Daybreak 3rd Quarter 2015 Market Update

By
Real Estate Agent with Urban Utah Homes & Estates

The Daybreak real estate market has really turned around since this time last year. While it looked like the market was slowing in the 3rd quarter 2014, the 3rd quarter 2015 was certainly not slow. The median sales price for the quarter increased an impressive 14.86% to $310,000, on the back of strong home sales totaling 159 (an increase of over 44%). Homes were also selling fast, in fact twice as fast as last year, with a median days on market of 33 days.

Median Sold Price: $310,000 up 14.86%
Total Sales: 159 up 44.55%
Median Days on Market: 33 down 50%

If we break down the number by property type, we can see that all types experienced sales price appreciation, but townhomes were only slightly up with an increase of 0.82%. The sales volume was impressive for all property types, with plus 40% increases. The only down on the figures was days on market, which while good for single family and townhomes, was not so good for condos, where it took 14% longer to sell.

Single Family Home Sales
Median Sold Price: $349,000 up 7.38%
Total Sales: 112 up 45.45%
Days on Market: 33 down 48.44%

Townhouse Sales
Median Sold Price: $227,500 up 0.82%
Total Sales: 37 up 42.31%
Days on Market: 38 down 56.82%

Condo Sales
Median Sold Price: $172,750 up 6.05%
Total Sales: 10 up 42.86%
Days on Market: 73 up 14.06%

Going into the slowest part of the year the outlook for the Daybreak real estate market looks good. While the new home builders are still producing a large number of spec homes, the market seemed to be absorbing them without too many problems.

The original Daybreak 3rd Quarter Housing Market Update article appeared on my Daybreak Blog.

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Trela Bird

Realtor, Salt Lake City Utah
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