Last year's 1st Quarter single family home sales in McLean saw the fewest homes sold (53) compared to any of the 1st Quarters in the past 5 years, and the longest Median DOMP (134). Fast forward to the 1st Quarter 2010 and the single family home sales were one of the strongest since 2006. I remember last spring's market when everyone was wondering when the market would rebound. Fortunately it did starting in the 2nd Quarter 2009.
The 79 DOMP for 1st Quarter 2010 was the shortest since 2006, when the DOMP was an astounding 42. The 1st Quarter Median List ($967,500) and the Median Sold ($925,000) were much more in line with the 1st Quarters of 2008 and 2006, signaling that the market has certainly bounced back for single family homes in McLean.
Please see the chart below for a comparison of single family home sales in McLean for the past five 1st Quarters. Data is gleaned from the MRIS.
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