Happy Monday, December 7, 2020!
The Wesley Chapel Single-Family Housing Market Favored Sellers in November 2020!
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
In November 2020, 163 single-family homes sold in Wesley Chapel, a 13.2% increase from the 144 sold in November 2019. It was 1.2% higher than the 161 sales in October 2020.
Current Inventory of Homes (For Sale)
In November 2020, 182 fewer single-family homes were listed for sale in Wesley Chapel, a a decline of 54.2% compared to November 2019. November’s inventory fell 6.7% compared to this October.
Homes Under Contract (Pending)
In November 2020, 162 single-family homes were under contract, a decrease of 6.4% compared to October 2020. That was 20% more homes than in November of last year.
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 November 2020 Average Sold Price per Square Footage of $150 rose 5.6% from $142 in October 2020 and 10.3% from $136 in November 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. The DOM for November 2020 of 37 climbed 2.8% from 36 days in October 2020. It dropped 54.3% from 81 days in November of last year.
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. November’s Sold Price vs. Original List Price of 99% ticked up 1% from October 2019 and 3.1% from November 2020.
The Average For Sale Price is Neutral
The Average For Sale Price in November was $383,000, up 7.9% from $355,000 in November 2019 but down 4.7% from $402,000 in October 2020.
The Average Sold Price is Neutral
The Average Sold Price in November was $340,000, up 3.7% from $328,000 in November 2019 but down 0.3% from $341,000 in October 2020.
The Median Sold Price is Appreciating
The Median Sold Price in November was $324,000, up 3.5% from $313,000 in November 2019 and 4.5% from $310,000 in October of this year.
November 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 November 2020 Months of Inventory based on Closed Sales of 0.9 declined 60% compared to November 2019 and 9.8% compared October 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 November 2020 Absorption Rate based on Closed Sales of 105.8 jumped 146.8% compared to November 2019 and 8.4% compared to October 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.