Dayton Area Home Sales for May 2008
Single-family sales reported to the Board’s MLS in May reached their highest level since August of last year and topped April’s figure by 143 units or almost 15%. The 1,102 sales transactions for May did fall short of last year’s May mark of 1,342 units, an expected decline during the current downturn in the market, but not as steep as the year-over-year drop in April.
A sales volume of $147.9 million for the month of May generated an average sales price of $134,237, up from $124,720 in April, and a median sales price of $115,000, up from $109,363 in April. Compared to a year earlier, these figures are down 4.29% and 5.66% respectively.
Year-to-date through May, there have been 4,507 single-family sales. This represents a 17% decline compared to the 5,430 transactions reported during the same period last year. This year’s January-May activity has generated just over $562 million in single-family sales volume.
This translates into an average sale price year-to-date of $124,710, compared to $130,809 last year, a decline of 4.66%. This is still a modest depreciation compared to many markets in other parts of the country. The median sales price so far for 2008 is $107,000, down 6.6% from $113,900 in 2007.
There were 2,796 single-family listings submitted to the MLS during May, bringing the total for the first five months of 2008 to 12,527. Last year’s listing submissions during the same period numbered 13,042, about 4% more than this year.
Overall MLS inventory at the end of May stood at 10,283 available single-family listings, an increase of 588 over April’s inventory of 9,695. The increase in sales for May, however, outpaced the increase in available homes, dropping the ratio from a 10.1-months supply in April to a 9.3-month’s supply at the end of May.
This is the fourth straight month of declines in the supply of available homes for sale. These declines have been accompanied by four straight months of higher average sale prices. This is a positive sign, as supply and demand ratios have historically helped to nudge home values upward again.
Statistics compiled by John Junker, MLS Data Specialist