Daybreak’s housing market experienced another good year, with a median home price increase of 6.89% in 2014. This means that in the last 3 years sales prices have increased between 6 and 8 % each year. Even with these increases the median home price of $290,000 is still below the peak of $293,360 seen back in 2008. Home sales were slightly up, going from 366 in 2013 to 382. The only negative is that homes took longer to sell, taking a median of 58 days to go under contract which is an increase of over 50%. This increase in the time on market can be put down to the increase of builder spec homes, providing increased competition for resale homes.
Here is the sales data broken down by property type.
Total Sales: 5 (+25%)
Median Price: $141,028
Price Change: +9.75%
Total Sales: 14 (-36.15%)
Median Price: $220,073
Price Change: +2.16%
Single Family Home Sales
Total Sales: 56 (+16.67%)
Median Sales: $337,500
Price Change: +15.08%
While all property types experienced sales price increases the strongest appreciation was seen in the single family home market which increased more than 15%. The weakest area was townhomes, which on the back of declining sales only saw a modest 2.16% increase in the median sales price.
Looking forward to the year ahead there are still challenges for the Daybreak resale home market. While ever the new construction market continues to over supply spec homes, the resale home market will continue to experience strong competition.
The original Daybreak UT 2014 Home Prices post was published on my Daybreak Blog.