Dayton Area Home Sales for August 2008
Sales of single-family homes reported to the Dayton MLS reached 1,007 for the month of August, just 10 units shy of July’s total. The summer sales activity is now making way for autumn, and while the summer numbers reflected the downturn in the housing market, they at least remained very steady. The monthly comparison in year-over-year sales also remained about the same in August as previous months this summer, with a decline of 247 units or 19.7% from the same month a year earlier.
Total volume generated by August’s activity reached nearly $127.5 million and generated an average per unit sales price of $126,608, down 9.2% from an average of $139,493 in August 2007. The median sales price for August was $111,000 compared to $118,000 last year, down 5.9%.
Sales activity for the eight-month period thru the end of August shows a tally of 7,704 single-family sales, and a year-to-date volume surpassing the billion-dollar mark at $1.04 billion. Last year’s figures showed 9,448 sales and a sales volume of nearly $1.3 billion.
The average sale price for January-August 2008 was $129,861, compared to $136,926 in 2007, a drop off of 5.1%, still not nearly as substantial a decline as in many less stable parts of the country. The median sales price for the period was $112,900, 4.3% below last year’s $118,000 median.
There were 2,407 new single-family listings submitted to the MLS in August, 10.3 % less than the 2,683 added last August. Year-to-date, 20,008 listings have been added to the single-family inventory, 1480 units fewer than last year.
The overall MLS single-family inventory at the end of August showed 10,497 listings available for sale or a supply of 10.4 months based on the current pace of sales. Despite a larger inventory one year ago (10,812 homes), the pace of sales was more robust at that time, keeping the supply under 9 months.
Statistics compiled by John Junker, MLS Data Specialist