Happy Monday, January 18, 2020
The Hillsborough County Single-Family Housing Market Favored Sellers in December 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In December 2020, 1957 single-family homes sold in Hillsborough County, up 14.2% from 1713 in December 2019. It was 4.3% higher than the 1876 sales in November 2020.
Current Inventory (For Sale)
In December 2020, 1648 single-family homes were for sale in Hillsborough County, 916 units or 53.8% less than in December 2019. December 2020 inventory fell 11.5% compared to November 2020.
Homes Under Contract (Pended)
In December 2020, 1647 single-family homes were under contract, an increase of 0.3% in the pended properties from November 2019. December’s pended home sales jumped 29.8% from December 2019.
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 December 2020 Average Sold Price per Square Footage of $178 rose 5.3% from $169 in November 2020 and 13.4% from $157 in December 2019.
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 December 2020 of 35 dropped 2.8% from 36 days in November 2020 and41.7% from 60 days in December 2019.
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. December’s Sold Price vs. Original List Price of 98% was the same as November 2020 and up 3.2% % from December 2019.
The Average For Sale Price is Appreciating
The Average For Sale Price in December was $639,000, up 34.5% from $475,000 in December 2019 and 0.8% from $634,000 in November 2020.
The Average Sold Price is Appreciating
The Average Sold Price in December was $382,000, up 17.9% from $324,000 in December 2019 and 5.5% from $362,000in November 2020
The Median Sold Price is Appreciating
The Median Sold Price in December was $298,000, up 14.6% from $260,000 in December 2019 and 1% from $295,000 in November 2019.
December 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 December 2020 Months of Inventory based on Closed Sales of 0.8 months fell 62.5% compared to December 2019 and 20.2% compared to November 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 December 2020 Absorption Rate based on Closed Sales of 118.8 leaped 147.1% compared to December 2019 and 17.9% compared to November 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.