The median home sales price for a Daybreak home increased just 1.32% in the 3rd quarter 2014, with the number of homes sold also showing a small increase of 2.91%. The big jump was in the number of days it took to sell a home which increased more than 88.57% to 66 days. So why the big jump in days on market? Well it’s all about oversupply. The home builders feeling better about the market have really stepped up their building of spec homes (homes built without a buyer). This is causing a surplus of homes for sale on the market, making it difficult for homeowners to sell their property.
Median Sold Price: $269,900 up 1.32%
Total Sales: 106 up 2.91%
Median Days on Market: 66 up 88.57%
When we look at the sales data split out by property type we can really see that townhomes are suffering the worst, a median number of days on the market in the 90’s is way too high. Both townhomes and condos saw a decline in the number of homes/units sold, with the median sales price declining for condos (albeit on a small number of sales). Single family homes seem to be holding up but the increase in the days on market is concerning.
Single Family Home Sales
Median Sold Price: $325,000 up 7.62%
Total Sales: 75 up 15.38%
Days on Market: 64 up 72.97%
Townhouse Sales
Median Sold Price: $225,658 up 2.11%
Total Sales: 24 down 11.11%
Days on Market: 92 up 240%
Condo Sales
Median Sold Price: $162,900 down 8.74%
Total Sales: 7 down 36.36%
Days on Market: 64 down 68%
Heading into the slowest part of the year the outlook for the Daybreak real estate market looks uncertain. Unless the supply of homes on the market is reduced, the market will continue to come under pressure and will sooner or later impact home prices, both for resale homes and new construction.
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