Dayton Area Home Sales for May 2011

Dayton Area Home Sales for May 2011

Single-family and condo sales reported to the Dayton Area Board of REALTORS® Multiple Listing Service jumped to 1,029 during the month of May, a 202 unit or almost 25% increase compared to April. However, this total was still down 19% from May of 2010 when 1,200 properties changed hands as buyers looked to take advantage of the First Time Homebuyers Tax Credit.

Sales volume generated from this activity totaled $121.2 million and generated an average sale price of $117,813.  This was the highest average price so far this year, and down just 6.7% from last May’s $126,361. The median sale price for May came in at $100,000, down 13% from a year earlier, but by far the highest median this year.

Year-to-date sales now total 3,929 through May, down about 9%. The sales volume generated has reached $423.4 million, and has produced average and median sale prices of $107,771 and $85,000, respectively, down 11% and 20.5%, compared to the January-May period in 2010.  

Single-family and condominium listings entered into the MLS database in May totaled 2,230, up 9.4% from 2,038 last May. This is the first month in 2011 that listing submissions have topped those of a year earlier. Year-to-date listings are still down from 2010, but only by 2.3%. 

The overall inventory at month’s end showed 9,486 available properties for sale. Based on May’s much improved sales pace, this dropped the supply to 9.2-month’s, down from last month’s 11.2-month’s supply.

“The increase in both average and median sales prices is promising,” stated Bob Wilson, president of the Dayton Area Board of REALTORS®. “With the faster pace of home sales posted, low mortgage rates and a selection of homes, I’m optimistic that more area shoppers will be able to find the house of their dreams.”

Last year at the same time, the MLS inventory contained 8,980 available listings and a supply of only 7.5-months, once again largely owing to the increased activity during the remaining months of the tax credit program.

Source:  http://www.dabr.com/statcenter/market_stats/2011/releases/2011-05.html