Despite a slow sales season to begin 2011, single-family residence and condominium sales in the Dayton area greatly improved as the year progressed, according to the figures released by the Dayton Area Board of REALTORS® Multiple Listing Service. And for the first time in two years, home sales stood on their own without the aid of federal tax credits.

10,463 single-family and condominium sales were posted in 2011, down just 2.7% from 2010. Total sales volume reached just over $1.2 billion, compared to $1.3 billion in 2010, a decline of 7.7%. The average sale price per unit came in at $115,891 for the year, down 5% from last year’s $122,117. The median sale price was $94,000, a 9.6% drop-off compared to 2010’s $104,000 median.

The first half of 2011 was largely responsible for losses totaled during the year. Until July, the number of homes sold simply could not compete with the 2010 statistics. Many consumers took advantage of the homebuyer tax credits that were offered (up to $8,000 for first-time homebuyers and $6,500 for other buyers), and that helped to drive sales in 2010. From July on, the 2011 figures fared much better, since they were being compared to 2010 home sales that occurred after the expiration of the tax credits. Sales in the second half of the year topped those of 2010’s second half by 9.1%. Sales volume was up 8.2%. Median and average prices were strong but still slightly down at -2.9% and -0.8% respectively. As compared to the first half of 2011 though, the median improved by 9% and the average price by 7.3%.

Total listings submitted during 2011 reached 21,724, compared to 24,855 in 2010, down 12.6%. 2011 began with 7,722 listings in the inventory, peaked at 9,486 in May, and ended with the lowest total of the year at just 7,171 available listings. A negative figure in this instance could prove to be beneficial, as fewer homes on the market have the potential to raise prices going into 2012.

In 2011, sales totals in year-over-year comparison surpassed those of 2010 in five of the last six months of the year, excluding only December, when 765 sales came just 10 units shy of December 2010’s figure.
The accumulated sales volume resulting from December’s transactions reached nearly $84 million, and produced an average sale price of $109,674, and a median sale price of $89,900. These figures were down 9.5% and 11.8%, respectively.

The overall MLS inventory for single-family and condo listings at the end of December stood at only 7,171, the lowest inventory total of the year, and represented a supply of 9.37-months, down from 10.5-months at the end of November. Last year at the same time the supply stood at 10.7-months.