The Eastern part of Loudoun County always sets the pace for the Western part to catch up with, like a ripple when you drop a pebble in a pond; sometimes Ashburn and Leesburg begin to mirror Sterling quickly, other times it takes a bit to catch up. Right now in Sterling, we can see that after some ups and downs, median single family home prices for all zip codes in Sterling is virtually unchanged from six months ago. At the same time, average days on market is up a touch, but inventory is way down. (That leads me to believe that remaining inventory is mostly short sales, which take much longer to sell and tend to drive the days on market numbers up.
The combined condo/townhome market for Sterling is very similar. Median price has jumped up and fallen down in the last six months, but the biggest swing was only $19,000, and it is currently just slightly more that where it was in May. Meanwhile, days on market has crept upwards and inventory has continued to drop.
I’m sure with the continuation of the homebuyer tax credit for the next few months, there will continue to be demand in the market here, and the downward pressure on inventory will continue. Personally, I’m interested to see what the tax credit-driven demand will do to the spring market, and whether that will cause it to start earlier (late January, early February?) not unlike how early in the spring the market blossomed in 2004 and 2005 when sales volume was so high.
Have a question about the market in a particular zip code or neighborhood? Want to know what your house is worth? Just hit the Ask Heather button and I’m happy to get right back to you with the answers to your questions. You can also call me or text me at 571-233-5491. I’ll be eating Turkey and watching football tomorrow, but outside of that I will get back to you right away.. (smile)…