2010 in Review: The Real Story on Dayton Real Estate
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Bob Wilson, 2011 President |
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Around the holidays and at the end of the year, one cannot escape the inevitable reports of the “best and worst” of that given year. A recap of the big news stories, the top 10 grossing motion pictures of the year, and prediction lists for the upcoming year all fill the newspapers, television and airwaves. One of the few topics left out of that media frenzy, however, is a real estate recap. That’s because until the year is over, totals can’t be compiled. It’s usually not until mid-January when reports come out, and then it seems to be a mad dash to see who can grab headlines first. “Prices are up”, “prices are way down”, “sales decline for the year”, etc., are the usual attention grabbers. And this year seems to be no different, as reports are just now starting to come out. But with all of the different numbers being thrown about, which ones are truly relevant to the Miami Valley?
A California-based home valuation company recently released a report stating that Dayton real estate prices had dropped dramatically in 2010 and would continue to show a significant decline into 2011. It’s an ominous picture, yet this week raw data released by the Dayton Area Board of REALTORS® (a local organization made up of people who live and work in the Dayton area) tells a very different story.
In 2010, the average sales price for a home in this area was $123,544. This was an increase of $271 over the 2009 average sales price of $123,273. While not necessarily a glowing number by itself, it is very impressive considering the significant number of foreclosures, short sales, and distressed home sales in the Dayton area. That is significantly better than the national report that said that Dayton had experienced a double digit price drop for 2010. The median sales price reported by the Dayton Area Board of REALTORS® for 2010 was $105,000 which is identical to the median sales price for 2009. Median price is the mid-point, with half of Dayton real estate home prices above the median and half of the prices below. The total number of sales for 2010, as reported by the Dayton Area Board of REALTORS®, was 10,058. In 2009, the total number of sales was 10,680. This resulted in a 5.82 percent decrease in home sales for 2010.
So in short, 2010 had 622 fewer homes sell in 2010 than the previous year, but on average the Miami Valley saw a very slight appreciation in home values. That’s significant, because the area hadn’t seen values go up since 2005.
It is important to look at the most current and correct figures when drawing a statistical inference in how our local Dayton real estate market is actually performing. The Dayton Area Board of REALTORS® has been an integral part of the community for over 100 years, providing residents an accurate and straight forward look at home sales. When it’s bad, it’s bad, and when it’s good, it’s good. That’s one reason why the Board has been successful and trusted for so long.
For the home consumer, here’s the bottom line. Yes, there were, and will continue to be, individual sales where the sales price adjusts down from what the seller may have paid for a specific property. There will also continue to be sales where all parties come away a winner. But now, more than ever, a home seller needs the professional guidance of a REALTOR® in the sale of their property. It is critical to price the property correctly at time of listing in order to achieve a timely sale with the best possible sales price. Contact a REALTOR® with the Dayton Area Board of REALTORS® today and they will be happy to assist you.