Market Condition Report Fairfax Virginia September 2014
The market seems bifurcated with a strong market and a weak market. We are seeing certain areas doing well and others having difficulty finding qualified tenants. Circle Property Management is seeing more pricing pressure than in previous years and we feel that it has more to do with the time of year but had price drops in order to attract tenants.
The market appears to be softer outside of the beltway. Despite the pricing pressure the number of units rented was in-line with previous years but we are seeing more inventory come on to the market. The higher inventory seems to be related to reluctant Landlords who were not able to sell their homes. The chart illustrates the rise in inventory from August to September. (Yellow line)
Months Supply of Rentals September 2.16 vs. 1.44 in August
Average rent charged has suffered slightly (1.1%) as compared to 2013. Overall is higher then 2011 and 2012.
The bright spot is the average days on market. The average is 5% better then last year.
Sales in September are lower by 10% as compared to 2013.
We will monitor the market and will send any updates if any changes occur. For the full pdf report please download using the link: Market Report CirclePM September 2014
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
