Sterling, VA Market Report 2/16/11

16 Feb
February 16, 2011

Last month I posed the question, “Are prices going down in Sterling?” I also said, “One month does not make a trend.” So this month we find out what happened.

See the details for Sterling below:

  • Homes for sale: 169 for sale in January (Way down from the 234 for sale at the end of December and down from 205 in January last year.)
  • Homes sold: 71 sold in January. (Down from 76 in December and 76 in January last year when there was tax credit in place.)
  • Median sold price: $291,833 (up from $281,917 in December and $276,500 one year ago.)
  • Average days on market: 52 (way up from 39 days one year ago)

Last year at this time we still had a homebuyer tax credit in place, and the comparisons are still hard to match.

Are prices falling? 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 less than a three months supply of homes, and six is considered a balanced market. So prices should be jumping like crazy.

Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro:
www.averyhess.com

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