Daybreak home prices saw a slight decline in 2023. The median sales price for a home dropped just 1.01%. This was on the back of declining sales which were 20% lower and an increase in the amount of time to sell a home which climbed to 37 days (still a very positive number).
Daybreak Combined Home Sales
Median Sales Price: $569,990 down 1.01%
Total Sales: 523 down 20.27%
Days on Market: 37 up 131.25%
Single-Family Homes
Of all the home types single-family homes experienced the largest decline in 2023. The median sales price for a Daybreak single-family home declined 8.19% to stand at $647,443. The number of homes sold dropped 9.97% and the median days on market (time taken to put a home under contract) climbed 90% to 40 days.
Single Family Home Sales
Median Sales Price: $647,443 down 8.19%
Total Sales: 316 down 9.97%
Days on Market: 40 up 90.48%
Townhomes / Twin Homes
Both townhomes and twin homes saw their prices decline in 2023. Townhome prices declined 2.47% ($453,500) while twin home prices declined 8.92% ($535,000). There was also an increase in the amount of time it took to sell a home (up 245% to 38 days).
Townhouse / Twin Home Sales
Townhome Median Sales Price: $453,500 down 2.47%
Townhome Total Sales: 163 down 38.72%
Twin Home Median Sales Price: $535,000 down 8.92%
Twin Home Total Sales: 21 up 31.25%
Days on Market: 38 up 245.45%
Condos
Unlike other home types, Daybreak condo prices increased in 2023. The median sales price for a condo climbed 8.88% to $384,900. The number of condos sold stayed the same at 23, and condos sold faster taking just 11 days to sell.
Condo Home Sales
Median Sales Price: $384,900 up 8.88%
Total Sales: 23 unchanged
Days on Market: 11 down 57.69%
Summary
Higher interest rates certainly restricted the market in 2023. The high rates made it unattractive for many to move home, thus many just stayed put, resulting in low inventory and sales levels. The market towards the end of 2023 started to pick up again, and if and when interest rates come down this too should result in increased activity. New home builders also saw weaker demand, forcing many to start to offer increased incentives for buyers and a pullback in their listing prices.
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