For the first time in ages, the median sales price of a Daybreak home actually declined in the 1st quarter of 2019. The median sales price across all home types declined 6.02% in the first quarter to stand at $347,000. While on the surface this looks like bad news if we look at the underly data we can see that the decease is down to smaller homes being sold.
Date / Avg. Sq. Ft. / Price Per Sq. Ft.
Jan 2018 / 1,896 / $151.51
Feb 2018 / 1,992 / $139.67
Mar 2018 / 1,953 / $143.84
Jan 2019 / 1,700 / $162.06
Feb 2019 / 1,637 / $175.97
Mar 2019 / 1,962 / $154.15
If we look at the above sales data we see that the homes that sold were considerably smaller than in 2018 and that the price per square ft. is actually more, meaning that prices are in fact still increasing.
While sales prices were down due to small homes being sold, the number of sales actually increased by 8.87% with 135 sales. Sales were also taking longer with a sharp 26.32% increase to 48 days.
Single-Family Homes
Single-family home sales prices edged up in the quarter, increasing just 1.02% to stand at $418,665. The real concerning figure was Days on Market which jumped about 40% to stand at 53 days. The total number of single-family home sales declined slightly falling 2.44% with 80 sales.
Single Family Home Sales
Median Sales Price: $418,665 up 1.02%
Total Sales: 80 down 2.44%
Days on Market: 53 up 39.47%
Townhomes / Twin Homes
Out of all the Daybreak home types, the townhome/twin home market performed the best in the 1st quarter. Townhome sales rose sharply with 48 sales, an increase of 37%. Prices were also encouraging with both townhomes and twin homes showing good increases in median sales prices. To top it off Days on Market remained constant at 38 days.
Townhouse / Twin Home Sales
Townhome Median Sales Price: $281,900 up 4.80%
Townhome Total Sales: 48 up 37.14%
Twin Home Median Sales Price: $396,909 up 20.73%
Twin Home Total Sales: 2 down 33.33%
Days on Market: 38 No Change
Condos
With very few condo sales, any data needs to be taken with a pinch of salt. There were 5 sales in the quarter, with a median price of $197,500, up 4.83%. Condos took a lot longer to go under contract, with the median days on market climbing nearly 60% to 83 days.
Condo Sales
Median Sales Price: $197,500 up 4.83%
Total Sales: 5 up 25%
Days on Market: 83 up 59.62%
Summary
The 1st quarter of 2019 was a bit of a mixed bag for the Daybreak housing market. With far more smaller homes sold the overall median sales price took a dip. The good news was that the number of sales came in very strong increasing over 8% but on the other hand, it is concerning that the time taken to sell those homes increased over 26% to 48 days.
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