While Daybreak home prices continued their seemingly endless climb, under the surface we are starting to see some signs of change. The median sales price for a home broke the $600,000 barrier for the first time, to stand at $625,761. That was a 24.99% increase when compared to the 2nd quarter of 2021. The total properties sold declined slightly, falling 2.59%, while the time taken to sell increased 83% to 11 days (still a very good number).
Daybreak Combined Home Sales
Median Sales Price: $625,761 up 24.99%
Total Sales: 188 down 2.59%
Days on Market: 11 unchanged.
Single-Family Homes
Single-family home prices returned a 16.39% increase in the 2nd quarter of 2022, with the median sales price standing at $697,212. Sales were slightly up, climbing 4.63% but the time taken to sell a home increased to 15 days.
Single Family Home Sales
Median Sales Price: $697,212 up 16.39%
Total Sales: 113 down 4.63%
Days on Market: 15 up 200%
Townhomes / Twin Homes
The Townhome / Twin Home real estate market remained strong in the 2nd quarter. Sales prices were up, but properties were taking a little longer to sell.
Townhouse / Twin Home Sales
Townhome Median Sales Price: $487,510 up 17.19%
Townhome Total Sales: 65 down 10.96%
Twin Home Median Sales Price: $587,044 up 18.77%
Twin Home Total Sales: 4 No Change
Days on Market: 8 up 33.33%
Condos
The Daybreak condo market saw median sales prices increase by 27.97%. While prices were up sales were down and the time taken to go under contract
Condo Home Sales
Median Sales Price: $344,250 up 27.97%
Total Sales: 6 down 25%
Days on Market: 25 up 92.31%
Summary
Home prices continued to increase in the 2nd quarter but other indicators pointed to a changing market, moving more to a balanced market from a seller's market. There are certainly signs that new home construction sales are starting to slow. I am seeing more ads from builders and spec homes sitting for longer rather than immediately selling.
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