In 2012, the Sterling Market was caught in the Short Sale and Foreclosure trend, particularly the Sterling Park area. 2013 has seen a great resurgence
What a difference a year makes. The Sterling Market in 2012 was caught in the Short Sale and Foreclosure trend, particularly the Sterling Park area.
Moving into Fall of 2011, the Sterling Market has seen a great resurgence of the average sales price — up nearly 16% over August, 2010. 2010 saw this market hit extremely hard with foreclosures.
As the Spring market moves forward in full swing, the Sterling market bucks the trend with fewer listings than April 2010. This is the result of fewer foreclosure properties in a market that was heavily dominated by those properties last year.
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.
After the big price increases that occurred after the December 2008 bottom, the Sterling, Virginia real estate market looks stable. 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.
Note that in the past 13 months prices in Sterling had risen from an average of under $320,000 to over $365,000. Then suddenly with the July closings, we saw an average sales price of only $305,155. This tells me that we had an absence of higher priced units selling and that had the effect of a big drop in the averages.
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.
Higher and higher, faster and faster, the market in Sterling, Virginia is on the move. Each month, the average sales price in Sterling keeps going up and is now 24% higher than one year ago.
The average sales price in Sterling keeps going up each month and is now 14.6% higher than one year ago. Also, the time it takes to sell a house in Sterling is less than half the time it was taking at the same point last year, when the average days on market was at 95 days.