Happy September 7, 2021!
I hope you had a great Labor Day weekend with family and friends. Now let’s review how the Wesley Chapel housing market performed in August of 2021.
August 2021 favored Seller’s 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 August 2021, Wesley Chapel single-family home sales fell to 155 units, a 24.4% decrease from August 2020. That was 10.4% lower than in July 2021.
Current Inventory of Homes (For Sale)
Versus August 2020, the total number of single-family homes available in August 2021 dropped to 84 units, a 49.4% decrease. August 2021 single-family housing inventory is down 6.7% compared to July 2021.
Homes Under Contract (Pending)
In August 2021, 165 single-family homes were under contract compared to 136 in July 2021. August’s homes under contract decreased 8.3% compared to August 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 August 2021 Average Sold Price per Square Footage of $184 was up 2.2% from $180 in July 2021. That was 31.4% higher than in August 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 August 2021 of 11 days fell 26.7% from July 2021 and 74.4% from August 2020.
The Average For Sale Price is Neutral
The Average For Sale Price in August was $561,000, up 49.6% from $375,000 in August 2020 and down 2.6% from July 2021.
The Average Sold Price is Neutral
The Average Sold Price in August was $428,000, up 26.3% from $339,000 in August 2020 and down 2.5% from $439,000 in July 2021.
The Median Sold Price is Neutral
The Median Sold Price in August was $393,000, up 26.8% from $310,000 in August 2020 and down 1.7% from $400,000 in July 2021.
August 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 August 2021 Months of Inventory based on Closed Sales of 0.5 months dropped 37% compared to August 2020, but stayed the same as July 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 August 2021 Absorption Rate based on Closed Sales of 184.5 climbed 49.4% compared to August 2020 and fell 4% compared to July 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.