There were 1,679 new listings added in March, up from last year’s 1,668, but the year so far has seen 3,870 listings, a decrease of 13% from the figures submitted through March 2020.
Low supply and high demand pushed prices up, with sales volume in March generating $257 million, 5% higher than March 2020, Dayton Realtors said. Similarly, the average sale price of $204,779 was up 10% from last year, and a median sale price of $175,000 was up almost 9% from last year.
For the year so far, sales reached 3,328, a 1% rise from 2020 when 3,282 transactions occurred over the same period.
Sales volume showed $656.7 million in sales transactions so far, up 13% from 2020. The average sale price year-to date stood at $197,354 an 11% increase over the same point in 2020. The median sale price also grew, from $151,500 in 2020 to $165,300 through March 2021, growth of 9%.
The overall Multiple Listing Service inventory of single-family and condominium listings showed 846 available at month’s end, which represented a supply of about two weeks based on March’s pace of sales.
Nationally, sales of existing homes declined for the second month in a row, PNC Bank noted in a release Thursday.
But the market is strong and will remain strong this year, said PNC Senior Economist Abbey Omodunbi.
“Sales of existing homes have declined in recent months mainly due to a lack of inventory and decreased affordability,” Omodunbi said. “After peaking at 3.9 million units in late 2007, the number of existing homes for sale has steadily declined and now sits at 1.07 million units.”
However, the economist maintains that the fundamentals for housing remain strong, with low mortgage rates, strong consumer balance sheets and national job growth expected to be “very strong” in 2021.
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