Look Back: Sterling Market in 2013
Home to the Dulles Towne Center and Trump National Golf Club, Sterling is one of the oldest towns in LoCo. Many of our friends grew up in Sterling Park, although most say it has changed quite a bit in the last 30 years. Let’s take a look at how the real estate market here fared in 2013…
The graph above details the 1271 sales of existing homes in Sterling last year, 7.5% more than 2012. The 20165 zip code, made up mostly of Potomac Falls and Countryside, checked in with 572 of those sales, while 20164 (Sterling Park) had 562 and 20166 (Dulles) posted 137. All three areas outperformed the previous year but combined were just over half of LoCo’s 13.5% increase.
We’ve separated the single family homes (on the left) from the attached homes (on the right) in order to show the average sales price. Homes in the 20164 area sold for an average of $373,016, almost 11% more than 2012’s $336,857 average. If you sold a single family home in the 20165 or 20166 zip codes, the average jumped to $563,731, up slightly from $548,521 the prior year. Townhome prices saw the largest gains in Sterling, as the older homes in 20164 jumped up 15% to $257,585, while the newer neighborhoods of 20165 and 20166 saw values rise 12% to $359,894.
Once again, single family homes are on the left and attached homes are on the right. Overall, days on market dropped for 20164 from 31 to 21 and from 46 to 29 for the 20165 neighborhood. Homes in the 20166 area lasted two more days on the market last year compared to 2012, requiring an average of 39 days to ratify a contract. If you look closely you can see townhomes in 20164 sold in under 9 days from April through July, while single family homes there sold in 14 days or less from March to June.
What does all this mean for you? If you were selling in Sterling last year you were able to take the money and run. We would expect moderately priced homes to continue to sell quickly and at the list price this year. Buyers here should pay specific attention to the early market. Those searching for a townhome need to be prepared to act quickly and should have already spoken with a lender to get the ball rolling.
If it’s been a while since you’ve checked what your home is worth, you might consider asking for our home value report. We’ll deliver it to your inbox within an hour and would be happy to answer any questions. Thinking about buying? We’ve got you covered there too, just request our email update for all the listings in your target area.
Have a real estate question or need any information on all things LoCo, just ask!
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About our blog
Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.