The Daybreak Housing Market continued to see home price appreciation in the 2nd quarter of 2020. The median sales price for a home climbed 5.97% to sit at $392,000. What was surprising, is that even through the height of COVID-19 the number of homes sold only declined by 1.72%. What's more, the speed at which homes went under contract dropped over 20% to just 23 days.
Daybreak Combined Home Sales
Median Sales Price: $392,000 up 5.97%
Total Sales: 229 down 1.72%
Days on Market: 23 down 20.69%
The single-family home market surged ahead in the quarter with a 9.36% increase in the median sales price to set a new record at $472,266. Given the impact on COVID-19 in the quarter, sales were down 11.43%, but the days on market greatly improved with a decline of 35% to stand ta just 16 days, which indicates a very strong seller's market.
Single Family Home Sales
Median Sales Price: $472,266 up 9.36%
Total Sales: 124 down 11.43%
Days on Market: 16 down 36%
Townhomes / Twin Homes
Townhome prices saw a modest increase in the quarter, climbing 3.07% to $318,500, while the number of sales bucked the trend of other home types and increased by 20% with 90 sales. Daybreak does not have many twin homes and there were only 8 sales. Prices did climb going up 7.89% to sit at $399,289. The combined days on the market for both home types improved 12%, dropping to 28 days.
Townhouse / Twin Home Sales
Townhome Median Sales Price: $318,500 up 3.07%
Townhome Total Sales: 90 up 20%
Twin Home Median Sales Price: $399,289 up 7.89%
Twin Home Total Sales: 8 up 100%
Days on Market: 28 down 12.50%
The Daybreak Condo median sales price did improve slightly in the quarter, going up 3.27% to $210,000. Sales did decline with just 7 condo units selling (down 50%), but days on market improved dramatically dropping over 65% to 15 days.
Condo Home Sales
Median Sales Price: $210,000 up 3.27%
Total Sales: 7 down 50%
Days on Market: 15 down 65.91%
Overall the Daybreak Housing Market performed very well in the 2nd quarter, especially given the impact of COVID-19. While the number of sales may have been down slightly, prices and time on the market both improved, indicating a strong seller's market.