Happy Monday, January 11, 2021
The New Tampa Single-Family Housing Market Favored Sellers in December 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In December 2020, 107 single-family homes sold in New Tampa, a 27.4% rise from the 84 sold in December 2019. That was 18.9% more than the 90 sold in November 2020.
Current Inventory of Homes (For Sale)
In December 2020, 45 single-family homes were for sale, 138 fewer than in December 2019. That shows a decline of 75.4%. December 2020’s inventory of single-family houses for sale dropped 16.7% compared to the November 2020.
Homes Under Contract (Pending)
In December 2020, 65 homes were under contract, a decrease of 16.7% compared to November 2019. It was 10.2% more than were under contract in December 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 December 2020 Average Sold Price per Square Footage of $152 rose 2.7% from $148 in November 20120 and 11.8% from $136 in December 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 December 2020 of 27 days fell 38.6% from 44 days in November 2020 and 65.4% from 78 days in December 2019.
The Sold/Original List Price Ratio Remains Steady
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. December’s Sold Price vs. Original List Price of 98% ticked up 1% from November 2020 and 4.3% from December 2020.
The Average For Sale Price is Appreciating*
The Average For Sale Price in December was $481,000, up 16.7% from $412,000 in December 2019 and 3.4% from $465,000 in November 2020.
The Average Sold Price is Appreciating*
The Average Sold Price in December was $407,000, up 15.6% from $352,000 in December 2019 and 4.6% from $389,000 in November 2020.
The Median Sold Price is Neutral* The Median Sold Price in December was $356,000, up 2% from $349,000 in December 2019 and down 2.5% from $365,000 in November 2019
December 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 December 2020 Months of Inventory based on Closed Sales of 0.4 months plunged 82.6% compared to December 2019 and 33.3% compared to November 2019.
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 December 2020 Absorption Rate based on Closed Sales of 237.8 jumped 418.1% compared to December 2019 and 42.7% compared to November 2019.
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.