The Long & Foster Market Minute

Focus On: McLean Housing Market June 2018

Zip Code(s): 22101 and 22102
Units Sold
94
Active Inventory
346
Median Sale Price
$962,500
Days On Market
38
Down -24%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 94 sold this month in McLean Real Estate versus 103 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 24% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 8 units or 2%. The total number of active inventory this June was 346 compared to 354 in June 2017. This month's total of 346 is lower than the previous month's total supply of available inventory of 348, a decrease of 1%.

Median Sale Price
Last June, the median sale price for McLean Homes was $890,000. This June, the median sale price was $962,500, an increase of 8% or $72,500 compared to last year. The current median sold price is 8% lower than in May.

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


New Listings
167
Current Contracts
96
Sold Vs. List Price
98.2%
Months of Supply
3.7
Up 18%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Up 50%
Vs. Year Ago

Months of Supply
In June, there was 3.7 months of supply available in McLean, compared to 2.9 in June 2017. That is an increase of 28% 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 167 homes newly listed for sale in McLean compared to 141 in June 2017, an increase of 18%. There were 96 current contracts pending sale this June compared to 87 a year ago. The number of current contracts is 10% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in McLean was 98.2% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 38, lower than the average last year, which was 48, a decrease of 21%.

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.