Prices are Down, Number of Rented Properties Down and DOM are Up in September
In September the average prices of rental properties in Montgomery County was down. The number of rental properties that rented was down dramatically. Plus the days on the market (DOM) continues to climb. These changes appear to be more pronounced than the typical adjustments in the market during this time of year.
The number of rental properties rented dropped from 578 units in August to 361 units in September. This is a dramatic decrease compared to the normal drop from August to September. Over the past 5 years the average drop from August to September was under 150 units. This year the drop was 217 units.
The 12 month moving average of prices for rental properties (single family, townhomes and condos) in Montgomery County continues to move downward. The peek was in July 2013 with an average of $2,309. In September 2014 the 12 month moving average was $2,249. Prices normally go down in the winter months but we continue to see a long term trend of home values. The average in August was $2264, this is a drop of $15.