Monthly Market Detail - March 2021 Townhouses And Condos

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Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMarch 2021March 2020Percent ChangeYear-over-Year24819129.8%1308749.4%Median Sale Price 186,500 161,00015.8%Average Sale Price 183,674 156,82517.1% 45.6 Million 30.0 Million52.1%99.9%96.7%3.3%Median Time to Contract14 Days32 Days-56.3%Median Time to Sale56 Days66 Days-15.2%New Pending Sales25817944.1%New Listings22719417.0%Pending Inventory39126348.7%Inventory (Active Listings)152510-70.2%Months Supply of Inventory0.82.8-71.4%Closed SalesPercent %24.9%2.6%26.5%-19.1%-22.7%10.4%Summary StatisticsClosed SalesPaid in CashDollar VolumeMedian Percent of OriginalList Price ReceivedClosed SalesMonthThe number of sales transactions which closed duringthe monthEconomists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend comparing the percent changes in sales rather than thenumber of sales. Closed Sales (and many other market metrics) areaffected by seasonal cycles, so actual trends are more accuratelyrepresented by year-over-year changes (i.e. comparing a month's salesto the amount of sales in the same month in the previous year), ratherthan changes from one month to the next.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 202020192020Closed Sales300250200150100500J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthCash SalesThe number of Closed Sales during the month in whichbuyers exclusively paid in cashEconomists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of financing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Cash SalesPercent 9.7%-46.2%-43.4%16.0%2020140Cash Sales120100806040200J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MCash Sales as a Percentage of Closed SalesThe percentage of Closed Sales during the monthwhich were Cash SalesEconomists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of financing, such asmortgages, owner/seller financing, assumed loans, etc.Pct. of Closed SalesPaid in Cash20172018MonthYear-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Percent of ClosedSales Paid in CashPercent .5%-33.5%-26.7%4.8%202070%60%50%40%30%20%10%0%J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthMedian Sale PriceThe median sale price reported for the month (i.e. 50%of sales were above and 50% of sales were below)Economists' note : Median Sale Price is our preferred summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area. Keep in mindthat median price trends over time are not always solely caused bychanges in the general value of local real estate. Median sale price onlyreflects the values of the homes that sold each month, and the mix ofthe types of homes that sell can change over time.Median Sale Price201720182019Percent ChangeYear-over-Year 189,900 186,500 184,500 191,000 199,995 189,500 165,500 188,495 178,500 179,900 180,000 182,495 176,000 %8.0%7.1%16.1%30.4%4.5%2020 250K 200K 150K 100K 50K 0KJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MMonthAverage Sale PriceThe average sale price reported for the month (i.e.total sales in dollars divided by the number of sales)Economists' note : Usually, we prefer Median Sale Price over AverageSale Price as a summary statistic for home prices. However, AverageSale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.2017Average Sale PriceYear-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 2020Median Sale Price2018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Average Sale PricePercent ChangeYear-over-Year 184,201 183,674 183,997 185,279 190,117 184,699 171,426 185,095 171,842 168,089 174,809 169,390 172,361 %5.8%10.3%12.0%27.6%5.9%2020 200K 150K 100K 50K 0KJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthDollar VolumeThe sum of the sale prices for all sales which closedduring the monthEconomists' note : Dollar Volume is simply the sum of all sale pricesin a given time period, and can quickly be calculated by multiplyingClosed Sales by Average Sale Price. It is a strong indicator of the healthof the real estate industry in a market, and is of particular interest toreal estate professionals, investors, analysts, and government agencies.Potential home sellers and home buyers, on the other hand, will likelybe better served by paying attention to trends in the two componentsof Dollar Volume (i.e. sales and prices) individually.