Fountains at Mclean market statistics 2009-2010
The sales and rental activity at the Fountains of Mclean was steady in 2009. There were 23 homes sold in 2009 (in 2008 22 homes sold.) The lowest price was a 1br/1ba at $182,000. The highest price was a 2br/2ba property at $335,000.

The sales mix remained relatively unchanged from 2008 to 2009. In 2009 about 35% of the sales were foreclosures or short sales. In 2008 only 27% were a foreclosures or short sale.

The 2009 average price for a 1 bedroom unit was $2108,042. The 2009 average price for a 2 bedroom unit was $309,150.

Homes on average sell for 95.0% of the original list price. They sell for 97.0% of the final list price. So, if you are looking to purchase at the Fountains of Mclean, it may be able to get a slight break in price.

Fountains at Mclean Sold 2009: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-102955750-179

There are 2 pending home sales at the Fountains at Mclean as of 02/27/2010. Both are lower priced 1 bedroom units with asking prices in the $199,700-$209,990 range. One of them appears to be a short sale.

Four homes are currently available for sale at the Fountains at Mclean. They are two 1-bedrooms at $220,000 and two 2-bedrooms at $339,000-$345,000. If you would like the current list of homes for sale, please email me at are@tysonsliving.com.

To get a better understanding of the overall price curve in the neighborhood we need to do some comparison on a model basis. Below is a graph showing the price trends for all the models over the last few years. I also put in a graph for one and two bedroom units in general.

As can be seen from the above graph, the average sales price is trending downwards and is back to mid 2003 levels. There is interest in the Fountains at Mclean units and reasonably priced units do sell quickly.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 1 pre-foreclosure, 3 upcoming auctions and 1 bank owned properties. Many of those properties may already have been listed and may already be under contract/sold. There does not seem to be a flood of foreclosures coming on the market at the Fountains over the next few months.

Moving on to rentals, the rents seem to have remained pretty steady. With 37 units rented on the MLS last year (down from 42 in 2008) the competition for tenants have been pretty balanced. There are currently 5 properties listed for rent ranging from $1,200 for a 1br/1ba to $1,650 for a 2br/2ba.

For investors the GRM is still getting better for 1 bedroom units. For 2 bedroom units the GRM is about the same as last year. The 2br sales in 2008 were a bit off the typical long term trend so we are probably back to a more true GRM in 2009.

The Fountains at Mclean is a great neighborhood and the prices are now sometimes lower than what the developer sold them for. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this may be an excellent time to buy. If you would like to discuss selling or purchasing please give us a call at 703 560-3424.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"