Happy Monday, May 10, 2021
The New Tampa Single-Family Housing Market Favored Sellers in April 2021!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In April 2021, 84 homes sold in New Tampa, up 13.5% from April of 2020 and 23.5% from the 68 sales in March 2021.
Current Inventory of Homes (For Sale)
In April 2021, 21 homes were listed for sale, 125 fewer units than in April 2020, an 85.6% drop. April’s current inventory rose 26.1% compared to March 2021.
Homes Under Contract (Pending)
In April 2021, 87 homes were under contract, an increase of 29.9% from April 2020. April 2021 pended home sales stayed flat compared to March 2021.
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 April 2021 Average Sold Price per Square Footage of $180 rose 16.9% from $154 in March 2021 and 31.4% from $137 in April 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 April 2021 was 18 days, down 18.2% from 22 days in March 2021 and 67.9% from 56 days in April 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. For April 2021, the Sold Price vs. Original List Price of 102% climbed 2% from March of this year and 7.4% from April of last year.
The Average For Sale Price is Neutral*
The Average For Sale Price in April was $545,000, up 24.4% from $438,000 in April 2020 and down 32% from $802,000 in March 2021.
The Average Sold Price is Appreciating*
The Average Sold Price in April was $518,000, up 34.9% from $384,000 in April 2020 and 21.9% from $425,000 in March 2021.
The Median Sold Price is Appreciating*
The Median Sold Price in April was $451,000, up 27% from $355,000 in April 2020 and up 17.1% from $385,000 in March 2021.
April 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 April 2021 Months of Inventory based on Closed Sales of 0.3 fell 86.2% compared to last April 2020. It stayed flat compared to March 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 April 2021 Absorption Rate based on Closed Sales of 400 jumped 802.8% compared to last April but declined 19.1% compared to March 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!
Click the graphic above to visit www.teambohannon.com
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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.
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