SOUTH JORDAN, Utah--(BUSINESS WIRE)--Daybreak Communities is pleased to announce the sale of more than 1,000 homes in the year 2020 at its flagship 4,100-acre master-planned community Daybreak, which is located outside of Salt Lake City, Utah. This milestone earns the new home community a top ranking for sales by volume in the United States and marking a 40 percent increase over last year. Compared to larger markets in Florida and Texas, where many of the best-selling master-planned communities are located, this milestone is of particular significance.
Daybreak, the state’s largest community, is designed to include approximately 20,000 energy-efficient homes set throughout a mix of neighborhoods, known as “villages.” There are currently 7,500 existing homes occupied and approximately 100 available for sale in the community. In 2021, roughly 1,200 new units are expected to come online. The pandemic created an increase in people moving to smaller markets like Salt Lake City, but demand for homes in Daybreak can be attributed to Utah’s growing financial and technology sectors, access to the outdoors, and tax advantages versus California. These factors have been attracting new companies and individuals to the state for the last several years. Historically, one in six homebuyers at Daybreak have come from out of state. However, for a brief period over the summer, the number of out of state buyers rose to nearly 20 percent as more employees were working remotely. Internal demand is also positively impacting sales with nearly 20 percent of new home sales for each month of 2020 attributed to current residents opting to remain in the community when sizing up or down to accommodate their changing lifestyles.
“During what has been a highly tumultuous year for everyone, the housing market nationally, and particularly in Utah, has been an unexpected bright spot,” said Ty McCutcheon President and CEO of Daybreak Communities. “Many of the same things that help Utah retain locals have helped attract transplants. In particular, Utah holds the second lowest unemployment rate in the U.S. and job growth is continuing in our tech and financial sectors. This, combined with the recent $4.1B completion of a new conveniently located state-of-the-art airport and Utah’s outdoor lifestyle positions our community well to continue to take advantage of the upward trend in corporate relocations from more expensive coastal housing markets and the Midwest.”
Based on recent data, demand for Daybreak’s homes has increased in all market segments. Each village is comprised of 600-800 homes, which are built by several home builders and offer a range of up to ten different housing types. The diverse mix of housing products, which range from more attainable options to luxury and active adult (55+), feature a variety of architectural styles and include apartments, townhomes, condominiums, single-family and custom homes ranging in size from 700 square-feet to 7,000 square-feet, with 2,000 square-feet being the average home size. Daybreak’s Highland Park village, which opened in 2017, addresses both the supply and attainability challenge by delivering compelling villages at more affordable price points. Year-over-year sales in Highland village have increased by over 70%, accelerating Daybreak’s opening of the next phase to August 2021 with an additional 750 homes coming online over the next 3 years.
“The community’s strong market position coupled with dwindling raw land supply in the Salt Lake Valley provide an opportunity for Daybreak to continue its upward trajectory for the next decade. It is exciting to see the market’s response to our efforts over the last few years to substantially invest in additional villages, amenities and an array of new housing choices to allow even more people to call Daybreak home,” added McCutcheon.
New Homes in Daybreak range in price from the low $200’s to over $1M, with the average price at approximately $450k, but in 2020 there were over 30 homes sold above $1M, compared to only seven above $1M in 2019, signaling a shift in the area’s demographics. This increase in luxury sales paves the way for Daybreak’s new luxury village, which is planned for 2022 and will be built adjacent to the community’s new Watercourse, a 20-acre waterfront with channels and intimate bays that stretch throughout Daybreak’s upper villages. Its design activates more real estate than a conventional lake amenity. Other Daybreak amenities include parks, open space, clubhouses, pools, recreational trails, playgrounds and fields, community gardens, retail, restaurants, offices, four public elementary schools and one middle school.
Daybreak introduces new villages every two to three years, depending upon the pace of sales and lot inventory in existing villages. Acting as a master developer, Daybreak Communities ensures the integration of builders and housing products within its villages, providing residents with a fine gain mix of housing options. There are currently five villages remaining for development over the next decade. The community, which came online in 2004, was envisioned nearly two decades ago to carry sustainable development out on a large scale while providing model solutions for some of the region’s most challenging growth concerns. Learn more at DaybreakUtah.com.
ABOUT Daybreak Communities:
Daybreak Communities is a nationally known and award-winning developer of master planned communities, best known for the Daybreak Community in Salt Lake City, which is among the top selling communities in the United States. The Company is seeing a significant number of opportunities emerge in the MPC space and is in the process of acquiring and entitling other projects in major residential markets across the country, building on its strong brand and reputation for building exceptional communities of enduring value. Learn more at daybreakcommunities.com.