What happened in the Dayton Housing Market this past week?
Lots of things are changing all around us, but this week the Dayton real estate market saw increases in all three categories; New Listings, Under Contract (Pending) contracts, and Closed Transactions. There is still a shortage of available homes for buyers to choose from, so the serious buyers are competing for many of the same homes. Prices have been steadily rising since the beginning of the year, and we expect them to be relatively stable throughout the foreseeable future.
-The number of new listings increased this week
-Contract signings maintained a steady pace
-Closed transactions increased from a week ago (reflecting contracts that were likely signed mid-early March)
Week of April 11-17, 2020 vs. previous week
Virtual Tours and Buying 'Sight Unseen'
Virtual tours have become the 'go-to' method of buying and selling homes as we maintain our commitment to social distancing guidelines and best practices. A growing number of buyers are turning to virtual tours to minimize the amount of exposure in comparison to tradition walk-though showings. This is a great way to view properties while keeping the buyer and the sellers safe. As a result, about 25% of Realtors surveyed last week said one or more of their buyers purchased a home without physically walking though it.
Some of the virtual options I provide include;
Private Zoom, Facetime, Duo, Skype walk-through sessions
Professional hi-res photography
Professional Video walk-through tours
Home Values Remain Stable
Due to the fewer number of homes available and steady competition between buyers, home values in the Dayton area have remained stable. Since the beginning of the year, values have shown a positive trend that we expect to last, despite the stock market and values in other areas of the country.
Average Sales Price in Dayton YTD
The number of showings has declined, but buyers are still purchasing homes at the same rate or better...
Since early March, the number of showings scheduled though the Dayton MLS's scheduling service Showingtime have declined substantially compared to the same time last year. Even though the number of showings has gone down, the rate of homes being purchased has remained steady. What does this mean?
Buyers are acting quickly and more decisively than they have been in the past due to the shortage of available homes
Buyers are viewing less properties in person before purchasing (about 3-5 on average according to NAR)
Things are changing day by day, and there's alot of misinformation and confusion out there surrounding the housing market and home values. I'm committed to delivering the facts to keep you educated on what's really happening here in the Dayton area. Stay tuned, as every Friday I'll be bringing you the latest numbers from the Dayton Multiple Listing Service.
Stay safe, be well!