Homebuyers warned not to sleep on deals as Dayton market remains hot

Homebuyers in the Miami Valley are being warned “if you sleep on it, you may not sleep in it” as the real estate market continues to stay hot for sellers as the inventory of available homes remains low.

June set all-time records for both the numbers of homes sold and the average sale price in the Dayton area, the Dayton Area Board of Realtors reported Monday.

Sales of single-family and condominium units reported by the board in June totaled 1,690, a 0.66 percent increase over June 2016 sales — a minor bump up, but still enough to claim the mantle of the highest number of sales in a single month, the board said.

RELATED: Hot home market in Dayton area leaves sellers in charge

The average price of a home sold in June was $168,771 and a median price was $144,500, which represented increases of 4.5 percent and 5.4 percent, respectively.

June’s showing capped a first half of 2017 which saw 7,757 home sales, a three percent increased from 2016 during the same time period., the board said.

Typically, the highest average sales months have almost always been in June or July, according to Bob Jones of the DABR. (In one year, 2012, the peak month was August.) Summer months usually are the busiest sales months, he said.

Karen O’Grady, president of the Dayton board and a Realtor with Coldwell Banker, said the pressure is on for home shoppers. The inventory of available homes is comparatively low, so would-be buyers are forced to move to close on the house they want.

It appears that the prime selling season for homes will be extended this year, O’Grady said. Usually the prime season lasts until the new school year starts. Now, O’Grady isn’t certain. The season should “definitely” persist through next month and potentially through September, he said.

“I just had some buyers this weekend who were rush, rush rush,” she said, referring to a Missouri couple with three kids, who she said looked at about 35 homes in a few days, from Springboro to Oakwood.

July could very well present new records, O’Grady said.

In May, 1,626 homes and condos were sold, itself the top performance for May since at least 2012, the Dayton Area Board of Realtors said.

“Things seem to be continuing in that upward trend,” Jones said.

Nationally, a different picture emerges.

U.S. home re-sale volumes fell more than expected last month as a lack of properties pushed house prices to a record peak. The National Association of Realtors said Monday that existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month.

Nationally, sales were up 0.7 percent from June 2016.

The number of homes on the market slipped 0.5 percent in June to 1.96 million units. Supply was down about 7 percent from a year ago, the national organization said.

By the Numbers

Dayton-area homes sales in June

$168,771: Average price, up 4.5 percent compared to June 2016

$144,500,: Median price, up 5.4 percent compared to June 2016

1,690: Dayton-area homes and condos sold, up 0.66 percent compared to June 2016

10.2: Percent, the volume increase in homes sold so far from January to June, compared to the same period last year.

Source: Dayton Area Board of Realtors

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