The Long & Foster Market Minute

Focus On: McLean Housing Market October 2017

Zip Code(s): 22101 and 22102
Units Sold
64
Active Inventory
334
Median Sale Price
$890,000
Days On Market
42
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -2%
Vs. Year Ago
Down -22%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -38%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 64 sold this month in McLean Real Estate versus 60 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 2% versus October 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 94 units or 22%. The total number of active inventory this October was 334 compared to 428 in October 2016. This month's total of 334 is lower than the previous month's total supply of available inventory of 375, a decrease of 11%.

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Median Sale Price
Last October, the median sale price for McLean Homes was $942,000. This October, the median sale price was $890,000, a decrease of 6% or $52,000 compared to last year. The current median sold price is 11% 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.

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New Listings
109
Current Contracts
85
Sold Vs. List Price
95.9%
Months of Supply
5.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
No Change
Vs. Year Ago
Up 33%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -21%
Vs. Year Ago

Months of Supply
In October, there was 5.2 months of supply available in McLean, compared to 6.6 in October 2016. That is a decrease of 21% 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.

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New Listings & Current Contracts
This month there were 109 homes newly listed for sale in McLean, which is similar to the amount in October 2016. There were 85 current contracts pending sale this October compared to 64 a year ago. The number of current contracts is 33% higher than last October.

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Sale Price to List Price Ratio
In October, the average sale price in McLean was 95.9% of the average list price, which is 1.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 42, lower than the average last year, which was 68, a decrease of 38%.

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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.