Daybreak Annual 2015 Real Estate Market Update

By
Real Estate Agent with Urban Utah Homes & Estates

Daybreak Home PricesThe Daybreak housing market was somewhat of a mixed bag in 2015. While home sales saw strong gains with an increase of 32.73% (511 sales) and the time taken to put a home under contract dropped 38.33% to 37 days, this had little impact on the median sales price. The median sales price for 2015 increased just 2.76%, to stand at $298,000.

While home sales started off slow in 2015, they improved throughout the year and finished with a strong seller’s market (median sales price increased 7.41% in the 4th quarter). This was true for new home construction not just resale homes, with home builders selling out of all their spec homes, and struggling to keep up with buyers.

Median Sold Price: $298,000 up 2.76%
Total Sales: 511 up 32.73%
Median Days on Market: 37 down 38.33%

When we look at the sales data split out by property type we can really see that the median sales price for all home types did not really change in 2015, in fact the single family home sales price actually declined a fraction. The homes sales and days on market data were strong for all home types showing that the market did improve.

Single Family Home Sales
Median Sold Price: $339,350 down 0.19%
Total Sales: 347 up 29.48%
Days on Market: 36 up 35.71%

Townhouse Sales
Median Sold Price: $229,429 up 1.97%
Total Sales: 130 down 34.02%
Days on Market: 40 down 51.22%

Condo Sales
Median Sold Price: $162,500 up 1.72%
Total Sales: 34 up 70%
Days on Market: 48 down 17.24%

Heading into 2016 the outlook for the Daybreak real estate market looks pretty good. While much of the year was slow, the last quarter really saw the market take off, with good sales data and acceleration in home sales price. Both the resale and new construction markets are in good shape.

The Daybreak Annual 2015 Real Estate Market Update article originally appeared on my Daybreak Blog.

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housing market
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utah real estate
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Trela Bird

Realtor, Salt Lake City Utah
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