While the January 2010 single family and townhome sales activity show real positive signs for the local market, the condo sales last month didn't indicate much progress and was similar to the January 2009 numbers.

Seven condos changed hands in 2010, only one more than in January 2009.  This is significantly lower than numbers for January 2006 (17), January 2007 (13), and January 2008 (12).  The January 2010 median list ($375,000) and median sold ($355,000) were lower than January 2009 but not the lowest in the past 5 years.  Only January 2008 posted lower numbers in both median list and median sold.  January 2010's median DOM-P was back over 100 days, and only in January 2007 did condos sit longer on the market.

Condos do tend to be the first to stall in a declining market and the last to rebound in a recovering market, which might explain part of the numbers for last month.  Also, with many of McLean's condo developments located in and around Tysons Corner, the Metro extension construction may be putting a damper on condo sales.  2013 is only just around the corner, the expected completion date for the new Metro Line through Tysons, so now is an excellent time to buy there.

Below is a chart comparing McLean's condo sales over the past five Januaries.  Data is gleaned from the MRIS.

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