The Long & Foster Market Minute

Focus On: McLean Housing Market April 2018

Zip Code(s): 22101 and 22102
Units Sold
86
Active Inventory
324
Median Sale Price
$890,000
Days On Market
35
Up 6%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -54%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 86 sold this month in McLean Real Estate versus 74 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 6% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 57 units or 15%. The total number of active inventory this April was 324 compared to 381 in April 2017. This month's total of 324 is higher than the previous month's total supply of available inventory of 260, an increase of 25%.

Median Sale Price
Last April, the median sale price for McLean Homes was $875,000. This April, the median sale price was $890,000, an increase of 2% or $15,000 compared to last year. The current median sold price is 2% higher than in March.

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


New Listings
212
Current Contracts
103
Sold Vs. List Price
97.5%
Months of Supply
3.8
Up 36%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Down -20%
Vs. Year Ago

Months of Supply
In April, there was 3.8 months of supply available in McLean, compared to 4.7 in April 2017. That is a decrease of 20% 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 212 homes newly listed for sale in McLean compared to 156 in April 2017, an increase of 36%. There were 103 current contracts pending sale this April compared to 85 a year ago. The number of current contracts is 21% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in McLean was 97.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 35, lower than the average last year, which was 76, a decrease of 54%.

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 MRIS 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 MRIS or Long & Foster Real Estate, Inc.