Sterling, VA Market Report – 2/26/10

It is very normal for the number of closings in January to be lower than totals in the month of December. At the end of  the year it’s typical for people to race to get into their new home before the holidays, leaving January figures to pale in comparison.

The following represents the real estate market in Sterling, Virginia:

• Homes for sale: 383 ( up from 374 last month)
• Closed sales: 71 (down from 121 last month)
• Median sold price: $274,000 (up 18% from one year ago)
• Average days on market: 36 ( down from 39 days last month)

Almost every month the median sales price in Sterling has been going up. In fact, it’s now 18% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 36 days, improving on last month’s 39 days. Available inventory is now down 32% from a year ago, reducing the housing selection for potential buyers.

Investors and first-time buyers had previously been competing to buy the same houses on the market, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner occupant buyers first preference. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

Sterling, VA Market Report – 1/13/10

• Homes for sale: 374
• Closed sales: 121
• Average sold price: $364,091
• Average days on market: 39

Each month, the average sales price in Sterling keeps going up and is now 24% higher than one year ago. In addition, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, averaging 39 days compared to when it took 95 days last year. Available inventory is now down 31% from a year ago, reducing the housing selection for potential buyers.

In the past, investors and first-time buyers had been competing to buy the same houses. This caused bidding wars, which drove up house prices. Changes in policy on the sale of Fannie Mae and Freddie Mac foreclosures that will give owner-occupant buyers first preference should result in making it easier for owner-occupants to purchase without having to pay more than the original asking price. This is good news for first-time buyers who will be living in the homes they’re purchasing.

Sterling is conveniently located near the employment centers of Tysons Corner, Route 28, and the Route 7 biotech corridor. Dulles Airport is also nearby and a big employment center, too.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

Sterling, VA Market Report – 12/4/09

The following report represents the market conditions in Sterling, Virginia:

• Homes for sale: 426
• Closed sales: 121
• Average sold price: $352,288
• Average days on market: 45

The average sales price in Sterling keeps going up each month and is now 14.6% higher than one year ago. Also, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, when the average days on market was at 95 days. Available inventory is now 18.7% less than what a buyer had to choose from just a year ago.

Investors are an active part of the market and are competing with first-time buyers and causing price wars, which are driving up the prices again. Sterling is well-located to the employment centers of Tysons Corner, Route 28, and Route 7 Bio Tech Corridor.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

Sterling, VA Market Report – 10/29/09

A popular residential area for Washington, DC commuters, Sterling is located in the northeastern section of Loudoun County, one of the fastest growing counties in the nation. Nearby public parks include Sterling’s Algonkian Regional Park and Claude Moore Park. In addition, there are several historic battlefields within a one hour drive in all directions. Dulles Town Center and the Leesburg Corner Premium Outlets provide lots of retail and restaurant choices.

The totals below show the current market conditions in Sterling, Virginia:

• Homes for sale: 443
• Closed sales: 132
• Average dales price: $304,717
• Average day on market: 49

Prices are nearly unchanged since last month. Plus, total inventory has declined 7.5% since last month while days on market increased by 10. However compared to one year ago, all of the statistical indicators are better giving further evidence to a stabilized market. The average sales price is down 10% from a year ago, making buying a more affordable reality. FHA loan rates are now 5.25% as quoted By Choice Mortgage, a Wells Fargo Affiliate.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker, and Neal Greene, Realtor®

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com

Sterling, VA Market Report – 10/1/09

The following data represents the market in Sterling, Virginia (ZIP-20164, 20165 & 20166):

• Homes listed: 491
• Homes sold: 135
• Average sales price: $324,073
• Average DOM: 31

To reiterate, there are 491 homes for sale at this time compared to 694 at same time in 2008,  meaning buyers have 29% fewer homes to select from this year versus last year.  In 2008 the average sales price was $322,737, which has now increased to $324,073. This increase in price over last year makes sense when considering that nearly every house in Sterling that has been sold in 2009 has had multiple offers on it. Reduce supply and the price goes up. The basic rules of supply and demand still hold true in Sterling, even in a down economy.

Sterling’s relatively low average sales price makes it a haven for first time buyers seeking a low cost entry into home ownership. Furthermore, the number of days on the market of 31 is less than one third of the time it was taking to sell in Sterling one year ago.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Sterling, and all of the DC Metro: www.averyhess.com