Dayton Area Home Sales for February 2008
Despite very difficult weather conditions, sales for February, as reported to the Board’s Multiple Listing Service, increased over January’s activity by 111 units. However, the 781 single-family transactions were down about 15% when compared with last February’s 920 solds.
Sales for the first two months of the year now total 1,461 single-family residences, compared to the 1,699 homes that were sold last year during the same reporting period.
Cumulative residential single-family sales volume for the month reached $92.1 million and translated into an average sale price per unit of $118,015. While this figure is down from February 2007, it does mark an increase over January’s average of of $116,161.
“The increase we’re seeing in sales over last month gives us reason to be optimistic. Sure we’re still down compared with 2007, but that’s to be expected in this current economic climate. As the weather gets nicer, I think we’ll see a more active real estate environment,” stated DABR President Debra White.
The median sales price for February was exactly $100,000, compared to $110,000 in February 2007.
Year-to-date the average sale price per single-family unit is $117,200 and the median sales price is $98,000. These figure represent declines of 4% and 7.5%, respectively, compared to the January-February period in 2007.
Single-family listings submitted in February totaled 2,367 a major increase of 24% over last year’s total of 1,907, and the year-to-date total has reached 4,979, a 14% jump from a year earlier. These increases point out again that many homes continue to be put up for sale in the area, giving buyers a great opportunity to shop in a variety of price ranges.
The overall MLS inventory at the end of February stood at 9,567, representing a 12.2-months supply of available single-family listings, based on the current pace of sales.
This compares to 8,925 listings and a supply of 9.7 months in 2007 at the same time.
Statistics compiled by John Junker, MLS Data Specialist