Housing Market for McLean and Great Falls Experiencing a Bumpy Recovery
The tallies are in for houses sold during the first half of 2011. The best news occurred in the $1.25 to $2 million bracket with 80 homes changing hands, up from 63 in the first half of 2010. As you may recall, the recovery of this price range began in the first quarter of 2011 and fortunately carried over into the second quarter. The total number of sales for McLean and Great Falls was 423, which is down from 446 in the same time period in 2010, a drop of 5%. The volume is still down from the peak of the market of 145 properties which changed hands during the first half of 2005.
My prediction for the remainder of 2011 is much the same as the first half of the year: recovery of the housing market will continue, but in a bumpy fashion. Dr. Stephen Fuller, Director of George Mason University’s Center for Regional Analysis is the foremost authority on the economy for the Washington DC metro area. Dr. Fuller spoke at the Economic Summit for the Northern Virginia Association of Realtors on September 16, 2010 where he anticipated a rocky recovery. Fuller stated: “Recession is over when you stop declining,” he said, “not when you get back to where you were.” He predicted that it will be 2012 before we will be in an accelerating economy. Thankfully 2012 is just around the corner!
The good news is that the McLean and Great Falls housing market is on the road to recovery, it just appears to be taking two steps forward and one step backward. Good houses, priced correctly for the current market are selling.
A good Realtor knows the market well. Karen Briscoe and Lizzy Conroy with the Huckaby Briscoe Conroy Realty Group, Keller Williams Realty would be delighted to be of assistance whether it be buying or selling of real property. Karen and Lizzy can be reached at: 703-734-0192, Homes@HBCRealtyGroup.com, or visit the HBC Realty Group website for more information at www.HBCRealtyGroup.com.
|McLean & Great Falls Market Analysis of Homes Sales:
1st Half 2011 compared to 1st Half 2010
|(Based on Final Closed Price)|
|>$3 Mil.||$2-3 Mil.||$1.25-2 Mil||$750k-$1.25 Mil||<$750k|
|1st Half 2011|
|Total: 9||Total: 12||Total: 80||Total: 154||Total: 168|
|Combined Total: 101||Combined Total: 322|
|All Sales 1st Half 2011: 423|
|1st Half 2010|
|Total: 7||Total: 15||Total: 63||Total: 168||Total: 103|
|Combined Total: 85||Combined Total: 361|
|All Sales 1st Half 2010: 446|