August Market Condition Report August 2014
August is very similar to previous Augusts’ and is in-line with expectations. We are eager to see the month of September, which will provide the trend for the rest of the year.
September Outlook
We do see a 30% drop in units rented as well as an increase in the amount of time it takes to place a tenant in a property, referred to as “days on market”. The trend has been on the increase as compared to previous years.
August Days on Market
2014-30 days
2013-24
2012-20
2011-20
September Days on Market
2011-23 days
2012-27
2013-35
Active Units 2014
We started tracking “Active Units” in January, 2014 as an additional tool to establish market trends and measure the months of available housing stock. This allows us to measure the months it will take to rent the available units and as of August 31st we had 1.44 months supply which is still considered a tight market.
The Washington MSA still remains strong and we feel 2014 will remain stable into 2015 with no evidence to the contrary.
FULL REPORT: August Market Conditions Report
This report is prepared monthly with data collected from MRIS. Circle Property Management is a Licensed Broker and a member of NVAR, a user of the MLS service provided my MRIS. We make every effort to collect the data but provide no guarantee of the statistical data in our charts.
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
