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.

Sterling Real Estate Market Statistics (20164, 20165, 20166) - September 2008

Here are the September 2008 statistics for the Sterling real estate market (20164, 20165 and 20166 zip codes):

Sterling - 20164 - September 2008

• New listings = 126. This is a 7 percent decrease in new inventory as compared to September 2007
• Solds (Under Contract) = 114. This is a 317 percent increase in buyer demand as compared to September 2007

Sterling - 20165 - September 2008

• New listings = 52. This is a 27 percent decrease in new inventory as compared to September 2007
• Solds (Under Contract) = 31. This is a 172 percent increase in buyer demand as compared to September 2007

Sterling - 20166 - September 2008

• New listings = 11. This is a 45 percent decrease in new inventory as compared to September 2007
• Solds (Under Contract) = 15. This is a 214 percent increase in buyer demand as compared to September 2007

The 20164 zip code had the largest increase in buyer demand out of the three zip codes in Sterling. In fact, Sterling's 20164 zip code had more sales and the highest increase in buyer demand in September 2008 out of any zip code in Loudoun County.

But the rate at which new listings came on the market in the 20164 zip code remained relatively steady as compared to last year. This is mostly due to the large number of sub-prime loans and distressed properties found in that zip code which are helping fuel new short-sale and foreclosure/bank-owned listings.

Also.. notice that there were more sales in that zip code than there were new listings. That's great for sellers and the real estate market in general, but not-so-great for buyers looking in that zip code.

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