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.
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.
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.
Here we are Post-Tax Credit. The predictions of Doom & Gloom seem not to have panned out. Folks are still buying and selling as they have for generations, without government subsidies. Today’s prices are still great values and affordability is at historic highs due to exceptionally low interest rates. Sterling has been an active market and the price increases and reduced selling time are proof of that.
Since it is Spring, it is normal for inventory to rise and sales to also rise. After about three years of decline, the market bottomed in December 2008. Since then, buyers 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.
Almost every month the median sales price in Sterling has been going up. In fact, it’s now 7% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 31 days, improving on last month’s 36 days and 91 days this time one year ago. Available inventory is now down 21% from a year ago, reducing the housing selection for potential buyers…
It is very normal for the number of closings in January to be lower than totals in the month of December. At the end of the year it’s typical for people to race to get into their new home before the holidays, leaving January figures to pale in comparison. Almost every month the median sales price in Sterling has been going up. In fact, it’s now 18% higher than one year ago. Plus, the time it takes to sell a house in Sterling is down to 36 days, improving on last month’s 39 days.
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.