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Happy June 1, 2021!
May 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 May 2021, Wesley Chapel single-family home sales rose to 144 units, a 23.1% increase from May 2020. That was 5.9% lower than in April 2021.
Current Inventory of Homes (For Sale)
Versus May 2020, the total number of single-family homes available in May 2021 dropped to 189 units, a 73.8% decrease. May single-family housing inventory is up 24.1% compared to April 2021.
Homes Under Contract (Pending)
In May 2021, 158 single-family homes were under contract compared to 156 in April 2021. May’s homes under contract decreased 4.8% compared to May 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 May 2021 Average Sold Price per Square Footage of $169 rose 1.2% from $167 in April 2021. That was 26.1% higher than in May 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 May 2021 of 23 days fell 14.8% from April 2021 and 66.2% from May 2020.
The Average For Sale Price is Appreciating
The Average For Sale Price in May was $562,000, up 46.4% from $384,000 in May 2020 and up 8.3% from $519,000 in April 2021.
The Average Sold Price is Appreciating
The Average Sold Price in May was $423,000, up 33.4% from $317,000 in May 2020 and 12.5% from $348,000 in April 2021.
The Median Sold Price is Appreciating
The Median Sold Price in May was $370,000, up 28.9% from $287,000 in May 2020 and 6.3% from $348,000 April 2021.
May 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 May 2021 Months of Inventory based on Closed Sales of 0.5 months dropped 77.7% compared to last May but jumped 28.9 % compared to April 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 May 2021 Absorption Rate based on Closed Sales of 214.9 climbed 370.2% compared to May 2020 but fell 24.1% compared to April 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.