Market Watch 22101: McLean and the CIA

• September 14th 2011

by Keith Gibbons

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Housing Market Watch is a weekly feature on UrbanTurf in which Keith Gibbons, the brains behind DCHousingPrices.com analyzes recent MRIS statistics for a specific zip code in the DC region to help paint a picture of the housing market in that area.

In Market Watch this week, we look at the northern Virginia zip code 22101. 22101 is bordered by the Potomac River, I-495, I-267, and Kirby Road. We’d tell you it’s home to the CIA, but we can’t. But we can tell you it’s where you’ll find McLean and some expensive houses.

In July, 37 homes sold in 22101. Here is a chart providing a year-over-year comparison of sales volume, median price and average price:

Compared to July 2010, aggregate dollar volume of homes sold was down 15.91 percent, the average sales price dropped 9 percent, and the median sales price fell 7.81 percent.

This is not a zip code for those in the market for a condo. All 37 properties that sold in July were single-family homes. Large and expensive homes. Thirty-one were four-bedroom properties or larger, and the average price, although down year-over-year, was $942,293.

There were 165 active listings in July — 8 condos and 157 houses. The list prices for condos topped out at $2.5 million, but half were in the $200-300,000 range. One could find a home in the $500,000 range, but almost half were listed for between $1 million and $2.5 million. Properties in July were selling for 95.2 percent of the list price.

At July’s sales pace, there’s a 4.24-month’s supply of homes on the market and they’re selling fast – average days on market fell to 61 days in July 2011, a third less than in July 2010.

This article is based on custom data provided to UrbanTurf by MRIS, a developer of real estate technology and information as well as the largest multiple listing service (MLS) in the United States.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/market_watch_22101_mclean_and_the_cia/4150.