The first quarter 2015 in McLean and Great Falls is up almost 10% over all in terms of number of sales in comparison to the previous time frame in 2014. This is good news for the market area as 2014 was down over 2013 in number of sales overall by 8.2%.
The chart provided breaks out sales for both areas into the upper brackets which is considered over $1.25 million and the lower brackets which is below $1.25 million. Delving deeper into the data, it reveals that the lower price points were the ones that experienced the greatest increase in number of sales. 
This is a significant development and could have occurred for several reasons. It is showing that the entry level home buyers have come back or in the case of the Millennial Generation this may be their first home. The next price range up is typically the first level move up home owner. That person now with confidence can put their home on the market and be assured it should sell quickly for a strong price so that they are in a position to move up. There still remains low supply relative to demand and until that gets in line, these numbers may not be as strong as could possibly be achieved. Good homes priced correctly for the current market sold quickly and in some cases with multiple offers.
The two upper brackets categories in McLean and Great Falls experienced sales in first quarter 2015 just a bit behind that of first quarter 2014. The market segment that softened is the one in the middle. Perhaps it is being “squeezed” by the upper brackets being flat in terms of growth and the lower brackets increasing.
The prediction for 2015 is that it should behave in similar fashion to 2013, which was a positive year in terms of both number of sales and price recovery. Last year was a bit of a blip, but this year all signs are for positive market conditions.
Karen Briscoe and Lizzy Conroy are active and experienced Realtors® in the Northern Virginia, suburban Maryland and Washington DC market place and 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.
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