Daybreak Housing Market Rebounds in 2020 After Slow Start

After a slow start to the year, 2020 turned out to be a really strong year for the Daybreak Real Estate market. The median sales price showed a modest increase of 7.54% to stand at $397,097 (even with the trend for smaller homes in the newer villages). The total number of sales returned a sharp increase of nearly 19.24% and the time taken to sell a home fell over 44%.

Daybreak Combined Home Sales
Median Sales Price: $397,097 up 7.54%
Total Sales: 1027 up 19.42%
Days on Market: 21 down 44.74%

Single-Family Homes

The single-family home segment returned strong sales price increases of 7.39% (median home price stood at $472,500) for the year. Total sales were also up climbing 10.91% but the most impressive stat was days on market which crashed 50% when compared to 2019.

Single Family Home Sales
Median Sales Price: $472,500 up 7.39%
Total Sales: 559 up 10.91%
Days on Market: 19 down 50%

Townhomes / Twin Homes

With the advent of an expensive property market, the need for more affordable new construction homes is driving the townhome market in Daybreak. Townhome sales were up 32% for the year and prices climbed 9.21%.

Townhouse / Twin Home Sales
Townhome Median Sales Price: $324,900 up 9.21%
Townhome Total Sales: 401 up 32.78%
Twin Home Median Sales Price: $396,253 up 7.10%
Twin Home Total Sales: 25 up 56.25%
Days on Market: 24 down 33.33%

Condos

In line with the other Daybreak housing home types, the 2020 condo sales price climbed 6.16%, with sales up 10.53% and days on market dropped 54.35%.

Condo Home Sales
Median Sales Price: $215,500 up 6.16%
Total Sales: 42 up 10.53%
Days on Market: 21 up 54.35%

Summary

Daybreak rebounded from the COVID impacted slowdown seen earlier in the year, with all segments of the property market performing well. Prices were up, the number of sales increased and the time taken to sell a home dropped. Just like the rest of Salt Lake County the main problem now (at least if you are a homebuyer) is a lack of inventory. Fewer homes for buyers to choose from should continue to apply upward pressure on prices.