Happy Monday, November 22, 2021!
The Greater Tampa Single-Family Housing Market Favored Sellers in October 2021.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In October 2021, single-family home sales fell to 2,619 a 10.6% decrease from October of 2020. That was 211 fewer homes than sold in September 2021.
Current Inventory (For Sale)
Versus October 2020, the total number of single-family homes available dropped 35.6% to 2300 units. October housing inventory declined 66 units compared to September 2021.
In October 2021, 3118 new single-family listings came on the market, 6.1% less than the number of new listings in October of 2020. That was 122 more new listings than in September 2021.
Median Sold Price
The Median Sold Price in October was $347,990, up 24.1% from October 2020. It rose $990 from September 2021.
Median List Price
The Median List Price in October was $345,000, up 21.1% from October 2020. It stayed the same as September 2021.
The Average Sold Price per Square Foot
The Average Sold Price per Square Footage indicates which direction home prices are headed. Median Sold Price and Average Sold Price can sometimes be skewed by outliers that sell for a really high or low price. So the Average Sold Price per Square Footage is a more normalized indicator of home values. The October 2021 Average Sold Price per Square Footage of $206 jumped 27.2% from October 2020. It climbed $3 per square foot from September 2021.
October 2021 was a Seller’s Market*
A comparatively lower Months of Inventory benefits sellers while a higher Months of Inventory favors buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory
Months of Inventory based on Closed Sales
The October 2021 Months of Inventory based on Closed Sales of 0.82 fell 40.4% compared to October 2020. It dropped 1.2% compared to September 2021.
The Absorption Rate measures what percentage of the current active listings are being absorbed each month.
*Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% – 33.33%
Absorption Rate based on Closed Sales
The October 2021 Absorption Rate based on Closed Sales of 1.14 climbed 38.8% compared to October 2020 and declined 5% compared to September 2021.
Thanks for reading Tampa Market Monday. We’d love to help you buy or sell your home, so please get in touch! You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form.
Have a Fantastic Day!
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Thanks for taking time to read the Tampa Market Monthly! If you want to buy or sell a home or find out your home’s value please let us know. We’d love to work with you. You can reach me, Doug Bohannon or Dale Bohannon at 813-979-4963 or by completing this contact form. You can search all Tampa area homes for sale at www.teambohannon.com.