After the big price increases that occurred after the December 2008 bottom, the Sterling, Virginia real estate market looks stable. See the details below.
- Homes for sale: 478 for sale at the end of June, July and August (compare to 443 one year ago.)
- Homes sold: 86 sold in September. (Down from 98 in August. And down from 132 one year ago when a homebuyer tax credit was in place.)
- Average sold price: $335,573 (similar to the August level of $335,137, but up from $304,717 one year ago.)
- Average days on market: 38 (very stable, been in the high 30s all year and was 49 days one year ago)
Personally I would rather see a stable market than a rising or falling market. A stable market gives a buyer the opportunity to take their time and enjoy the excitement of buying a new residence. No need to be in a rush or have to compete with a throng of other buyers bidding up the prices. No auction or greed mentality. The buyer and seller can each negotiate on the price and terms and each can feel at an equal amount of anxiety wondering if they can come to an acceptable agreement. And both can do so without any prodding or need for incentives from the government.
Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com