The Daybreak housing market had a good start to the year showing strong home sales and sales prices. The median home price climbed an impressive 19.78% in the first quarter (when compared to the same time last year), with the new median home sales price standing at $305,450. While the number of homes sold remained flat (72 vs 74 last year), the time taken to sell a home dropped substantially, taking a median of 39 days (falling from 60 days).
2014 First Quarter Home Sales
Median Sold Price: $305,450 up 19.78%
Total Sales: 72 down 2.70%
Median Days on Market: 39 down 35%
If we break down the sales figures by type of property then we can see that single family homes sales were strongest, with the number of sales increasing 10% and prices up 19.34%. On the other hand townhome sales were weak, with sales down 35% and sales prices only marginally up 2.16%
2014 1st Quarter Single Family Home Sales
Median Sold Price: $350,000 up 19.34%
Total Sales: 53 up 10.42%
2014 1st Quarter Townhouse Sales
Median Sold Price: $220,073 up 2.16%
Total Sales: 14 down 36.36%
2014 1st Quarter Condo Sales
Median Sold Price: $141,028 up 9.75%
Total Sales: 5 up 25%
Looking forward we are starting to see resale homes come under pressure from new construction. The new home builders are once again building spec homes (spec homes are those that are constructed without a buyer contract). These are proving attractive for those buyers who would like a new home, but do not want to wait for their new home to be built. This is happening not just in Daybreak, but also in other areas like Herriman which feature high amounts of new construction.