The following represents the real estate market in Sterling, Virginia:
- Homes for sale: 470 (up from 460 last month and down from 507 one year ago.)
- Homes sold: 121 (up from 111 last month but pretty stable compared to one year when there were 123 sales)
- Average sold price: $328,097 (up from $318,038 last month and $286,037 one year ago. +14%)
- Average days on market: 23 ( down from 30 last month and very stable so far in 2010, down from 86 one year ago)
Here we are Post-Tax Credit. The predictions of Doom & Gloom seem not to have panned out. Folks are still buying and selling as they have for generations, without government subsidies. Today’s prices are still great values and affordability is at historic highs due to exceptionally low interest rates. Sterling has been an active market and the price increases and reduced selling time are proof of that.
It remains a fact that the market bottomed in December 2008. Buyers who have purchased since then have been rewarded with increasing equity from price increases as well as paying down a small part of their mortgage each month with every payment.
Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com