The first 3 months of the year delivered a bit of a mixed bag for the Daybreak real estate market. While the number of sales saw good appreciation with 86 homes sold (some of this was probably down to the unseasonably nice weather), the median sales price actually declined 12% to $265,981.
We can see the reason for the decline when we examine the breakdown of types of home sold. There was strong appreciation in townhome sales (up 92%) and condos sales (up 40%), while single family homes sales fell 7%. This means that the trend for the quarter was for smaller homes, pushing down median Daybreak home prices.
Total Sales: 7 (+40%)
Median Price: $163,000
Price Change: +15.58%
Total Sales: 27 (+92.86%)
Median Price: $224,561
Price Change: +11.58%
Single Family Home Sales
Total Sales: 52 (-7.14%)
Median Sales: $323,397
Price Change: -4.18%
The good news is that because of increased sales, inventory levels have dropped in Daybreak, with the latest absorption report showing that there are 2.21 months of supply* (given the current number of homes listed this is how long it will take to sell them). This figure may change when selling season really starts and more people list their home for sale. * Absorption report based on 2 months data. Total number of current listings (148) / (under contract home (75) + number of sold homes over the last 2 months (59) / 2).
The tightening of inventory levels reflects what we are seeing throughout the salt lake valley, where inventory levels are becoming very low, and buyers are struggling to find suitable homes. All in all now seems a good time to sell your home.
The original Daybreak Home Prices article appeared on my blog.