DAYTON — Clayton, Vandalia and Huber Heights were three of the few cities in Montgomery County that saw a reduction in valid real estate sales in 2018 compared to a year ago.
That information was released last week during Montgomery County Auditor Karl Keith’s annual report to more than 70 local government officials.
Montgomery County as a whole already has more valid residential real estate sales in 2018 than any previous year on record, showing that the Montgomery County housing market is more active than ever.
Keith said that there have been more than 8,400 valid residential real estate sales in 2018, a nearly 20% increase from 2017. In addition, more than $250 million in newly constructed buildings and property improvements were made in 2018 alone.
In Clayton, sales were down 3.4%, Huber Heights decreased 3.55%, and Vandalia fell by 4.13%.
Other northern Montgomery County communities saw increases. Englewood’s real estate sales increased 5.4% while Butler Township saw an increase of slightly less than one percent.
“This is the most active real estate market I’ve seen in my 18-year tenure as county auditor,” said Keith. “We’ve seen a large amount of construction and growth, which is an indicator of consumer confidence.”
Montgomery County experienced more than $250 million in real estate construction in 2018. This construction added $150 million in new taxable property value, which was driven largely by new residential and commercial development throughout the county. Washington Township’s $38 million in residential additions made up more than half of the county’s $68 million in new residential construction. The county also saw $100 million in tax-exempt construction in 2018, including new nonprofit medical facilities like Dayton Children’s South and Miami Valley Hospital South.
The increased real estate activity is a sign that the county’s real estate market is back on track, according to Keith. Communities in the county’s urban core, which have seen less property value growth in recent years than suburban communities, had the county’s greatest increases in real estate sales in 2018. Dayton, Harrison Township and Moraine each saw an increase in sales of more than 50 percent since last year, and Trotwood’s sales increased by nearly 44 percent.
The new real estate data comes as the county auditor is beginning its next comprehensive property revaluation that will be completed in 2020. During this property revaluation, representatives from the Auditor’s Office will individually review and update the taxable property values of each of the county’s 250,000 real estate parcels. This will be the most demanding update of property values in recent history, according to Keith, because the county has experienced both record highs and historic losses in property values since 2000.
Reach Darrell Wacker at (937) 684-8983 or on Twitter @VandaliaDrummer.