Happy Monday, December 13, 2021!
Here’s a quick snapshot of how the housing market performed in New Tampa (zip code: 33647) in November 2021.
Home Sales (Sold)
In November 2021, single-family home sales fell to 62 a 31.9% decrease from November of 2020. That was 9 fewer homes than sold in October 2021.
Current Inventory (For Sale)
Versus November 2021, the total number of single-family homes available dropped 49.2% to 32 units. November housing inventory declined 13 units compared to October 2021.
In November 2021, 65 new single-family listings came on the market, 16.1% more than the number of new listings in November of 2020. That was 21 fewer new listings than in October 2021.
Median Sold Price
The Median Sold Price in November was $465,000 up 27.4% from November 2020. It rose $12,000 from October 2021.
Median List Price
The Median List Price in November was $464,950, up 28.1% from November 2020. It rose $14,950 from October 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 November 2021 Average Sold Price per Square Footage of $200 jumped 33.3% from November 2020. It climbed $12 per square foot from October 2021.
Average Days on the Market
In November 2021, homes averaged 12 days on the market before they sold. This was 65.7% lower than in November 2020 and the same number of days as in October 2021.
November 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 November 2021 Months of Inventory based on Closed Sales of 0. 16 fell 79.1% compared to November 2020. It decreased 0.05 compared to October 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 November 2021 Absorption Rate based on Closed Sales of 1.94 climbed 34.1% compared to October 2020 and jumped 22.7% compared to October 2021.
Thanks for reading Tampa Market Monday. If you want help buying or selling your home, please get in touch. We have sold over 5,000 homes in the Tampa area and our mission is “to elevate the practice of real estate to an art form — and to deliver a real estate experience that is re-imagined and extraordinary!
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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.
Have a Fantastic week!