Happy Monday, February 15, 2021!
The Hillsborough County Single-Family Housing Market Favored Sellers in January 2021.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In January 2021, 1400 single-family homes sold in Hillsborough County, up 15.1% from 1216 in January 2020. It was 28.9% lower than the 1988 sales in December 2020.
Current Inventory (For Sale)
In January 2021, the total single-family homes for sale in Hillsborough County were 2224 units or 61.7% less than in January 2020. January 2021 inventory fell 16.3% compared to December 2020.
Homes Under Contract (Pended)
In January 2021, 2047 single-family homes were under contract, an increase of 32.7% in the pended properties from December 2020. January’s pended home sales jumped 18.8% from January 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 January 2021 Average Sold Price per Square Footage of $179 was up 0.6% from $178 from December 2020 and 16.2% from $154 in January of last year.
The Days on Market Shows Downward 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 January 2021 was 37, up 5.7% from 35 days in December 2020 and down 41.3% from 63 days in January 2020.
The Sold/Original List Price Ratio is Rising
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. January 2021’s Sold Price vs. Original List Price of 97% fell 1% from December 2020 but rose 3.2% from January of last year.
The Average For Sale Price is Appreciating
The Average For Sale Price in January was $710,000, up 48.5% from $478,000 in January 2020 and 11.1% from $639,000 in December 2020.
The Average Sold Price is Neutral
The Average Sold Price in January was $371,000, up 15.2% from $322,000 in January 2020 but down 2.6% from $381,000 in December 2020.
The Median Sold Price is Neutral
The Median Sold Price in January was $295,000, up 14.3% from $258,000 in January 2020 but down 1% from $298,000 in December 2020.
January 2020 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 January 2021 Months of Inventory based on Closed Sales of 1 month decreased 67.5% compared to January 2020 and climbed 24.1% compared to December 2020.
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 January 2021 Absorption Rate based on Closed Sales of 101.4 jumped 200.7% compared to January 2020 but dropped 15.9% compared to December 2020.
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.