The Long & Foster Market Minute

Focus On: McLean Housing Market February 2019

Zip Code(s): 22101 and 22102
Units Sold
40
Active Inventory
264
Median Sale Price
$890,000
Days On Market
64
Down -5%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 23%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 40 sold this month in McLean Real Estate versus 48 last month, a decrease of 17%. This month's total units sold was lower than at this time last year, a decrease of 5% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 24 units or 10%. The total number of active inventory this February was 264 compared to 240 in February 2018. This month's total of 264 is higher than the previous month's total supply of available inventory of 238, an increase of 11%.

Median Sale Price
Last February, the median sale price for McLean Homes was $725,000. This February, the median sale price was $890,000, an increase of 23% or $165,000 compared to last year. The current median sold price is 1% higher than in January.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
123
Current Contracts
53
Sold Vs. List Price
97.9%
Months of Supply
6.6
Up 1%
Vs. Year Ago
Down -17%
Vs. Year Ago
No Change
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In February, there was 6.6 months of supply available in McLean, compared to 5.7 in February 2018. That is an increase of 15% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 123 homes newly listed for sale in McLean compared to 122 in February 2018, an increase of 1%. There were 53 current contracts pending sale this February compared to 64 a year ago. The number of current contracts is 17% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in McLean was 97.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 64, lower than the average last year, which was 72, a decrease of 11%.

The Long & Foster Market Minute McLean are defined as properties listed in zip code/s 22101 and 22102.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.