Home as a Safe Haven - McLean and Great Falls 3rd Quarter Market Analysis
October 22, 2020
*Reposted from The Connection Newspaper McLean
Home As a Safe Haven
Home sales in McLean and Great Falls in 2020 similar in total count to 2019
Real Estate Market 1st to 3rd Quarter Comparison 2020 to 2019 to 2010 in McLean and Great Falls
By Karen Briscoe
The first three quarters of 2020 have come to a close and the number of real estate transactions in McLean and Great Falls have been tallied. Year over year, sales are relatively similar in total count with 914 in 2020 compared to 920 in 2019. The even better news is the local real estate market has considerably improved over 2010, which came in at only 706. That represents an increase in sales of almost 30 percent over the last decade.
The first quarter was more springlike than is typical for the Northern Virginia winter season. There was a lot of pent-up buyer demand in many segments of McLean and Great Falls. The emergence of COVID-19 later in the quarter led to volatility in the stock market and many people sought the security of a home as a safe haven. The US Department of Homeland Security Cybersecurity and Infrastructure Security (CISA) recognizes housing as a basic human need and thus includes residential real estate activities in the list of essential services during the crisis.
Home for many now represents the place where people live, work, play, educate their children, as well as enjoy physical activity and entertainment. As our nation and world navigate the impact of COVID-19, people still find themselves in situations where they have a need to make a move!
In the local McLean and Great Falls area, the greatest impact for the first three quarters was in the upper brackets, priced over $1.25 million. In particular, the $1.25 million to $2 million price range realized the most significant gain with 286 sales in 2020 which represents a 39 percent increase over 2019 of 206 sales. The upper brackets most commonly include estate type properties which offer the advantages of more physical space for interior living as well as outdoor areas. Homes in good show condition and priced correctly for the market are in low supply. With strong demand and lower supply, many segments are experiencing price appreciation for the first time in over a decade. These market conditions are advantageous for Sellers considering a move.
The real estate community continues to serve customers and clients in almost all capacities. Industry professionals have responded quickly to provide the safest and most secure service to all. Agents continue to list houses for sale, show houses to buyers, write contracts and settle on transactions. Meeting the demand to use technology and go virtual, the real estate arena has shifted to offer Zoom meetings, eSigning, and online notary cam closings. When activities are best conducted in person, real estate and related professionals follow CDC guidelines to take necessary precautions for the safety of all parties.
Karen Briscoe with HBC Group at Keller Williams is an active and experienced Realtor® in the Northern Virginia marketplace. Karen, alongside her business partner Lizzy Conroy and team, works with sellers, buyers, investors and builders in all price ranges. We are available to assist with your real estate needs. https://www.hbcgroupkw.com/index.html, 703-734-0192, Homes@HBCGroupKW.com.
Karen Briscoe is Principal of the Huckaby Briscoe Conroy Group (HBC) and author of "Real Estate Success in 5 Minutes a Day". The HBC Group has been named to the Wall Street Journal Top Realtor® Team List. Over the years, the group has sold over 1,500 homes valued at over $1.5 billion. Karen and her family are active members of Trinity United Methodist Church in McLean, Virginia, their home since 1994. It was at Trinity Church that Karen met Sue and Jerry Huckaby and joined the Sue Huckaby Team. Sue said that their "partnership was made in heaven". Karen is an Associate Broker in Virginia, a Certified Luxury Home Market Specialist with the Institute for Luxury Home Marketing, and a member of the Women's Council of Realtors. She works with both Sellers and Buyers of real estate, primarily in McLean, Great Falls, Falls Church, Arlington, Vienna, Alexandria, Reston and Oakton, Virginia.
Karen began her real estate career developing residential lots with the Trammel Crow Company in Dallas, Texas. Further, she worked in commercial real estate with The Staubach Company in the Washington, DC Metro area. Before moving to northern Virginia, Karen completed a Masters Degree from Southern Methodist University in Dallas, Texas. Her BA is from Stephens College in Columbia, Missouri, her hometown.
Through HBC Group, Karen launched Community Charity Champions to raise funds for local non-profit groups and was awarded by the Greater McLean Chamber of Commerce for the Social Corporate Responsibility Award for 2012. Karen has been a Board member for Lift Me Up!, a therapeutic horseback riding program for children and adults with disabilities in Great Falls, Virginia since 2006. In 2013, Karen joined the Greater McLean Chamber of Commerce as a Board of Directors member and in 2015 was named Vice Chair. She is also a valued voice in the real estate community as a contributing author for Inman News, REAL Trends, and locally for The McLean Connection and The Sun Gazette Fairfax newspapers.
Karen's husband, Andy, is a member of the HBC Group as well. Their son Drew is a graduate of Southern Methodist University and is Senior Director of Commercial Brokerage with JCR Companies in Washington, DC. Their daughter Callie is a recent graduate of Dickinson College in Carlisle, Pennsylvania and currently resides in Austin, Texas.
Licensed in the Commonwealth of Virginia
