Daybreak Home Prices Show Steady Appreciation in 2017

Daybreak Home PricesDaybreak home price appreciation was 6.35% in 2017, with the median home price standing at $335,000. While prices were up, there was a big drop in the number of home sold, with 548 sales (down 8.05%). This drop was partly due to fewer homes being listed for sale (726 down 2.29%) and also due to the rising prices and home affordability. The median days on market (how long a home takes to go under contract) stood at 26 days, which while still very good, was 3 days longer than 2016.

Median Sales Price: $335,000 up 6.35%
Total Sales: 548 down 8.05%
Median Days on Market: 26 up 13.04%

The median sales price for a single-family home rose 5.69% to stand at $384,333. The number of new listings and number of homes sold were both considerably down (8.98% and 11.95% respectively), and the median time taken to sell a home rose 4 days to 23 days.

Townhomes were the best performing section, with the sales price increasing 8.28% to $255,000. Unlike other sectors there was a large influx of new listings which jumped 14.51%, but the number of units sold only increased 1.31%. Median days on market climbed just 1 day to 27 days.

The condominium sector was the worst performing, with the median sales price actually declining 4.62% to stand at $165,000. The number of new listings coming on the market was just 26 (down 29.73%), which greatly impacted the number of sales which was 25. Oddly enough the number of days on market saw a sharp drop, standing at 43 days down 25.86% compared to 2016.

Single Family Home Sales
Median Sales Price: $384,333 up 5.69%
Total Sales: 361 down 11.95%
Days on Market: 23 up 21.05%

Townhouse Sales
Median Sales Price: $255,000 up 8.28%
Total Sales: 155 up 1.31%
Days on Market: 27 up 3.85%

Condo Sales
Median Sales Price: $165,000 down 4.62%
Total Sales: 25 down 19.35%
Days on Market: 43 down 25.86%

2017 was a good year for the Daybreak housing market and it will be interesting to see how this progresses in 2018. We have had a very mild winter so far which makes for a more active housing market, but there is a treat of rising interest rates which could negatively impact the market.

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Posted in: Home Sales

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