Langley Oaks Real Estate

State of the Real Estate Market – McLean, VA 22101

Quarter End 6/30/12

The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean, VA 22102 by price range for the period from 12/31/11 – 6/30/12.

This analysis is a snapshot in time. The real estate market constantly changes just like any other market. However, this is an accurate picture of the local real estate market at this point in time. Based on the balance, the markets can be characterized in one of three ways:

Buyers’ Market – More Active Listings (Supply) than Sales and Under Contract Listings (Demand)

Balanced Market – An Equal Number of Active Listings (Supply) vs. Sales and Under Contract Listings (Demand)

Sellers’ Market – More Sold and Under Contract Listings (Demand) than Active Listings (Supply)

Summary of Zip Code 22101

•             $700,000 – $899,999 – Sellers’ Market. The number of homes sold between 12/31/11 and 6/30/12 combined with the number of properties currently under contract is more than 4 times the number of homes currently on the market (active listings). If you factor in the property listings that expired or were withdrawn from the market, there are still more than twice the number of sold properties plus under contract properties than currently listed properties, and this price range is still a sellers’ market.

•             $900,000 – $1,199,999 – Sellers’ Market. The number of homes that sold between 12/31/11 and 6/30/12 plus the number of currently under contract properties is more than 1 ½ times the number of homes currently listed for sale. If you factor in the property listings that were withdrawn from the market or listings that expired, this price range becomes closer to a balanced market.

•             $1,200,000 – $1,499,999 – Sellers’ Market. The number of homes that sold between 12/31/11 and 6/30/12 plus the number of currently under contract properties is more than twice the number of homes currently listed for sale. If you factor in the properties that were withdrawn from the market or listings that expired, this price range is closer to a balanced market.

•             $1,500,000 – $1,999,999 – Balanced Market. The number of homes currently on the market is slightly more than the number of homes sold between 12/31/11 and 6/30/12 and under contract properties combined, so it is effectively a balanced market. If you factor in the property 13 listings that were withdrawn or expired, this price range would be a buyers’ market.

•             $2,000,000 – $2,499,999 – Buyers’ Market. The number of homes currently on the market is 1½ times the number of properties that sold between 12/31/11 and 6/30/12 combined with the number of homes currently under contract. If you factor in the property listings that were withdrawn or expired, the number of active listings would be 2 ½ times the number of sold plus under contract listings and this price range would be a stronger buyers’ market.

•             $2,500,000 – $2,999,999 – Balanced Market. The number of homes currently listed for sale is equal to the number of homes sold between 12/31/11 and 6/30/12 plus the number of properties currently under contract. If you factor in the properties that were withdrawn from the market or expired listings, this price range shifts from a balanced market to a buyers’ market.

•             $3,000,000 and up – Buyers’ Market. The number of homes currently on the market is more than 2 times the number of properties sold between 12/31/11 and 6/30/12 and the number of currently under contract listings combined. The number of withdrawn and expired listings, if they were put back on the market, would make the number of active listings more than 3 times the number of sold plus under contract listings and make this price range a stronger buyers’ market.