The following represents the real estate market in Sterling, Virginia:
- Homes for sale: 397 (up from 383 in January and 374 in December, but way under 500 one year ago)
- Homes sold: 55 (down from 71 last month and 121 in December)
- Median sold price: $295,833 (up 7% from one year ago)
- Average days on market: 31 ( down from 36 days last month and 91 one year ago)
Considering that we had three feet of snow, and lost at least 1/3 of the selling days in February, having 55 houses sold is not bad.
Almost every month the median sales price in Sterling has been going up. In fact, it’s now 7% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 31 days, improving on last month’s 36 days and 91 days this time one year ago. Available inventory is now down 21% 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. Recent changes in policy by Fannie Mae and Freddie Mac on the sale of their foreclosures will give owner occupant buyers first preference during the early marketing period. This should result in making it easier for owner occupants to purchase without having to pay more than the original asking price.
Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com