In reviewing available condos for sale in the Reston Town Center (RTC), I am struck by the listing information in these two RTC condominium buildings. Information taken from MRIS this morning indicates that:
- There are 15 rental properties available, 10 in Market Street and five in The Savoy. This is a high number historically. Attention is to my report from late last year raising the possibility of a rental glut coming. With the new Avant rental building to open soon, one needs to thoroughly examine market conditions if currently involved, or thinking of getting involved, in rental property in this area.
- There are five active listings (3 in Savoy and 2 in Market Street Condominiums). Four other listings are currently under contract, all in The Savoy. Listings for sale are moving more quickly than rentals, a historical aberration.
- Prices of units under contract and those active listings, especially on smaller units, are not increasing in price despite a very “hot” market in the late 2012 and all of 2013. Prices in other buildings in the RTC area are experiencing price increases in rough approximation to increases in the overall market.
I am drawing no conclusions as to why the above is happening, merely reporting the facts which are of interest to many residents, potential residents, and investors.
Ray Wedell, CFA