The sales activity at the Fountains at McLean was great in 2010. There were 24 homes sold in 2010 versus 23 homes sold in 2009. The lowest price was a 1br/1ba unit that sold for $200,000. The highest price was a 2br/2ba property at $337,000.
The sales mix has changed this year. In 2009 about 35% of the sales were foreclosures or short sales. In 2010, only 8% of the sales were foreclosures or short sales. That is a huge change and very encouraging for homeowners and home values.
The 2009 average price for a 1 bedroom unit was $208,042. The 2009 average price for a 2 bedroom unit was $309,150.
In 2010 the average price for a 1 bedroom unit had increased to $217,184 and 2 bedroom units remained pretty flat at $308,125. So, prices were pretty flat from 2009-2010.
Homes on average sell for 96.0% of the original list price. They sell on average for 96.7% of the final list price. So, if you are looking to purchase at the Fountains of Mclean you will be able to get a break in the price on some units.
There are 5 pending home sales at the Fountains at Mclean as of 02/21/2011. Most are 1 bedroom units with asking prices in the $199,000-$205,000 range. Two are short sales and one is a foreclosure.
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.
As can be seen from the above graph, the average sales price seems to be trending upwards slowly from a low in 2008-2009.
A growing concern at the Fountains is that the investor ratio has been increasing (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50%.) It seems to now have reached a level where purchasers often need a 20% down payment to qualify for a mortgage. FHA loans seems to be unavailable in the community at this time as well.
The current stable prices would likely change if there were a lot of foreclosures coming up. So, looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 1 recent or upcoming auctions and 3 bank owned properties. Some of those may have been listed already.
Moving on to rentals, rents seem to have remained pretty steady with 2 bedrooms have gone up a little bit on average. With 37 units rented on the MLS in 2009 and 41 last year(2010) the competition for tenants should be pretty fierce. .
For investors the GRM is pretty stable this year as well.
The Fountains at Mclean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing, please give us a call at 703 560-3424.