The Long & Foster Market Minute

Focus On: Sterling Housing Market March 2021

Zip Code(s): 20165, 20164 and 20166
Units Sold
111
Active Inventory
34
Median Sale Price
$480,000
Days On Market
10
Up 8%
Vs. Year Ago
Down -61%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -29%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 111 sold this month in Sterling Real Estate versus 84 last month, an increase of 32%. This month's total units sold was higher than at this time last year, an increase of 8% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 54 units or 61%. The total number of active inventory this March was 34 compared to 88 in March 2020. This month's total of 34 is lower than the previous month's total supply of available inventory of 38, a decrease of 11%.

Median Sale Price
Last March, the median sale price for Sterling Homes was $455,000. This March, the median sale price was $480,000, an increase of 5% or $25,000 compared to last year. The current median sold price is 1% lower than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
175
Current Contracts
169
Sold Vs. List Price
102.2%
Months of Supply
0.3
Up 11%
Vs. Year Ago
Up 29%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -64%
Vs. Year Ago

Months of Supply
In March, there was 0.3 months of supply available in Sterling, compared to 0.9 in March 2020. That is a decrease of 64% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 175 homes newly listed for sale in Sterling compared to 158 in March 2020, an increase of 11%. There were 169 current contracts pending sale this March compared to 131 a year ago. The number of current contracts is 29% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Sterling was 102.2% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 10, lower than the average last year, which was 14, a decrease of 29%.

The Long & Foster Market Minute Sterling are defined as properties listed in zip code/s 20165, 20164 and 20166.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.