Happy July 6, 2021!
June 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)
In June 2021, Wesley Chapel single-family home sales rose to 175 units, a 25% increase from June 2020. That was 9.4% higher than in May 2021.
Current Inventory of Homes (For Sale)
Versus June 2020, the total number of single-family homes available in June 2021 dropped to 62 units, a 69.2% decrease. June 2021 single-family housing inventory is down 6.1% compared to May 2021.
Homes Under Contract (Pending)
In June 2021, 186 single-family homes were under contract compared to 157 in May 2021. June’s homes under contract increased 1.6% compared to June 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 June 2021 Average Sold Price per Square Footage of $181 rose 8.4% from $167 in May 2021. That was 31.2% higher than in June 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 June 2021 of 22 days fell 4.3% from May 2021 and 62.1% from June 2020.
The Average For Sale Price is Appreciating
The Average For Sale Price in June was $570,000, up 39.4% from $409,000 in June 2020 and the same as May 2021.
The Average Sold Price is Appreciating
The Average Sold Price in June was $429,000, up 25.4% from $342,000 in June 2020 and 0.9% from $425,000 in May 2021.
The Median Sold Price is Appreciating
The Median Sold Price in June was $382,000, up 21.3% from $315,000 in June 2020 and 2.1% from $374,000 in May 2021.
June 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 June 2021 Months of Inventory based on Closed Sales of 0.4 months dropped 69.7% compared to June 2020, and was the same as May 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 June 2021 Absorption Rate based on Closed Sales of 282.3 climbed 305.2% compared to June 2020 and up 16.5% compared to May 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.