Reddy said the number of quick offers have slowed, but he expects the hot selling market to continue in 2020.
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“Some people think there will be change, but we’re still one of the most affordable markets in the country. I believe we’ll see gains this year,” Reddy said.
2019’s performance in the Dayton area bettered last year’s record-setting figures in several key areas: average price, median price, number of sold units and sales volume, according to Dayton Realtors.
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Statewide numbers were strong too, with 14 of 18 markets enjoying an increase in average sales price for the year compared to 2018. In terms of sales activity, 10 local markets posted year-end increases compared to 2018, statewide data shows.
The average Dayton-area sale price landed at $173,816, up almost five percent from last year. The median price was up, too, at $144,400, a three percent increase from last year.
Volume was healthy, with the Dayton real estate organization recording a sales volume of $224.3 million — a 31 percent improvement over December 2018.
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Statewide, home sales were in a good place last year, too.
Statewide home sales reached 154,650 in 2019, a 1.6 percent increase from the 2018 year-end level of 152,208, according to Ohio Realtors. The average sales price across Ohio last year reached $193,663, a 5.9 percent increase from the $182,843 mark posted during 2018.
Also statewide: A total dollar volume in 2019 reached $29.9 billion, a 7.6 percent increase from the 2018 level of $27.8 billion.
“It was a solid year for the Ohio housing market, as we experienced healthy gains in sales activity and in average pricing,” said Chris Reese, Ohio Realtors president. “It is evident that Ohioans appreciate and understand that housing is a solid, long-term investment.”
Locally last month, 1,291 sales were reported, up 25 percent compared to last December’s 1,029 sales.
“December is usually a slower-paced month for home sales, but Dayton’s market bucked that trend,” the local organization said in a release.
Overall available inventory of homes and condos at year’s end was 2,527, which meant a supply of two months based on December’s pace of sales, according to local figures. Inventory has traditionally been tight in recent years, and it was down from 2018 levels, when 3,415 listings translated as a 3.3-month inventory of available listings.
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Total sales in the Dayton area in 2019 reached 16,625, compared to 16,266 in 2018, edging up over two percent. Total cumulative sales volume for the year hit $2.9 billion, compared to $2.6 billion in 2018, a nine percent jump.
These figures translated into a final local average sale price for 2019 of $177,087 and a median sale price of $152,000, both up 7 percent from last year, according to Dayton Realtors.
“Dayton is still a market that is better to buy in than rent,” Reddy said.
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The number of local listings for the year totaled 20,289, compared to 20,672 in 2018, a fall of one percent and available inventory hovered around the three-month supply level for most of the year.
The news was good nationally, too, with the National Association of Realtors reporting Wednesday that home sales increased 3.6 percent in December compared with November to a seasonally adjusted annual rate of 5.54 million.
Strong employment is a big reason why, the association said. The U.S. unemployment rate remained at 3.5 percent in December, a 50-year low.
One persistent concern: Inventory. Market observers say not enough homes are on the market.
“We are facing this dire housing shortage,” said Lawrence Yun, chief economist for the National Association of Realtors. “We need to build more.”
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