Happy Monday November 15, 2021!
Here’s a quick snapshot of how the housing market performed in Hillsborough County in October 2021.
Home Sales (Sold)
In October 2021, single-family home sales fell to 1,792 a 9.5% decrease from October of 2020. That was 140 fewer homes than sold in September 2021.
Current Inventory (For Sale)
Versus October 2021, the total number of single-family homes available dropped 36.8% to 1391 units. October housing inventory declined 45 units compared to September 2021.
In October 2021, 1914 new single-family listings came on the market, 12% less than the number of new listings in October of 2020. That was 16 more new listings than in September 2021.
Median Sold Price
The Median Sold Price in October was $359,070, up 25.1% from October 2020. It declined $970 from September 2021.
Median List Price
The Median List Price in October was $359,805, up 24.1% from October 2020. It rose $805 from September 2021.
The Average Sold Price per Square Foot
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 October 2021 Average Sold Price per Square Footage of $210 jumped 25.8% from October 2020. It climbed $2 per square foot from September 2021.
Average Days on the Market
In October 2021, home averaged 16 days on the market before they sold. This was 48.4% lower than in October 2020 and the same number of days as in September 2021.
October 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 October 2021 Months of Inventory based on Closed Sales of 0. 74 fell 40.7% compared to October 2020. It decreased 0.01 compared to September 2021.
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