Market Conditions for Dayton, Ohio Reported by Nora Moyer Lipps, REALTOR Updated November 4, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Report for November 2009:
Single-family home sales in the Dayton MLS area for July, August and September 2009 have exceeded the number of sales for the same months in 2008. The average sales price for September was $127,781. The available supply of single-family listings based on September's sales pace stands at 8.6 months. At the same time in 2008, single-family listings was a 10.8 month's supply.

Report for September 2009:
For the first time since April 2007, home sales in the Dayton Ohio area increased year-over-year for the month of July. The number of homes sold was up 3% compared to July 2008. The average sales price was also up--$139,786. This is the sixth consecutive month of increasing sales prices.

TAX CREDIT DEADLINE!
Are you planning to use the tax credit as a first-time homebuyer? You might also be eligible if you have not owned a home for the past 3 years. The deadline for closing on a home is November 30, 2009. This means that you should be in contract to purchase a home by October 10, 2009.

At this time, a credit score of 600 is required to qualify for a mortgage. The minimum down payment is FHA 3.5%. It is possible to use the tax credit as your down payment.

Report for July 2009:
According to the Dayton Business Journal:
Home sales in the Dayton area took a turn upward in the month of June, nearing last year's figures. There were 1,061 single-family home sales in June, a 150-unit increase or 16 percent from the 911 sold in May. The June total was 20 fewer than June 2008, according to the Dayton Area Board of Realtors.

This is the smallest drop-off in year-over-year comparison since September of last year.

The average sales price in June was $134,468, the highest average for the year but down 7.2 percent from June 2008, when the average sale price was $144,876.

Sales for the first half of the year reached 4,841, a decrease of 13.7 percent compared to the 5,611 sales reported during the same time frame last year. The average sale price through the first half of the year is $116,000, a 10 percent decline from the same time period last year.

The overall Dayton Multiple Listing Service at the mid-year point shows 8,920 available single-family listings, representing an 8.4-month supply. In May, the supply was 10.4 months, and last June, inventory showed a 9.7-month supply.

Report for June 2009:
Home sales reported to the Dayton Area Board of REALTORS'® MLS for the month of May 2009 increased by 30 units over April's total to 853. Although still down by 22.6% in year-over year comparison with May of 2008, this activity marks the fifth straight month of increases in sales from the previous month.

For the year-to-date, 3,712 single-family properties have sold, compared to 4,507 during the same period in 2008, a decline of 17.64%. This activity has generated an average sale price of $111,148, a drop-off of 10.8% compared to the average price of $124,710 through May of last year. The median sale price for the period this year is $90,000, compared to $107,000 last year, a 15.9% decline.

The overall available MLS inventory, which has also risen slowly each month this year, stood at 8,922 at the end of May's reporting period. This represents a 10.4 month's supply of single-family listings based on May's pace of sales. This marks a slight decline from April's supply of 10.7 months, thanks to an increase in the sales pace. Last year at the same time, the inventory stood at 10,283 listings and the supply was at 9.33-months.

Statistics compiled by John Junker, MLS Data Specialist

Report for March 2009:
As stated before, home prices in the Dayton area have fallen but not as much as other areas of the US. Average home prices here declined 7% in 2009 compared to double-digit decreases in other areas.

NOW IS THE TIME TO BUY
Currently, we have a "Buyers' Trifecta" in progress. That is, low home prices, a large inventory of affordable homes, and low interest rates. Add to this the $8,000 First-Time Home Buyer Tax Credit and this time offers an unprecedented opportunity for many buyers.

Buyers must have a 3% downpayment for FHA financing, can use VA financing and roll the funding fee into the loan, or look into using Ohio Bond Fund money.

If you are a first-time buyer (or know someone who might be) or have not owned a home in 3 years, and qualify for the income levels, you might be able to use the $8,000 tax credit available until December 1, 2009. Condos do qualify. Please visit my web site, www.NoraKnowsHomes.com and click on the highlighted link $8,000 First-Time Home Buyer Tax Credit in the center of the page.

