In June 2010, 14 condos changed hands, the second fewest in the past five Junes and nearly half the number that sold in June 2009. The condos sold quickly, staying on the market only 20 days, which is tied for the least number of days on the market over the past five Junes.
Buyers received a real value if they bought a condo in June 2010. The median list ($243,950) and the median sold ($236,645) were significantly lower than any other June going back to 2006. Most of the condos in McLean are near Tysons Corner, which is where all the construction is happening. This may be a factor as to why the prices dropped this year.
For the brave buyer, however, they now own a condo unit that in probability is within walking distance to a future Metro stop. Also, with the prices dropping into the $200,000s, many investors are able to purchase a rental unit with a positive cash flow.
Please see the chart below for additional information on condo sales in June 2010 compared to other recent Junes. Data is gleaned from the MRIS.
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