|MCLEAN||July 2009||July 2008||% Change|
|Average Sales Price||$935,730||$1,126,627||-16.94%|
|Average Days on Market||78||122||-36.07%|
When considering the Great Falls and the McLean markets statistically speaking, Great Falls appears to be weathering the difficult real estate market well, and even rebounding. Considering that active listings have remained very steady in the Great Falls market, sales activity has increased by just over 44%, and the average price has actually increased 3.08% over the same time last year, while selling 16% faster. The only real down side to the Great Falls housing market is that supply is still exceeding demand. There is almost an 8 month supply of homes on the market.
McLean, on the other hand, has also had a consistent inventory level, but has continued to be affected by the housing market. Both homes sold and the average sales price dropped, by 10% and almost 17%, respectively. However, homes were selling 36% faster than the previous year.
The housing market for these two very similar areas is actually statistically very different. I expect the Great Falls market to continue itâ€™s very remarkable activity. The McLean market, with the increasing rate days on market and lower sales prices, is probably going to be reaching the bottom shortly, if it is not already there. At this time, I would expect to see some stabilization of prices, as the move up activity from lower priced homes is slowly beginning to occur.
Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Mclean and Great Falls: www.averyhess.com