Today we look at some Dayton real estate market stats. Both buyers and sellers need to know what is going on in the market, so let’s see the numbers.
I pulled the numbers on a very specific area- Hills and Dales in Kettering. The Dayton Area Board of Realtors defines this area as generally north of Dorothy Lane, east of S. Dixie Hwy, south of Schantz, and to the west of Hills and Dales Park. I chose this area because it’s got a little bit of everything as far as housing stock goes- vintage, newer, custom-built, affordable, starter homes, move-up homes, upscale homes, it’s all represented here. Plus it’s an area that most people reading this will be at least somewhat familiar with, also, this neighborhood would have been affected by the economic issues Dayton has dealt with over the past 6 years including both GM and NCR pulling out of Dayton so we can see how the real estate market responded.
This is a year over year Market Report for Hills and Dales. I’ve searched for single family homes only, no condos, land, or multi-family homes. We are looking at the averages here- just a big picture snapshot. DOM= Days On Market. I went back to 2006 which is generally considered the peak of the real estate market. One other thing, I only searched for sales from Jan. to Oct. for each year So let’s take a look.
|Year||# Sold||Avg List Price||Avg Sale Price||% List/Sale Price||Avg DOM|
Pretty much what you expected? This Buyer’s Market you keep hearing about has a lot to do with the interest rates on loans, which are at historic lows. Home prices for many areas are coming back, and loans themselves are more difficult to qualify for. Buyers are still paying about 96% of asking price- that’s remained fairly consistent, and all those great deals you might hear about? They often sell within days of being listed and with multiple offers which drive up the price.
If you are selling your home, things are looking up, although whether or not home prices return to 2006 levels is anybody’s guess. But still, a well-prepared and well-priced home will sell and seller financing is still a good way to take advantage of the current market and get a better price than a sale with lender financing.
Finally, I can’t say this often enough- real estate is local. This one small area of Dayton and your neighborhood is going to have unique challenges and opportunities, so get informed before you make a decision about how to make the most of the current real estate market.