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Sterling Real Estate Market Trends – Virginia

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Sterling Real Estate Market Conditions and Trends

Homes for Sale > Real Estate Market > Virginia Real Estate Market > Sterling Real Estate Market

Winter 2012 Market Update There are many short sales in our market and you should do your homework on short sales before entering into any contract offer to purchase a short sale. However, the short sale and foreclosure market in Sterling may be lucrative for the astute home buyer. Call 703-855-7696 if you are interested in investment real estate or have general questions.
Average Home Price	$275,000 - View Graph Trend

Average Price Compared to Last Year	Up 0-5%

Average Time on Market	10-30 days

Best Selling Price Range	$200,000 - $249,000

Worst Selling Price Range	$1,000,000+

Prices As % of Asking Price	95-100%

Existing Home Prices for the past 90 days are?	Increasing

Market Trend	Decreasing

Buyers’ or Sellers’ Market	Equal buyers and sellers

Buyer Activity for the past 90 days in Sterling is	Increasing

Seller Activity for the past 90 days in Sterling is?	Increasing

Multiple Offers?	Yes

Multiple Offers Commentary	Sellers are getting multiple offers on the properties, also the Ratio of avarage sales price to original list price is down 0.92%

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	25-30%

Is Financing Available For Qualified Buyers?	Yes

Comments on Financing For Qualified Buyers	The FHA laons are up 17% in the Sterling area. For a qualified buyer the Financing is available

Housing Inventory	Good supply - Some Prices

Inventory Comments	Low inventory for condos under $200K. Inventory still good for homes priced over $750K.

Greatest Activity	First Time Buyers

Reason to Buy/Sell	Job Growth

Nearest Metro Area	Northern Virginia Metro area

Housing Hot Spots	Most areas in Loudoun County are considered housing hotspots. Sterling is adjacent to Fairfax County and is a great location for employment. Homes are priced more reasonably in Sterling than in neighboring Fairfax County. Average price per square foot for Sterling VA was $197, an increase of 3.7% compared to the same period last year. The median sales price for homes in Sterling VA for Jun 11 to Aug 11 was $297,493 based on 262 home sales. Compared to the same period one year ago, the median home sales price increased 4.2%, or $11,993, and the number of home sales decreased 13.8%. There are currently 200 resale and new homes in Sterling in the research conducted, including 6 open houses, as well as 177 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Sterling VA was $423,945 for the week ending Sep 14, which represents an increase of 0.8%, or $3,414, compared to the prior week.

Average Sold Price	$275,000 - View Graph Trend

Sterling Local News

News for Sterling, VA - September 21st, 2011 3:34pm
Average price per square foot for Sterling VA was $197, an increase of 3.7% compared to the same period last year. The median sales price for homes in Sterling VA for Jun 11 to Aug 11 was $297,493 based on 262 home sales. Compared to the same period one year ago, the median home sales price increased 4.2%, or $11,993, and the number of home sales decreased 13.8%. There are currently 200 resale and new homes in Sterling in the research conducted, including 6 open houses, as well as 177 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Sterling VA was $423,945 for the week ending Sep 14, which represents an increase of 0.8%, or $3,414, compared to the prior week.

News for Sterling, VA - August 22nd, 2011 2:10pm
Average price per square foot for Sterling VA was $187, a decrease of 4.1% compared to the same period last year. The median sales price for homes in Sterling VA for May 11 to Jul 11 was $400,000 based on 259 home sales. Compared to the same period one year ago, the median home sales price increased 7.2%, or $27,000, and the number of home sales decreased 8.5%. There are currently 537 resale and new homes in Sterling on Trulia, including 12 open houses, as well as 140 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Sterling VA was $653,212 for the week ending Aug 10, which represents an increase of 19.5%, or $106,593, compared to the prior week.

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Mortgage Rates

– Feb 13th, 2012 –
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30 yr. fixed rate: 3.89%
15 yr. fixed rate: 3.21%
30 yr. jumbo rate: 4.60%
15 yr. jumbo rate: 3.96%

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Sluggish housing market in line for a better 2012, according to quarterly survey

The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.

The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.

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(NOTE: Because current market conditions can change rapidly in any given marketplace, please check with the exclusive HouseHunt, Inc., real estate agent for this territory before acting on this information.)

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