Dayton Area Home Sales for October 2005
Impressive residential sales figures in October both locally and nationally helped alleviate concerns of a sudden letdown in sales, in the face of slowly rising mortgage rates. According to the National Association of REALTORS®, sales nationwide were up 3.7% compared to October 2004. Single–family sales reported to the Dayton Area Board of REALTORS® Multiple Listing Service set a new October record, totaling 1,217 transactions, an increase of over 18% compared to the 1,030 sales reported last October. This brought the record year-to-date sales total to 12,468, compared to 11,427 during the same period last year, a 9.1% increase.
Dayton area sales volume in October reached $167,522,483, and produced an average sale price of $137,652, only slightly higher than last October’s $136,760. After an appreciation rate of over 7% after the first quarter in year-to-year comparison, the rate of increase has cooled off to around 3%. A year-to-date sales volume of over $1.7 billion at the end of October has produced an average sale price per single-family unit of $137,285 compared to last year’s $133,343. The appreciation rate for all of 2004 was slightly under 2%.
Listings submitted in October totaled 2,298, which topped last year’s figure of 2,010 by 14.33%. Year-to-date, 24,122 single-family listings have been added to the inventory, which is a 12.44 % increase over last year’s 21,453. The overall MLS inventory at month’s end remained very steady at 8,044 available listings, only 16 less that at the end of September, and represented a 6.6-month’s supply based on October’s resale rate. This compares to a 6.4-month’s supply ratio at the same time in 2004, when 6,739 properties were available and the resale rate was about 9% below this year’s current rate.
The Dayton Area Board of REALTORS® is the local chapter of the National Association of REALTORS® and represents over 2,800 members and affiliates in the Dayton area.
Statistics compiled by John Junker, MLS Data Specialist