Happy Monday, June 14, 2021!
The Hillsborough County Single-Family Housing Market Favored Sellers in May 2021.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
May home sales jumped 23.9% to 1,860 from 1,501 in May of 2020. That was 3.2% higher than the 1,922 sales in April 2021.
Current Inventory (For Sale)
Versus last year, the total number of homes available in May 2021 fell 1,882 units or 62.8%. May housing inventory rose 10.1% compared to April 2021.
Homes Under Contract (Pended)
Homes under contract increased 5% in May with 2,115 homes pending compared to 2,014 in April 2021. April’s pended home sales climbed 2% compared to May 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 May 2021 Average Sold Price per Square Footage of $205 increased 5.1% from $195 in April 2021 and 33.1% from $154 in May of last year.
The Days on Market Shows a 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 May 2021 of 25 days declined 10.7% from 28 days in April 2021 and 53.7% from 54 days in May 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. May’s Sold Price vs. Original List Price of 99% is the same as April of this year and is up 3.1% from May of last year.
The Average For Sale Price is Neutral
The Average For Sale Price in May was $680,000, up 28.3% from $530,000 in May 2020 but down 5.8% from $722,000 in April 2021.
The Average Sold Price is Appreciating
The Average Sold Price in May was $446,000, up 35.6% from $329,000 in May 2020 and up 5.9% from $421,000 in April 2021.
The Median Sold Price is Appreciating
The Median Sold Price in May was $340,000, up 25% from $272,000 in May 2020 and 4.6% from $325,000 in April 2021.
May 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 May 2021 Months of Inventory based on Closed Sales of 0.6 fell 70.1% compared to last May but climbed 19% compared to April 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 May 2021 Absorption Rate based on Closed Sales of 166.7 climbed 232.9% compared to last May and dropped 4.6% compared to April 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.