The tallies are in for 2011 and in the real estate markets of McLean and Great Falls, 2010 turned out to be "fairer" in terms of the number of transactions compared to 2011, but just by small margins. The numbers practically mirrored each other year over year. Good houses, priced correctly for the current market, sold in both 2010 and 2011.
Looking back, 2010 was a solid year of recovery after the market corrections that occurred in 2008 and 2009. Thus when all is told, 2011 being similar to 2010 is a good thing. Oftentimes market cycles fall into 7-year interims, from peak to peak. Real estate values in the Northern Virginia market area peaked in 2005-2006. Should this recovery follow a 7-year cycle, then we should return to market peaks in some segments beginning in 2012.
The good news is that the McLean and Great Falls housing market has experienced another year of solid recovery in 2011 in terms of number of sales. It just appears to have taken a small step backward compared to 2010 before proceeding forward. My prediction is that 2012 will prove to be a very solid year for buying and selling real estate in McLean and Great Falls market areas.
Karen Briscoe is a Principal of Huckaby Briscoe Conroy Realty Group in McLean.