Over the last two months 108 single family homes have changed hands, only two more than the same time last summer. For a 4 bedroom, 2.5 bath home, the average list price was $400,183, down almost 10% from 2012. The reason prices have fallen? No homes have sold over $650,000 this year, compared to 7 homes last year. Included in last year’s total was a $2,050,000, 6 bedroom, 6 bath French Colonial in Lowes Island Estates. We have seen the days on market dip from 30 to 21 this summer, while the number of short sales/foreclosures has dropped 5% to 8.
Townhome sales have jumped 35% versus this two month period in 2012, with 97 homes selling in an average of 15 days. With 3 bedrooms and 2.5 baths, list prices have increased to $330,431 (that’s 7.5%). Drastically different from many parts of LoCo, 60% of the homes sold in Sterling were at least 20 years old, with the oldest built in 1965. The top seller this summer was a 3 bedroom, 3.5 bath end unit in the Medinah Homes neighborhood. Bordering Trump National Golf Club, it took only 4 days for someone to snatch this up at $499,000.
Trying to make sense of all this info? Homes are moving very quickly, spending less than three weeks before going under contract. Prices have remained steady for the majority of single family homes, while townhome prices have seen a significant jump. The market here is leaning toward sellers, but as always a good buyer’s agent (like me! ) can help you get into the home of your choice with savvy negotiating skills and first hand knowledge of the market.
If you are considering making a move, the first step is finding out what your home is worth. It’s simple, register for our home value report and we will quickly deliver it to your inbox! (Live outside of Sterling, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Sterling, we can help with that as well; sign up here to receive all the new listings in this neighborhood.