July has been a VERY normal month statistically.
No earth shattering news but we still see excellent demand. Average rent charged for July was $2350 exceeding July 2013. We have been using average rent charged to estimate pricing since 2008 providing the the best metric for establishing market demand.
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We are now in August with an anticipation of the August vacation cycle beginning in about a week from today. Most of congress and aids are out on vacation and allot of families are squeezing in the last vacation of the summer. We always see very weak demand in the last week of August and the first week in September.
Units Sold seems to be in-line with previous years and now we are seeing more requests to rent and manage homes due to supply of homes for sale active in the MLS but not under contract. This too is quite normal, we see this with homes which were offered for sale but much too late in the cycle. The chart demonstrates the importance of placing your home for sale or for rent at the right time to maximize your profit potential.
The July numbers were rather unexciting but still positive for property owners. We still see stable demand and strong numbers in the average rent charged. The only softness we have seen is with 1 Bedroom units with an average of 31 days on market as compared to 25 days average for all units under 5000 square feet.
Full Report: Click to download report
Sales Report Combination: Click to download 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
