Happy Monday, April 19, 2021!
The Hillsborough County Single-Family Housing Market Favored Sellers in March 2021.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
March home sales jumped 9.2% to 1953 from 1789 in March of 2020. That was 21.7% higher than the 1605 sales in February 2021.
Current Inventory (For Sale)
Versus last year, the total number of homes available in March 2021 fell 2595 units or 74.1%. Current inventory dropped 12.4% compared to February 2021.
Homes Under Contract (Pended)
Homes under contract increased 25% in March, with 2237 homes pending compared to 1789 in February 2021. March’s pended home sales climbed 40.6% compared to March 2020.
The Average Sold Price per Square Footage is Appreciating*
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 March 2021 Average Sold Price per Square Footage of $190 rose 8% from $176 in February 2021 and 22.6% from $155 in March of last year.
The Days on Market Shows a Neutral Trend
The Average Days on Market (DOM) shows how many days the average home is on the market before it sells. An upward trend in DOM indicates a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for March 2021 of 35 days declined 7.9% from 38 days in February 2021 and 36.4% from 55 days in March 2020.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to decrease their original list price. The lower the ratio is below 100%, the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. March’s Sold Price vs. Original List Price of 98% stayed flat compared to February of this year and increased 2.1% from in March of last year.
The Average For Sale Price is Neutral
The Average For Sale Price in March was $743,000, up 53.5% from $484,000 in March 2020 but down 2.9% from $765,000 in February 2021.
The Average Sold Price is Appreciating
The Average Sold Price in March was $407,000, up 27.2% from $320,000 in March 2020 and 9.4% from $372,000 in February 2021.
The Median Sold Price is Appreciating
The Median Sold Price in March was $318,000, up 21.4% from $262,000 in March 2020 and 4.3% from $305,000 in February 2021.
March 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 March 2021 Months of Inventory based on Closed Sales of 0.5 fell 76.6% compared to last March and 15.5% compared to this February.
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 March 2021 Absorption Rate based on Closed Sales of 215.1 climbed 321.1% compared to last March and 39% compared to February 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.