Home sales prices continue to rise in Dayton area as market remains hot

A home in South Park recently sold. CORNELIUS FROLIK / STAFF
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A home in South Park recently sold. CORNELIUS FROLIK / STAFF

Home sales prices rose in the Dayton area in May as homes continue to sell quickly as soon as they hit the market.

Dayton Realtors reported May’s median sales price came in at $195,000, beating last year’s figure by 16 percent. The average price of $227,683 also leaped over last year’s number by 20 percent.

Sales of single-family homes and condominiums reported in May by Dayton Realtors, the trade organization for area real estate agents, totaled 1,476, a 14 percent increase from the 1,285 sales reported in May 2020.

“The record-high asking prices don’t seem to be slowing down the market. Due to the shortage of available homes, we’re still seeing multiple bids on many houses, so buyers need to be prepared to act quickly and be pre-approved for a loan,” said Dayton Realtors President Sharon Geier

The rise in sales continued despite the tight inventory reaching a record low for the month of May (0.5 month supply), according to Dayton Realtors.

For the first five months of 2021, there were 6,204 sales reported, an eight percent increase from 2020 when 5,743 transactions occurred over the same period. In 2020, homes sales reached a record high in the Dayton area.

The average sales price year-to-date stood at $210,049 and represented a 15 percent jump over 2020′s year-to-date numbers. The median sales price also grew, from $157,000 in 2020 to $178,000 through May 2021, a 13 percent increase.

There were 1,792 new listings added in May, up three percent from last year’s 1,740, while year-to-date listings tallied 7,426, a two percent decrease from the 7,583 submitted through May of last year.

Activity across the Ohio housing marketplace was brisk in May, as sales increased 19.8 percent from the level reached during the same month a year ago, according to Ohio Realtors

“The Ohio housing market maintained its momentum in May, as both sales activity and values experienced healthy gains,” said Ohio Realtors President Seth Task. “The May results are a clear indication that the traditional spring home buying season is in full bloom.

Ohio home sales in May reached 14,130, a 19.8 percent jump from the 11,790 sales recorded during the month last year. The average sales price across Ohio in May reached $243,641, an 18.1 percent increase from the $206,240 mark posted during the month in 2020.

“Consumers are determined to achieve their ownership dreams despite the challenges that our current marketplace presents with historically low inventory levels throughout most markets,” Task said. “We remain bullish that as our state and nation collectively work toward putting the pandemic in our rear-view mirror, we will see an uptick in homes listed for sale and bring balance to the marketplace. Both Ohio Realtors and the National Association of Realtors are working with industry partners in collaboration with local, state and federal governments to explore ways to solve the current inventory shortage.”