Did someone say DECEMBER? You know December, the month when nobody buys real estate? This year was no exception. The normal seasonal softness that we experience each December was with us again. See the details for Sterling below:
- Homes for sale: 360 for sale in December (Way down from the 478 for sale at the end of June, July and August and down from 374 in December last year.)
- Homes sold: 77 sold in December. (Down from 121 in December last year when there was tax credit in place.)
- Average sold price: $330,012 (down from $364,091 one year ago.)Average days on market: 56 (way up after having been in the high 30s all year and was 39 days one year ago)
Last year at this time we still had a homebuyer tax credit in place. So the comparisons are hard to match.
Are prices falling? One month does not make a trend so we will see what the rest of January brings. With stable employment and low interest rates, I cannot imagine why prices would not be stable. Sterling is still way above the December lows of two years ago. Sterling has a great housing stock of all sizes, prices and ages. At the present rate of sales and inventory, Sterling has between a four and five-month supply of homes, and six is considered a balanced market.
Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com