Despite the News and the multiple offers seen in the sales market, we are experiencing a decline in sales as compared to May 2011, 2012 and 2013.
As compared to 2013 we did see a 30% drop in Sales for fairfax county.
As compared to May 2013 we did see 3% rise in units rented.
Rentals and Sales Cart 2011, 2012, 2013 and YTD 2014
The days on market for Rentals on average is higher than previous years but we still consider 29 days as stable for late spring.
As compared to previous years we are still stubbornly high for days on market. The best was 21 days in May 2011 and we are still seeing stable demand overall with only a small decline in average rent charged. At CirclePM we have some concern with the long term outlook. Rents have been on a steady rise for 5 years straight, our concern is based on consumer response and some media attention labeling Washington DC as the most expensive city in the US.
The question to ask? Are we reaching a peak in rents charged. We do not see any evidence which causes us concern we just have experienced market peaks in the past and remain optimistic for now.
Average Days On Market Fairfax VA
Unit inventory as of June 3rd 2014 was 1371 units which equates to a 1.4 months supply of rentals. 783 units rented in May, slightly higher than 2013 probably reflects the softness in demand for homes being sold.
The Fairfax rental market remains very stable in comparison to other markets which have shown some sign of weakness. As an aggregate of all investment properties in the area, we have seen a 6 percent increase in retable units compared to previous studies and despite the increase in available rental units we have not seen an over supply.
Average Rent Fairfax
We are tracking very similar to last year and we expect about the same demand for rental housing units.
Full Reports:
Fairfax May 2014 Rental statistics chart
Fairfax 2011 through Rental and Sales statistics chart
This report is prepared monthly with data collected from MRIS. Circle Property Management is a Licensed Broker and a member of NVAR and a user of the MLS service provided my MRIS. We make every effort to collect the data but provide no guarantee of the statistical accuracy.
About The Author
Eric Guggenheimer - SFR, ARM ® » Principal Broker, Certified Property Manager, IREM, ARM, NARPM, NVAR, NAR, VAR
