While the median sales price for a Daybreak home climbed in the 2nd quarter 2014, there were some signs of a slowing market. While the median sales price climbed 9.35% to $295,000, the number of homes sold declined 5.71% and the time taken to sell a home increased 20.59%.
If we break down the sales figures by type of property we can see that there was a big jump in the number of townhome sales, while the number of single family home sales dropped more than 20%. Those single family homes that did sell sold for a median of 15.8% more than they did last year.
Single Family Home Sales
Median Sold Price: $349,500 up 15.8%
Total Sales: 62 down 23.46%
Median Sold Price: $232,450 up 14.71%
Total Sales: 34 up 70%
Median Sold Price: $163,000 up 20.74%
Total Sales: 3 up No Change
So why are we seeing the decline in single family home sales? I believe the main reason that we are seeing the decline, is the number of builder spec homes (these are homes built by a builder without a sales contract) currently on the market. After several years of a real estate downturn the builders have once again been let off the leash by the banks and are building spec homes. This glut of new construction homes applies pressure to the resale home market. It is worth noting that not all spec homes are listed on the MLS, which is where the sales data for this article was taken.