Happy Monday, April 12, 2021
The New Tampa Single-Family Housing Market Favored Sellers in March 2021!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In March 2021, 68 homes sold in New Tampa, down 25.3% from 91 in March of 2020 and 10.5% from the 76 sales in February 2021.
Current Inventory of Homes (For Sale)
In March 2021, 17 homes were listed for sale, 140 fewer units than in March 2020, an 89.2% plunge. March’s current inventory dropped 26.1% compared to February 2021.
Homes Under Contract (Pending)
In March 2021, 91 homes were under contract, an increase of 28.2% from February 2021. March 2021 pended home sales climbed 28.2% higher than in March 2020.
The Average Sold Price per Square Footage is Appreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The March 2021 Average Sold Price per Square Footage of $154 was up 4.1% from $148 in February 2021 and 11.6% from $138 in March 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 March 2021 was 22 days, down 40.5% from 37 days February 2021 and 63.9% from 61 days in March of last year.
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. This month Sold Price vs. Original List Price of 100% is up 1% from February of this year and from 4.2% % in March of last year.
The Average For Sale Price is Appreciating*
The Average For Sale Price in March was $802,000, up 83.1% from $438,000 in March 2020 and up 38.5% from $579,000 in February 2021.
The Average Sold Price is Appreciating*
The Average Sold Price in March was $425,000, up 13.9% from $373,000 in March 2020 and 3.4% from $411,000 in February 2021.
The Median Sold Price is Neutral*
The Median Sold Price in March was $385,000, up 17.7% from $327,000 in March 2020 and down 2.8% from $396,000 February 2021.
March 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 March 2021 Months of Inventory based on Closed Sales of 0.3 fell 81.1% compared to last March. It stayed flat compared to last month February 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 March 2021 Absorption Rate based on Closed Sales of 400 was jumped 590% compared to last March and 21.1% compared to February 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.