Sterling Real Estate Market Statistics - October 2008

Here are the October 2008 statistics for the Sterling, Virginia real estate market. The statistics cover supply (new listings) and demand (solds). I broke it down by the three Sterling zip codes, 20164, 20165 and 20166.

Sterling 20164

The 20164 zip code includes areas such as Sterling Park and Sugarland Run…

   

The number of new listings in October '08 was down about 20 percent from September '08 and down over 35 percent year-over-year. This is a great sign for the foreclosure-beaten-and-battered Sterling Park and Sugarland Run areas.

The number of properties that sold (went under contract) in October '08 was lower than the previous month, but was well over double that of the previous year. Though the year-over-year numbers are great, I hope that the down-tick in October buyer demand is only temporary.

Sterling 20165

The 20165 zip code includes areas such as Countryside, Potomac Lakes, Great Falls Chase and Lowes Island…

 

The number of new listings in October '08 was about 10 percent lower than September '08 and much lower than in October '07. 

The number of properties that sold (went under contract) in October '08 was greater than the previous month as well as the previous year. These are exactly the type of statistics you want to see if you're looking for a real estate market to stabilize and rebound.

Sterling 20166

The 20166 zip code includes areas such as Dominion Station, Collonade at Dulles, Parkside at Dulles and Peace Plantation…

The number of new listings was higher in October '08 than in September '08, but lower than in October '07. 

The number of properties that sold (went under contract) in October '08 was greater than the previous month as well as the previous year.

Though 20166 saw an increase in new listings, the increase in buyer demand more than made up for it. Overall, 20166 is showing continued improvement.

As a whole, the Sterling real estate market is showing a continued decrease in inventory and increasing buyer demand, both of which are necessary to stabilize a real estate market.