Daybreak home prices climbed 16% in the 3rd quarter of 2022. While this was an increase year on year it was a small decline when compared to the previous quarter. Concerning indicators were the number of homes sold fell nearly 30% and homes selling took 33 days to go under contract, an increase of 450%.
Daybreak Combined Home Sales
Median Sales Price: $602,000 up 13.79%
Total Sales: 154 down 29.36%
Days on Market: 33 up 450%
Single-Family Homes
Single-family home prices were pretty resilient in the quarter, with the median sales price increasing 17.60% to stand at $736,172. Even with these strong prices, the number of sales were down 24% and it took 483% longer to sell a home, with a median of 35 days.
Single Family Home Sales
Median Sales Price: $736,172 up 17.60%
Total Sales: 90 down 24.37%
Days on Market: 35 up 483%
Townhomes / Twin Homes
The Townhome / Twin Home real estate market did see prices increase slightly year on year (up 9.64%) but sales were down sharply (down 38%) and properties took 366% long to sell (28 days).
Townhouse / Twin Home Sales
Townhome Median Sales Price: $468,700 up 9.64%
Townhome Total Sales: 56 down 38.46%
Twin Home Median Sales Price: $599,606 up 17.57%
Twin Home Total Sales: 4 up 300%
Days on Market: 28 up 366%
Condos
The Daybreak condo market is not large so it's more difficult to track changes, sales prices rose in the 3rd quarter up 25%, but there were only 4 sales, and those sales took a median of 16 days to sell (220% longer).
Condo Home Sales
Median Sales Price: $381,450 up 25.89%
Total Sales: 4 down 42,86%
Days on Market: 16 up 220%
Summary
Home prices increased year on year but sales were considerably lower, and properties took a lot longer to sell. While spec homes were immediately selling, I am now seeing more sit on the market. Home builders are also starting to offer incentives. If this keeps up, to mitigate risk builders will soon only build based on sales contracts and reduce/stop spec homes (homes built without a sales contract).
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