Happy Monday, November 9, 2020
The New Tampa Single-Family Housing Market Favored Sellers in October 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In October 2020, 87 single-family homes sold in New Tampa, a decline of 5.4% from October of 2019. It was 6.1% more than sold in September 2020.
Current Inventory of Homes (For Sale)
In October 2020, 149 fewer single-family homes were listed for sale, a 63.7% drop form October of last year. October 2020 single-family housing inventory fell 7.6% compared to September of this year.
Homes Under Contract (Pending)
In October 2020, single-family homes under contract climbed 28.2% compared to September 2020 and 12.4% compared to October 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 October 2020 Average Sold Price per Square Footage of $145 increased 5.8% from $137 in September 2020 and 10.7% from $131 in October 2019.
The Days on Market Shows Neutral 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. October 2020’s DOM of 45 days jumped 7.1% from September 2020 but fell 27.4% from October 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. October 2020’s Sold Price vs. Original List Price of 96% ticked down 1% from September of this year. It was the same as in October of last year.
The Average For Sale Price is Neutral
The Average For Sale Price in October was $457,000, up 3.9% from $440,000 in October 2019 and down 4.4% from $478,000 in September 2020.
The Average Sold Price is Appreciating
The Average Sold Price in October was $394,000, up 8.5% from $363,000 in October 2019 and 2.9% from $383,000 in September 2020.
The Median Sold Price is Neutral
The Median Sold Price in October was $347,000, up 0.6% from $345,000 in October 2019 and down 5.4% from $367,000 in September 2020.
October 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 October 2020 Months of Inventory based on Closed Sales of one month decreased 59% compared to October 2019 and 8.9% compared to September 2020.
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 October 2020 Absorption Rate based on Closed Sales of 102.4 jumped 160.5% compared to October 2019 and 14.9% compared to September 2020.
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.