Happy Monday, June 7, 2021
The New Tampa Single-Family Housing Market Favored Sellers in May 2021!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In May 2021, 76 homes sold in New Tampa, up 7% from May of 2020 and down 11.6% from the 86 sales in April 2021.
Current Inventory of Homes (For Sale)
In May 2021, 21 homes were listed for sale, 106 fewer units than in May 2020, an 85.6% drop. May’s current inventory rose 28.6% compared to April 2021.
Homes Under Contract (Pending)
In May 2021, 100 homes were under contract, an increase of 20.5% from May 2020. May 2021 pended home sales up 3.1% compared to April 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 May 2021 Average Sold Price per Square Footage of $173 fell 3.9% from $180 in April 2021 but climbed 31.1% from $132 in May 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, the same as April 2021 but down 55% from 40 days in May 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 May 2021, the Sold Price vs. Original List Price of 102% was the same as April 2021 and up 7.4% from May 2020.
The Average For Sale Price is Neutral*
The Average For Sale Price in May was $582,000, up 29.6% from $449,000 in May 2020 and 6.8% from $545,000 in April 2021.
The Average Sold Price is Neutral*
The Average Sold Price in May was $488,000, up 37.1% from $356,000 in May 2020 and down 6% from $519,000 in April 2021.
The Median Sold Price is Neutral*
The Median Sold Price in April was $428,000, up 23.3% from $347,000 in May 2020 and down 5.7% from $454,000 in April 2021.
May 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 May 2021 Months of Inventory based on Closed Sales of 0.4 months fell 80.1% compared to May 2020 and rose 81.9% compared to April 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 May 2021 Absorption Rate based on Closed Sales of 281.5 jumped 427.3% compared to May 2020 but declined 31.3% compared to April 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!
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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