Single Family Home
Average Net Sale Price: $964,824 after 169 days
Range: $618,000 – $1,810,946
1 Bedroom, 1 Bath Condo
Average Net Sale Price: $198,128 after 48 days
Range: $164,950 – $241,000
2 Bedroom, 2 Bath Condo
Average Net Sale Price: $283,333 after 63 days
Range: $260,000 – $315,000