Dayton Area Home Sales for May 2006
This year’s string of new monthly sales records for single-family homes in the Miami Valley continued in May, but only by a very slender margin. The 1,369 sales reported to the Dayton Area Board of REALTORS®' Multiple Listing Service (MLS) was just 4 units more than last year’s 1,365. Mortgage rates, though still at historic lows, have been on the rise this year and have been a major factor in a slowing of the pace of sales both locally and nationally. The National Association of REALTORS® reported a decline of 6.6% in single-family home sales in May compared to a year earlier.
May’s local activity generated a volume of over $191 million just 1.78% better than last May’s $187.7 million, and produced an average sale price of $139,592, an appreciation of 1.48% over last May’s average of $137,556. This is the largest increase in average sale price in year-over-year comparison so far in 2006.
Year-to-date sales activity has produced approximately 5,700 transactions through May in the Dayton area compared to 5,341 last year at the same time, a 6.72% increase. This is a slower pace than the 8% increase in 2005 compared to 2004 during the same reporting period. Sales volume year-to-date is up 5.87% from $707.7 million last year to $749.2 million in 2006, and an average price of $131,451 per single-family unit is still lagging slightly behind last year’s figure of $132,508.
New listings added to the MLS inventory during May rose 10.14% compared to May of 2005, as 3,008 single-family submissions was 277 more than a year earlier. This activity brought the 5-month total to 13,332 listings a substantial 17.5% increase compared to the same period last year.
Overall MLS inventory at month’s end showed a total of 9,531 available single-family listings or a 6.96-month supply based on May’s sales pace. This compares to a supply of 7.58 months in April and only a 5.42-month supply at the end of May 2005, when the inventory was at 7,405 listings. NAR reports that single–family inventory is also up nationally, rising 5.5% in May to 3.6 million existing homes available or a 6.5-month supply at the current sales pace.
The Dayton Area Board of REALTORS® is the local chapter of the National Association of REALTORS® and represents over 3,200 members and affiliates in the Dayton area.
Statistics compiled by John Junker, MLS Data Specialist