Dayton Area Home Sales for August 2007
The national slump in the housing sector has predictably started to show its affects, albeit belatedly, on the Dayton area market, primarily in number of single-family units sold. Local home values, however, remain strong and very stable.
This bodes very well for our local market, which has been affected much later and less dramatically than most other markets by the downturn. Stable market values may well allow us to recover more quickly than other markets and turn sales activity back upward again.
The 1,254 single-family units reported sold in August was a slight increase over the 1,219 reported in July, but represented an almost 16% decline compared to the 1,492 units reported sold in August last summer, before any real signs of a decline in sales activity in the Dayton area had even shown up.
Single-family sales volume in August reached over $174.9 million and generated an average sale price for the month of $139,493, just 1.9% below last August's $142,168 average. The median sale price for August was $118,000, down from $125,000 last August.
Year-to-date through August, 9,448 single-family transactions have been reported to the MLS, just 6.7% less than last year's record 10,124 sales.
A sales volume during the first eight months of the year of over $1.29 billion has produced an average sale price of $136,926, just 0.5% below the $137,682 average during the same period in 2006.
When compared to year-end 2006 (the measure by which we track our annual appreciation rate) the year-to-date average represents a slight increase of 0.6%.
The year-to-date median sale price stands at $118,000 (the same as the median for August), down a slight 1.26% compared to a median of $119,500 last year-to-date through August.
Single-family listings added in August totaled 2,683, an 8.7% drop from 2,941 in August 2006. Year-to-date, 21,488 listings have been submitted compared to 22,128 last August, down 2.9%.
The overall single-family inventory at month's end showed 10,812 available listings, or an 8.6-month supply based on August's pace of sales. This is a slight increase from the end of July when the inventory stood at 10,761 listings, but a greater supply of 8.8 months was available due to July's slightly slower sales pace.
At the end of August 2006, 10,186 listings were available (a 6.8-month supply), showing a brisk sales pace.
Statistics compiled by John Junker, MLS Data Specialist