The Daybreak real estate market experienced another strong year in 2016. The median sales price for a home rose 6.06% to stand at $315,000 , which is above the Counties median of $265,000. While the number of resale listings coming onto the market remained consistent with those seen in 2015, the actual number of sales rose sharply, with 12.85% more homes sold in 2016. Homes that sold took a median of 23 days to go under contract, which was 36% faster than 2015, but still slower than the median for Salt Lake County which stood at just 14 days.
Median Sales Price: $325,000 up 6.06%
Total Sales: 597 up 12.85%
Median Days on Market: 23 down 36%
If we break down the data by property type we can see that Single Family Homes and Townhomes both showed strong sales and median sales price increases, but the condo market showed signs of struggling. While the condo median sales price did rise 4.29%, the number of sales was down and the time taken to sell was up. Not sure why this was the case, but it could have something to do with people feeling more confident, and wanted to move into a home rather than condominium.
Single Family Home Sales
Median Sales Price: $363,650 up 7.16%
Total Sales: 410 up 15.49%
Days on Market: 19 down 45.71%
Townhouse Sales
Median Sales Price: $235,750 up 2.09%
Total Sales: 152 up 15.15%
Days on Market: 27 down 30.77%
Condo Sales
Median Sales Price: $170,000 up 4.29%
Total Sales: 33 down 21.43%
Days on Market: 56 up 24.44%
To sum up, the Daybreak real estate market continued its good performance in 2016, with both resale and new construction homes seeing strong gains. While other areas of Salt Lake County saw prices stabilize in the last 3 quarters of the year, prices in Daybreak continued to appreciate at some pace. Over the last year the quarterly single family home prices in Daybreak were $331,200 , $355,500 , $371,576 and $395,000.
Leave a Reply