Menu

Real Estate Articles

2017-07-19 Montgomery Property Values Up | By: Fellow GDREIA Members

Montgomery Property Values Up
 by Larry D. Hudson
Click Here for Pictures 
 
Montgomery County Auditor Karl Keith brought good news to Greater Dayton REIA’s Third Wednesday meeting (7/19/17). Keith told the meeting the value of Montgomery county real estate is on the rebound following a long slide.
 
Though this is probably not news to property investors, specifics behind the assertion are.
 
The 2017 market update from Keith’s office, based on three years of market data, show that 63 percent of properties in Montgomery County gained value. Overall, the average rate of increase for residential property was was 6.3 percent, Keith said.
 
When the much smaller growth of the county’s commercial properties is included, the overall average appreciation of property in Montgomery is 4.5 percent. Keith said appreciation figures vary by neighborhood across the county.
 
In contrast to the 2017 market update, the 2014 property revaluation showed 72 percent of properties in Montgomery County losing value.
 
Even with the increased pace of real estate sales and rising values in the county’s real estate, values have still not returned to the values recorded in the 2005 report.
 
Keith explained that the sharp fall in sales and values in Montgomery County real estate was first identified in 2008’s survey figures. That year’s 12 percent loss of value in Montgomery County real estate amounted to an aggregate loss of $3.5 billion, he said.
 
This year’s stronger valuation report identified a countywide valuation increase of $1.2 billion, or about one-third of the loss first recorded in 2008.
 
The Montgomery County Auditor is required by law to update property values in the county for tax purposes every three years, Keith said. The full revaluation, which includes visits to properties by employees of an outside contractor working for the county, occur every six years.
The most recent of these was conducted in 2014, he said.
 
The county auditor is also tasked with providing a market update three years after each property revaluation year, Keith said. The market updates are based on market data from real estate sales and best estimates for properties with few comparable sales, Keith told the meeting.
 

Contact Us

Greater Dayton Real Estate Investors Association

3541 Dayton-Xenia Road #341591
Dayton, OH 45434
(937) 216-5724

Proud Chapter of National REIA

Follow Us


Privacy and Security Policies

Your email will never be shared or sold to other members, vendors or any other third party without your consent.

Disclaimer

www.GdREIA.com  (Greater Dayton Real Estate Investors Association) does not give legal, tax, economic, or investment advice. GD REIA disclaims all liability for the action or inaction taken or not taken as a result of communications from or to its members, officers, directors, employees and contractors. Each person should consult their own counsel, accountant and other advisors as to legal, tax, economic, investment, and related matters concerning Real Estate and other investments.   

Copyright 2019 © Greater Dayton Real Estate Investors Association  All rights reserved.

This REIA Website is powered by: Real Estate Promo.