Report for December 2008:
The Dayton area is feeling the harder economic times in job losses and in the real estate market. Sales in October dropped compared to October 2007 and the average sale price also dropped. Year-to-date sales through October show a 16% decline in number and a 5.6% decline in price. This decline in price is small compared to the double-digit percentage declines in other parts of the country. Some communities in the Dayton area MLS have held very steady. Beavercreek values are down just 1%, Centerville/Washington Township property prices are down 2% and Englewood is down under 3% for 2008. At this time, the overall supply of homes in the Dayton MLS is 10.9 months. Of course, this supply varies based on the community and area. Mortgage interest rates have declined recently and another rate decrease is expected soon. For first time buyers, this is an excellent opportunity especially considering the tax incentive of up to $7,500 which is available until April 30, 2009.(Please note this tax incentive expired Dec. 31, 2008 and has been replaced by the $8,000 Tax Credit which is available until Dec. 1, 2009.)
Report for October 2008: Summer sales in the Dayton Ohio market remained steady but slightly down from 2007. The inventory of homes listed For Sale is high and shows an overall supply of 10.4 months. The average sale price for January-August 2008 was $129,861, a drop of 5.1% from 2007. Traditionally, sales slow in the autumn season. With the uncertain economic conditions and the upcoming election, many buyers and sellers are choosing to wait on the sidelines. Housing analysts said earlier in the year that we are still one year away from reaching a more balanced market. However, recent events in the stock market and banking industry may prolong any recovery.

Financing will also be slowing sales. There is virtually no zero down financing. Buyers have to have some money for a downpayment and credit ratings are important.

Dayton MLS SINGLE-FAMILY SALES SUMMARY - FIRST QUARTER 2008

New Listings: DOWN 3.33%

Solds: DOWN 14.61%

% Sale/List Price: DOWN 0.95%

Avg Sales Price: DOWN 4.15%

The downward trend in home sale activity that has been seen on a national basis occurred in the Dayton area throughout 2007 and continues into 2008. However, this trend has NOT been accompanied by a DRAMATIC INFLATION and DRASTIC DECLINE in home values in the Greater Dayton area.

Sellers should be prepared for price reductions and buyer demands. If you purchased your home in 2005 or after and you want or need to sell you might be looking at a net loss in your eventual sale price. Homeowners who have owned their homes for a long time or have equity built-up stand a better chance of selling provided their homes are well-maintained, updated and show well.

For buyers, if you have been casually looking at homes, make sure you are pre-approved and have your finances in order. If your dream home comes onto the market, you will be ready to move!

I can help you with all aspects of the selling and buying experience. Please call or email me for important information.

I look forward to hearing from you!

BUYERS have a vast array of properties from which to choose! Interest rates remain favorable. Many list prices are at 2005 levels!

SELLERS must be aware of how their property is marketed and exposed to potential buyers. Condition must be superb! The "stunning" homes are selling.

The Dayton Multiple Listing Service covers areas from Troy and Piqua to the north, Springfield to the east, Lebanon, Springboro and Oxford to the south, and west to the Ohio/Indiana stateline.

This Midwestern city lies at the crossroads of America and is easily accessible via land or air. By air, Dayton lies within 90 minutes of 55 percent of the U.S. population. In response to a projected steady rise in passenger air travel and cargo operations over the next 20 years, the Dayton International Airport has plans for expansion.

The historic first flight of Dayton residents Orville and Wilbur Wright, the development of the cash register into the current NCR Corporation, the invention of the electric starter by Charles F. Kettering and numerous other advances in automotive design provide the historic basis for today's economy. The region's businesses pride themselves on providing high quality, high value goods and services to a global economy.

In 1941, after the bombing of Pearl Harbor, Wright-Patterson Air Force Base became a great center of activity for the U.S. Army Air Force. The site of the base, its facilities and personnel, continue as the nerve center of the Air Force. Today, it is the largest single site employer in Ohio. Two-thirds of the employees are civilians. The United States Air Force Museum is also located in Dayton.

Dayton has been a center of General Motors divisions. The Frigidaire built in Dayton became a household word as the electric refrigerator replaced the ice box.

Dayton was the home of National Cash Register (NCR). It currently is the headquarters for IAMS Company, Standard Register, LEXIS-NEXIS, Reynolds & Reynolds, and Delphi. The University of Dayton, Wright State University and Sinclair Community College are located in Dayton.



Location Characteristics: Dayton, Ohio is located just south of the intersection of I-75 and I-70 on the banks of the Great Miami River. The Miami Valley region, named after the Miami Indians, includes seven counties surrounding the city of Dayton and is home to more than one million people. At the center of the region where the Miami, Mad, and Stillwater Rivers come together, lies the city of Dayton with a population of approximately 180,000.



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