Sterling, VA Market Report – 2/26/10

26 Feb
February 26, 2010

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

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