Daybreak home prices continued to climb higher in the 1st quarter 2022. While the number of sales declined substantially (down over 20%), the median sales price was 27.43% higher than the same time last year, reaching $554,225.
Daybreak Combined Home Sales
Median Sales Price: $554,225 up 27.43%
Total Sales: 163 down 20.87%
Days on Market: 8 unchanged.
The sales price for a single-family home smashed through the previous record to reach $758,949, that's an astonishing 47.97% higher than last year. This was on the back of declining sales which fell 34%. The one negative indicator was that homes took longer to sell, with a median of 15 days.
Single Family Home Sales
Median Sales Price: $758,949 up 47.97%
Total Sales: 72 down 34.55%
Days on Market: 15 up 150%
Townhomes / Twin Homes
Just like other home types, the townhome/twin home market in Daybreak saw strong home sales price appreciation in the 1st quarter. The median sales price for a townhome increased 33.43%, while twin homes increased 43%.
Townhouse / Twin Home Sales
Townhome Median Sales Price: $465,000 up 33.43%
Townhome Total Sales: 81 down 3.57%%
Twin Home Median Sales Price: $580,000 up 43%
Twin Home Total Sales: 1 down 66.67%
Days on Market: 7 down 12.50%
The Daybreak condo market saw median sales prices increase 37.92% to stand at $331,000. While the number of sales remained constant at 9 and the days on market dropped 45%.
Condo Home Sales
Median Sales Price: $331,000 up 37.92%
Total Sales: 9 unchanged
Days on Market: 19 down 45.71%
Homebuyer demand remained strong in the 1st quarter pushing up the median sales price of homes. The number of homes sold continued to decline, something I do not expect to see a change in the short term. Interest rates are on the rise which while making it more difficult for buyers, will also disincentivize those who were thinking of selling. How this plays out in the market remains to be seen.