Happy Monday, April 5, 2021!
March 2021 was a Seller’s market in Wesley Chapel.
Last week, we reviewed how the Wesley Chapel Housing Market had started strong in the first two months of 2021. Today, we’ll look at how that trend continued through the month of March.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In March 2021, Wesley Chapel single-family home sales rose to 174 units, a 20% increase from March 2020. That was 26.1% higher than in February 2021.
Current Inventory of Homes (For Sale)
Versus March 2020, the total number of single-family homes available in February 2021 dropped to 74 units, a 71.5% decrease. March single-family housing inventory declined 2.6% compared to February 2021.
Homes Under Contract (Pending)
In March 2021, 163 single-family homes were under contract compared to 178 in February 2021, down 8.4%. March’s homes under contract jumped 29.4% compared to March 2020.
The Average Sold Price per Square Footage is Appreciating*
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 March 2021 Average Sold Price per Square Footage of $156 rose 1.3% from $154 in February 2021. That was 18.2% higher than in March 2020.
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 March 2021 of 29 days fell 17.1% from February 2021 and 62.3% from March 2020.
The Average For Sale Price is Appreciating
The Average For Sale Price in March was $493,000, up 31.8% from $374,000 in March 2020 and 6.7% from $462,000 in February 2021.
The Average Sold Price is Appreciating
The Average Sold Price in March was $374,000, up 17.2% from $319,000 in March 2020 and 2.5% from $365,000 in February 2021.
The Median Sold Price is Appreciating
The Median Sold Price in February was $343,000, up 20.4% from $285,000 in March 2020 and 0.9% from $340,000 last month.
March 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 March 2021 Months of Inventory based on Closed Sales of 0.4 months dropped 77.5% compared to last March and 36.3% compared to this February.
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 March 2021 Absorption Rate based on Closed Sales of 235.1 jumped 321.5% compared to March 2020 and 21.5% compared to February 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!
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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.