Continued Low Daybreak Homes for Sale Inventory Levels Drive Up Prices in the 1st Quarter

Daybreak Home Prices 1st Quarter 2017The Daybreak real estate market continued to perform well in the 1st quarter 2017 with home prices seeing a 9.07% to stand at a median home price of $323,949. This follows the general trend we are seeing throughout the Salt Lake Valley, with a shortage of homes on the market helping to force up prices and create keen competition among home buyers.

The shortage of homes listed for sale was reflected in the total number of sales which declined over 21%, with 96 Daybreak homes sold.

The one data element that does not seem to follow trends was the median days on market which actually climbed 50% to stand at 36 days (still a pretty good number).  This anomaly could have been caused by a sudden closing of a number of homes that had been listed for an extended period of time, its certainly not something we are seeing in the market.

Median Sales Price: $323,949 up 9.07%
Total Sales: 96 down 21.95%
Median Days on Market: 36 up 50%

When we look at the data by home type, they all follow the same trends, prices up, sales down and median days on market up, all that is except condos where there were too few sales to actually draw any conclusions.  The best performing were townhomes which saw their median sales price increase over 13% to $252,500.

Single Family Home Sales
Median Sales Price: $347,250 up 4.47%
Total Sales: 58 down 26.58%
Days on Market: 38 up 72.73%

Townhouse Sales
Median Sales Price: $252,500 up 13.76%
Total Sales: 32 down 11.11%
Days on Market: 23 up 4.55%

Condo Sales
Median Sales Price: $165,000 down 0.60%
Total Sales: 6 down 14.29%
Days on Market: 41 down 16.33%

It’s not just resale homes that are performing well, the new home builders within Daybreak continue to struggle to keep up with demand. Homes are selling just as fast as they can build them, with even spec homes not staying on the market for any great amount of time.

This type of market is great for those people wanting to sell their home, but not so good for buyers who continue to struggle against rising prices and keen competition. In the short term this shows no sign of easing, in fact we saw a drastic increase in demand about half way through the quarter.

The limited inventory levels show no signs of easing. At the time of writing this article there were 86 Daybreak properties listed for sale, and 83 properties were sold over the last 2 months. That means there is just over 2 months worth of inventory, a sure sign of a sellers market.

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