Happy Monday, February 1, 2021!
January 2021 was a Seller’s market in Wesley Chapel.
Summary of Key Stats Year over Year (YoY) and Month over Month (MoM):
More Detailed Analysis and Commentary
Home Sales (Sold)
January single-family home sales jumped 118 units from January 2020, a 38.8% rise from the 85 sold in January 2020. That was 38.5% lower than the 192 sales in December 2020.
Current Inventory of Homes (For Sale)
In January 2021, 179 single-family homes sold in Wesley Chapel, a 59.5% increase from January 2020. Single-family home inventory fell 13.5% compared December 2020.
Homes Under Contract (Pending)
Pending single-family homes (under contract) climbed 16.5% in compared to December 2020, as 162 homes sold versus 139 in December 2020. January’s pending homes sales rose 5.9% compared to January of last year.
The Average Sold Price per Square Footage is Neutral*
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 January 2021 Average Sold Price per Square Footage of $147 rose 2.1% from $144 in December 2020 and 8.1% from $136 in January 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 January 2021 was 32 days, down 3% from 33 days in December 2020 and 61.4% from 83 days in January of last year.
The Average For Sale Price is Appreciating
The Average For Sale Price in January of $437,000 increased 17.8% from $371,000 in January 2020 and 4.8% from $417,000 in December 2020.
The Average Sold Price is Appreciating
The Average Sold Price in January of $359,000 rose 15.8% from $310,000 in January 2020 and 6.5% from $337,000 in December 2020.
The Median Sold Price is Appreciating
The Median Sold Price in January of $331,000 jumped 22.6% from $270,000 in January 2020 and 3.1% from $321,000 in December 2020.
January 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 January 2021 Months of Inventory based on Closed Sales of 1 month dropped 70.6% compared to last year but climbed 40.9% compared to December 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 January 2021 Absorption Rate based on Closed Sales of 96.7 leaped 242.6% compared to January 2019 but declined 29% compared to December 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.