Sterling Real Estate Detached Homes Market Update - February 2nd 2008:
•· Current Sterling home inventory = 354 homes.
•· Sold price range for Sterling = Low $178,360 - High $815,000.
•· Properties sold or under contract over the past 30 days = 106.
•· Current absorption rate or average length of time a Sterling home stays on the market = 3.34 months.
The Sterling real estate market picked up more momentum over past month with sales of detached homes hitting 106 for the month of January! That's the highest it has been quite a while. In addition, homes are moving faster, the average time to sell a Sterling home is just over 3 months and one week. I believe that a neutral market (meaning that it is good for both buyers and sellers) happens when we have around 3 months of inventory and we are getting close. However, we still have many distressed properties in the market and they are putting downward pressure on the market but overall, I like what I am seeing out there!
Time will tell, but we may be turning the corner on this market. Rates are great and inventories are starting to shrink which usually pushes home values up. If you are looking to sell things are looking up and if you are looking to purchase, now may be the best time ever. When the newspapers start reporting that the market is improving it will be too late to get a great deal. Now may be the best time ever to purchase a home!
If you would like to know specific details about homes in your neighbor-hood call me at 703-728-7060 or check out the free MLS search on my website @ http://www.homesdatabase.com/callcasa.
I am here for you for every step.
Jamie Casamento - Realtor
ERA Teachers, Inc.