Dayton Area Home Sales for December 2008
Sales of single-family homes in December, as reported to the Dayton Area Board of Realtors’ Multiple Listing Service, totaled 720. This was an increase of over 12% from November’s figure, but as has been the pattern all year long, December’s activity was down in year-over-year comparisons. In December 2007, a total of 802 sales were reported, about 10% higher than this December’s total.
A total sales volume in December of just over $74.3 million generated an average sale price per single-family unit of $103,278. This compares to $120,089 in December 2008, a decline of about 14%. The median price was $80,750, a decline of nearly 20% compared to last year’s figure of $100,800.
December’s numbers bring to a close a year of challenging home sales. As Harry Vearn, 2009 president of the Dayton Area Board of Realtors stated, “The decline in home sales fell in lock-step with the tougher economic climate, but the good news continues to be the affordability and inventory of homes, along with historically low interest rates for mortgages. If consumers are smart with their finances and are in the market to buy, it’s an unprecedented time to make the leap. Yes, the market is tough, but right now the factors I just listed make real estate a very attractive option.”
Year-End Figures
The year ended without any real surprises in the MLS numbers. As expected, price, volume, and sales were lower than in 2007. Down nearly 16% from 2007, sales for 2008 totaled 11,037, while the number of listings submitted to the MLS came to 26,620 (a change of –9% from last year).
The total sales volume for 2008 came to almost $1.4 billion, a sharp 21% off of 2007’s pace of $1.7 billion. These figures brought the average sales price to $125,348, down only 7%. Meanwhile the median price also fell by about 7%, to $108,000.
“While the numbers were lower this year than last, we in the Dayton area can take some comfort in the fact that the average sale price only fell 7%. While many, many cities and states are suffering from double-digit losses, the Miami Valley weathered the storm respectably last year,” stated Vearn.
Statistics compiled by John Junker, MLS Data Specialist