2017 First Quarter Looking Good for McLean and Great Falls Real Estate

The year 2017 is off to a good start for real estate sales in McLean and Great Falls. The number of transactions was up 22% for first quarter 2017 over the same time period in 2016. Furthermore, compared to the 2007 market over one decade ago, it was up about the same amount. This is good news for the market area as we enter into the traditional spring selling season. Interesting to note that 2016 performed very similarly to 2007 market. All segments performed better or remained steady in 2017 over 2016 and 2007, with the exception of the over $3 m price point.

The most significant increase occurred in the lower brackets, considered to be under $1.25 m for the zip codes 22101, 22102 and 22066. The combined lower brackets were up in total sales by 30% year over year for the first quarter. The lower brackets represents three price ranges: under $750,000; $750,000 to $1 m and $1 m to $1.25 m. The under $750,000 is predominately condos, townhomes, smaller single-family homes or lot/land where the existing home is torn down and a new home is constructed. The next two brackets typically represents the move-up buyer.

The upper brackets also represents three price ranges: $1.25 m to $2 m; $2 m to $3 m and $3 m plus. The market improved for the $1.25 m to $2 m price range in 2017. The other two segments though held steady or were softer. The number of buyers who qualify to purchase homes in this segment is considerably smaller and remains fairly constant.

Sellers in McLean and Great Falls are experiencing the “best of times” market conditions in early 2017. The number of transactions was up year over year and even greater than 2007, which experts consider to be one of the last peak years for the area. Heading into the spring 2017 market there are strong indications that homes in good condition and priced correctly should continue to sell for strong prices. Further there are some market segments that could experience price appreciation, provided demand continues to remain strong relative to supply.

Karen Briscoe and Lizzy Conroy and their team HBC Group at Keller Williams are active and experienced Realtors® in the Northern Virginia, suburban Maryland and Washington, DC market place. They would be delighted to assist whether for home buying or selling. Please contact via the means most convenient for you: www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.