Happy Monday, March 1, 2021!
February 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)
February 2021 Wesley Chapel single-family home sales fell to 156 units, a 19.25% decrease from February 2020. That was 13.3% lower than the 180 sales in January 2021.
Current Inventory of Homes (For Sale)
Versus February 2020, the total number of single-family homes available in February 2021 dropped 279 units or 70.1%. February single-family housing inventory declined 19.6% compared to January 2021.
Homes Under Contract (Pending)
In February 2021, 240 single-family homes were under contract compared to 222 in January 2021, down 8.1%. February’s homes under contract jumped 25.7% compared to February 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 February 2021 Average Sold Price per Square Footage of $149 rose 2.8% from $145 in January 2021 and 14.6% from $130 in February 2020.
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 February 2021 of 39 days decreased 4.9% from 41 days in January 2021 and 49.4% from 77 days in February 2020.
The Average For Sale Price is Neutral
The Average For Sale Price in February was $386,000, up 18% from $327,000 in February 2020 and down 1.5% from $392,000 in January 2021.
The Average Sold Price is Neutral
The Average Sold Price in February was $322,000, up 18.8% from $271,000 in February 2020 and 1.3% from $318,000 in January 2021.
The Median Sold Price is Appreciating
The Median Sold Price in February was $310,000, up 18.3% from $262,000 in February 2020 and 9.9% from $282,000 last month.
February 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 February 2021 Months of Inventory based on Closed Sales of 0.8 months dropped 63% compared to last February but stayed flat compared to January of this year.
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 February 2021 Absorption Rate based on Closed Sales of 131.1 jumped 170.3% compared to February 2020 and 7.8% compared to January 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.