Happy Monday, November 16, 2020
The Hillsborough County Single-Family Housing Market Favored Sellers in October 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In October 2020, 1,939 single-family homes sold in Hillsborough County, a 13.4% rise from the 1,710 sold in October 2019 and a 3.6% climb from the 1,872 sold in September 2020.
Current Inventory of Homes (For Sale)
In October 2020, 2,167 fewer single-family homes listed for sale in Hillsborough County than in October 2019, a 51% drop. October’s current single-family housing inventory ticked up 0.1% compared to September 2020.
Homes Under Contract (Pending)
In October 2020, 2,107 single-family homes were under contract in Hillsborough County, an increase of 17.8% from this September. That also showed a jump of 20.1% of pending homes from October of last year. 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 2020 Average Sold Price per Square Footage of $168 rose 0.6% from $167 in September and 12% from $150 in October 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 October 2020 of 36 days fell 18.2% from 44 days in September 2020 and 30.8% from 52 days in October 2019.
The Sold/Original List Price Ratio 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. October’s Sold Price vs. Original List Price of 98% increased 1% from this September and 2.1% from October of last year.
The Average For Sale Price is Neutral
The Average For Sale Price in October was $617,000, up 28.8% from $479,000 in October 2019 and down 0.5% from $620,000 in September 2020.
The Average Sold Price is Neutral
The Average Sold Price in October was $358,000, up 16.2% from $308,000 in October 2019 and down 1.9% from $365,000 in September 2020.
The Median Sold Price is Neutral
The Median Sold Price in October was $290,000, up 15.5% from $251,000 in October 2019 and down 0.7% from $292,000 in September 2020. October 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 October 2020 Months of Inventory based on Closed Sales of 1.1 months decreased 56.4% compared to October 2019. It stayed the same as September.
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 October 2020 Absorption Rate based on Closed Sales of 93.2 jumped 131.4% compared to October 2019 and 3.4% compared to September of this year.
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.