Happy Monday, March 15, 2021!
The Hillsborough County Single-Family Housing Market Favored Sellers in February 2021.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
February home sales were 1592, up 9.3% from 1457 in February of 2020 and 12.8% higher than the 1411 sales in January 2021.
Current Inventory (For Sale)
Versus February 2020, the total number of homes available in February 2021 fell 2329 units or 69.2%. The number of homes for sale in February 2021 declined 24.9% compared to January 2021.
Homes Under Contract (Pended)
In February 2021, homes under contract increased 1.4%, with 1949 homes versus 1922 in January 2021. February 2021 pended home sales rose 6.3% compared to February 2020.
The Average Sold Price per Square Footage is Neutral*
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 February 2021 Average Sold Price per Square Footage of $176 decreased 1.7% from $179 in January 2021 but climbed 14.3% from $154 in February 2020.
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 February 2021 was 38 days, up 5.6% from 36 days in January 2021 but down 39.7% from 63 days in February 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. Sold Price vs. Original List Price of 98% in February 2021 ticked up 1% from January 2021 and 2.1% in February 2020.
The Average For Sale Price is Appreciating
The Average For Sale Price in February 2021 was $765,000, up 53.9% from $497,000 in February 2020 and 7.7% from $710,000 in January 2021.
The Average Sold Price is Neutral
The Average Sold Price in February 2021 was $372,000, up 16.6% from $319,000 in February 2020 and 0.3% from $371,000 in January 2021.
The Median Sold Price is Appreciating
The Median Sold Price in February 2021 was $305,000, up 17.8% from $259,000 in February 2020 and 2.7% from $297,000 January 2021.
February 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 February 2021 Months of Inventory based on Closed Sales of 0.7 plunged 69.3% from February 2020 and 30.7% from January 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 February 2021 Absorption Rate based on Closed Sales of 153.5 jumped 254.6% compared to February 2020 and 50.2% from January 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.