Home sales prices continued their upward momentum in the 3rd quarter 2016. A 5.21% rise in the median sales price for a Daybreak home saw the median price for the quarter stand at $326,136. With the number of new listings coming on the market taking a decline (down over 12%), buyers had fewer homes to choose from, which no doubt fueled price increases and competition among buyers. There were a total of 160 sales in the quarter, down 2.44% from the same time last year. A new listing took a median of 25 days to go under contract, which while well above the Salt Lake County median of 12 days, is still a very good number and is a drop of over 24% when compared to last year.
Median Sales Price: $326,136 up 5.21%
Total Sales: 160 down 2.44%
Median Days on Market: 25 down 24.24%
When we look at the data by home type, we can see that all types saw median sales price appreciation, with townhomes see the biggest jump, climbing 14.24%. Townhome / condo sales were both down around 10%, while single family homes saw a slight rise of less than 1%.
Single Family Home Sales
Median Sales Price: $377,500 up 8.17%
Total Sales: 116 up 0.87%
Days on Market: 24 down 27.27%
Townhouse Sales
Median Sales Price: $175,750 up 14.24%
Total Sales: 35 down 10.26%
Days on Market: 34 up 17.24%
Condo Sales
Median Sales Price: $175,750 up 1.74%
Total Sales: 9 down 10%
Days on Market: 31 down 57.53%
To sum up, the Daybreak real estate market continued its good performance in the 3rd quarter 2016. A tightening of the homes for sale inventory means that there was upward price pressure, resulting in a drop in the days on market numbers, and a slight decrease in the total number of sales. Looking around Daybreak you are starting to see more builder spec homes being constructed (homes that are built without buyers), a sign that the builders feel confident they can sell them fast.
The original Daybreak Home Prices Continue to Climb in 2nd Quarter 2016 article appeared in my Daybreak Blog.
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