Happy Monday, August 9, 2021
The New Tampa Single-Family Housing Market Favored Sellers in July 2021!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In July 2021, 85 homes sold in New Tampa, down 21.3% from July of 2020 and 21.3% from the 108 sales in June 2021.
Current Inventory of Homes (For Sale)
In July 2021, 49 homes were listed for sale, 47 fewer units than in July 2020, a 49% drop. July’s current inventory rose 22.5% compared to June 2021.
Homes Under Contract (Pending)
In July 2021, 94 homes were under contract, a decrease of 7.8% from July 2020. July 2021 pended home sales climbed 23.7% compared to June 2021.
The Average Sold Price per Square Footage is Neutral*
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 July 2021 Average Sold Price per Square Footage of $174 fell 2.2% from $178 in June 2021. It jumped 22.5% from $142 in July 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 July 2021 was 13 days, down 7.1% from June 2021 and 74.5% from 51 days in July 2020.
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. For July 2021, the Sold Price vs. Original List Price of 103% was up 1% from June 2021 and 5.1% from July 2020.
The Average For Sale Price is Depreciating*
The Average For Sale Price in July was $548,000, up 23.4% from $444,000 in July 2020 and down 3.9% from $570,000 in June 2021.
The Average Sold Price is Neutral*
The Average Sold Price in July was $476,000, up 22.7% from $388,000 in July 2020 and down 1.9% from $485,000 in June 2021.
The Median Sold Price is Appreciating*
The Median Sold Price in July was $435,000, up 18.2% from $368,000 in July 2020 and down 2.4% from $425,000 in June 2021.
July 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 July 2021 Months of Inventory based on Closed Sales of 0.6 months fell 33.7% compared to July 2020 and rose 54% compared to June 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 July 2021 Absorption Rate based on Closed Sales of 173.5 jumped 54.2% compared to July 2020 but declined 35.7% compared to June 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