Dayton Area Home Sales for October 2008
After a September of steady sales, October felt the grip of harder economic times take hold once again. Sales for the month dropped to 881 single-family units, a 6.28% decline compared to October of 2007. October’s transactions generated a sales volume of $100.8 million and an average sale price of $114,412. This was a 9.6% depreciation in year-over-year comparison. The median sale price was $95,000, a drop off of 13.6%.
The year-to-date sales figures through October show a total of 9,604 single-family sales at an average sale price of $128,145. Compared to last years 11,440 sales, this represents a 16% decline in volume and a 5.6% drop in price.
While the continued drop in the local housing market reflects the economic news heard around the country, it should be noted that the Dayton area holds up very well in terms of home values. While other parts of the nation struggle with double digit percentage drops, the Miami Valley has seen relatively small declines. And taking a closer look reveals that a number of communities in this area are fairing pretty well. Beavercreek values are down only 1%, Centerville / Washington Township just 2%, and Englewood posted just under a 3% drop in value year-to-date.
Single-family listings submitted during October totaled 1,910 and brought the year-to-date total to 23,795. These figures compare to 2,270 listings last October and 25,986 listings from January through October of 2007, figures 15.8% and 8.4% higher than this year’s totals.
The overall MLS inventory at month’s end was down to 9,617 available single-family homes for sale and represented a supply of 10.9-months based on the pace of sales in October, nearly identical to that of September’s 10.8-month supply. This compares to 10, 449 listings and a supply of just over 11 months at the end of October last year.
Statistics compiled by John Junker, MLS Data Specialist