Happy August 2, 2021!
July 2021 favored Seller’s in Wesley Chapel.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In July 2021, Wesley Chapel single-family home sales fell to 160 units, a 8.6% decrease from July 2020. That was 9.1% lower than in June 2021.
Current Inventory of Homes (For Sale)
Versus July 2020, the total number of single-family homes available in July 2021 dropped to 87 units, a 58.8% decrease. July 2021 single-family housing inventory is up 40.3% compared to June 2021.
Homes Under Contract (Pending)
In July 2021, 147 single-family homes were under contract compared to 176 in June 2021. July’s homes under contract decreased 19.2% compared to July 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 July 2021 Average Sold Price per Square Footage of $180 was down 0.6% from $181 in June 2021. That was 30.4% higher than in July 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 July 2021 of 15 days fell 31.8% from June 2021 and 73.7% from July 2020.
The Average For Sale Price is Neutral
The Average For Sale Price in July was $542,000, up 39.3% from $389,000 in July 2020 and down 4.9% from June 2021.
The Average Sold Price is Appreciating
The Average Sold Price in July was $438,000, up 36.9% from $320,000 in July 2020 and 2.3% from $428,000 in June 2021.
The Median Sold Price is Appreciating
The Median Sold Price in July was $400,000, up 32.5% from $302,000 in July 2020 and 5% from $381,000 in June 2021.
July 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 July 2021 Months of Inventory based on Closed Sales of 0.5 months dropped 51.8% compared to July 2020, but rose 56.8% from June 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 July 2021 Absorption Rate based on Closed Sales of 183.9 climbed 121.8% compared to July 2020 and fell 40.5% compared to June 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.