The following represents the real estate market in Sterling, Virginia:
- Homes for sale: 467 for sale at the end of June (very stable! 454 in May, 470 in April, 460 in March and down from 488 one year ago.)
- Homes sold: 133 sold in June. (Compared to 132 in May, 121 in April, 111 in March, but down from 159 one year ago when prices were cheaper.)
- Average sold price: $365,113 (way up from $319,844 one year ago.)
- Average days on market: 39 ( down from 43 in May and down from 64 days one year ago)
Note that in the past year prices in Sterling have risen from an average of under $320,000 to over $365,000. This is an increase of 14%. This 14% increase has had the effect of eliminating some lower income buyers from the housing market. Isn’t that interesting? While the media keeps talking about falling prices and shadow inventories, prices in Sterling are up 14% per year for two years in a row. The effect, even with the lowest rates in years, is that some folks are already priced out of the market.
For those hearty souls who had the courage to buy since the market bottomed in December 2008 they 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. Not to mention the bragging rights of telling their friends at parties about the great real estate deal they got back in…
Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com