Happy Monday, December 21, 2020
The Hillsborough County Single-Family Housing Market Favored Sellers in November 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In November 2020, single-family home sales rose 8% as 1235 homes sold compared to 1144 in November 2019. This was 8.7% lower than the 1353 sales in October 2020.
Current Inventory (For Sale)
In November 2020, 1418 fewer single-family homes sold than in November 2019, a 51.7% decline. November’s single-family housing inventory fell 5.2% compared to October 2020.
Homes Under Contract (Pended)
In November 2020, single-family homes under contract decreased 9.3% compared to October of this year. November’s pended homes sales climbed 25.3% compared to November 2019.
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 November 2020 Average Sold Price per Square Footage of $142 ticked up 0.7% from $141 in October 2020 and 10.1% from $129 in November 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 November 2020 of 39 held steady from October of this year, but dropped 31.6% from 57 days in November 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. November 2020’s Sold Price vs. Original List Price of 98% stayed flat compared to October 2020 and increased 2.1% compared to November 2019.
The Average For Sale Price is Neutral
The Average For Sale Price in November was $316,000, up 14.5% from $276,000 in November 2019 and down 1.6% from $321,000 in October 2020.
The Average Sold Price is Appreciating
The Average Sold Price in November was $264,000, up 11.4% from $237,000 in November 2019 and 0.4% from $263,000 in October 2020.
The Median Sold Price is Appreciating
The Median Sold Price in November was $253,000, up 14% from $222,000 in November 2019 and 3.3% from $245,000 in October 2020.
November 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 November 2020 Months of Inventory based on Closed Sales of 1.1 months decreased 54.2% compared to November of last year but rose 9.7% compared to October of this year.
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 November 2020 Absorption Rate based on Closed Sales of 93.1 leaped 123.3% compared to November 2019 but fell 3.6% compared to October 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.