The Long & Foster Market Minute

Focus On: McLean Housing Market October 2018

Zip Code(s): 22101 and 22102
Units Sold
57
Active Inventory
344
Median Sale Price
$947,500
Days On Market
84
Down -12%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 27%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 57 sold this month in McLean Real Estate versus 52 last month, an increase of 10%. This month's total units sold was lower than at this time last year, a decrease of 12% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 9 units or 3%. The total number of active inventory this October was 344 compared to 335 in October 2017. This month's total of 344 is lower than the previous month's total supply of available inventory of 354, a decrease of 3%.

Median Sale Price
Last October, the median sale price for McLean Homes was $880,000. This October, the median sale price was $947,500, an increase of $67,500 compared to last year. The current median sold price is higher than in September.

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
61
Sold Vs. List Price
96.2%
Months of Supply
6.0
Up 11%
Vs. Year Ago
Down -29%
Vs. Year Ago
No Change
Vs. Year Ago
Up 17%
Vs. Year Ago

Months of Supply
In October, there was 6.0 months of supply available in McLean, compared to 5.2 in October 2017. That is an increase of 17% 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 111 in October 2017, an increase of 11%. There were 61 current contracts pending sale this October compared to 86 a year ago. The number of current contracts is 29% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in McLean was 96.2% 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 84, higher than the average last year, which was 66, an increase of 27%.

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.