Supply + Demand - The demand is there!

Supply and Demand, an age old economic concept. It's in effect everywhere you look. Especially here at the Gates of McLean.

One property goes under contract tonight in just 8 days. This is while 6 others are still available after having been on the market for 7, 40, 60, 156, 273, 768 days.

I saw demand first hand this past Saturday. 30 people came through an open house for a 1 bedroom condo on a beautiful day from 1-4pm. Priced well, and in good condition, with good exposure, and the right access, and any property will sell. 4 key factors. I saw them in action. This property was priced well. It was staged, painted, and improved. It was made known on many different mediums, and access was there. And now it's under contract.

This great community has many wonderful features. There are lots of amenities, from a pumped up (pun intended) fitness center to an amazing location. The board really cares, and is committed. Do I need to mention the metro. Well I will. It will be a block away. That's the closest proximity of any residential location in Tysons Corner area. There's plenty of appeal. That translates to reasons for demand. All you need is the right supply.

It's the same in any market - Supply + Demand. Happening in a neighborhood near you!

1st Quarter 2009 Home Sales re-cap

What happened in the first quarter of 2009 in the Gates of McLean? The good news is that there were 4 SOLD properties. Those properties were actively on the market an average of 53 days, and they sold for an average of -5.42% (that minus in front means negative). There was also an average of $500 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?

Regular Sale = 2

Short Sale = 0

Bank Owned Property = 2

What style homes were these 4 properties?

1 Bedroom = 1 (Danielle)

2 Bedroom = 2 (Logan + Dalton)

3 Bedroom = 1 (Christine Model)

How does this compare to the same time last year?

Last year there were only 3 properties sold in the same time period. And they sold for an average of -6.5% (yes, also negative) of their list price, in an average of 85 days on the market. They also had an average of $1333.33 in seller subsidy. So you could say that things are picking up considering the same time comparison to last year. Let's hope that trend continues!

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Gates of McLean.

(Data is from MRIS and represents multiple listings from multiple brokers)