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