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Dollar VolumePercent ChangeYear-over-Year 109.2 Million 45.6 Million 34.6 Million 29.1 Million 35.7 Million 39.2 Million 32.9 Million 42.9 Million 39.7 Million 32.8 Million 40.0 Million 25.7 Million 28.1 Million 30.0 5%8.6%39.6%-9.4%-1.4%16.9%2020 50 MDollar Volume 40 M 30 M 20 M 10 M 0J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MMedian Percent of Original List Price ReceivedThe median of the sale price (as a percentage of the original listprice) across all properties selling during the monthEconomists' note : The Median Percent of Original List Price Receivedis useful as an indicator of market recovery, since it typically rises asbuyers realize that the market may be moving away from them andthey need to match the selling price (or better it) in order to get acontract on the house. This is usually the last measure to indicate amarket has shifted from down to up, so it is what we would call alagging indicator.Med. Pct. of Orig.List Price Received20172018MonthYear-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Med. Pct. of Orig.List Price ReceivedPercent 120%100%80%60%40%20%0%J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthMedian Time to ContractThe median number of days between the listing dateand contract date for all Closed Sales during the monthEconomists' note : Like Time to Sale, Time to Contract is a measure ofthe length of the home selling process calculated for sales which closedduring the month. The difference is that Time to Contract measuresthe number of days between the initial listing of a property and thesigning of the contract which eventually led to the closing of the sale.When the gap between Median Time to Contract and Median Time toSale grows, it is usually a sign of longer closing times and/or decliningnumbers of cash sales.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Median Time toContractPercent ChangeYear-over-Year22 Days14 Days22 Days28 Days21 Days21 Days23 Days28 Days37 Days35 Days57 Days54 Days35 Days32 0%0.0%-14.6%32.6%58.8%2.9%-15.8%2020Median Time toContract6050403020100J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MMonthMedian Time to SaleThe median number of days between the listing dateand closing date for all Closed Sales during the monthEconomists' note : Time to Sale is a measure of the length of the homeselling process, calculated as the number of days between the initiallisting of a property and the closing of the sale. Median Time to Sale isthe amount of time the "middle" property selling this month was onthe market. That is, 50% of homes selling this month took less time tosell, and 50% of homes took more time to sell. Median Time to Salegives a more accurate picture than Average Time to Sale, which can beskewed upward by small numbers of properties taking an abnormallylong time to sell.Median Time toSale20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Median Time to SalePercent ChangeYear-over-Year66 Days56 Days70 Days74 Days61 Days66 Days68 Days72 Days84 Days78 Days98 Days98 Days83 Days66 3.7%1.3%6.5%25.6%12.2%-27.5%2020120100806040200J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthNew Pending SalesThe number of listed properties that went undercontract during the monthEconomists' note : Because of the typical length of time it takes for asale to close, economists consider Pending Sales to be a decentindicator of potential future Closed Sales. It is important to bear inmind, however, that not all Pending Sales will be closed successfully.So, the effectiveness of Pending Sales as a future indicator of ClosedSales is susceptible to changes in market conditions such as theavailability of financing for homebuyers and the inventory ofdistressed properties for sale.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019New Pending SalesPercent %44.6%10.9%37.2%13.0%-29.9%-17.5%2020Pending Sales300250200150100500J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MMonthNew ListingsThe number of properties put onto the market duringthe monthEconomists' note : New Listings tend to rise in delayed response toincreasing prices, so they are often seen as a lagging indicator ofmarket health. As prices rise, potential sellers raise their estimationsof value—and in the most recent cycle, rising prices have freed upmany potential sellers who were previously underwater on theirmortgages. Note that in our calculations, we take care to not includeproperties that were recently taken off the market and quickly relisted,since these are not really new listings.20172018Year-to-DateMarch 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019New ListingsPercent 7%2.8%-6.1%-3.5%-11.9%-6.7%-24.5%2020New Listings300250200150100500J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyMonthInventory (Active Listings)The number of property listings active at the end ofthe monthEconomists' note : There are a number of ways to define and calculateInventory. Our method is to simply count the number of active listingson the last day of the month, and hold this number to compare with thesame month the following year. Inventory rises when New Listings areoutpacing the number of listings that go off-market (regardless ofwhether they actually sell). Likewise, it falls when New Listings aren'tkeeping up with the rate at which homes are going off-market.20172018YTD (Monthly Avg)March 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019InventoryPercent 00600Inventory5004003002001000J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MMonthMonths Supply of InventoryAn estimate of the number of months it will take todeplete the current Inventory given recent sales ratesEconomists' note : MSI is a useful indicator of market conditions. Thebenchmark for a balanced market (favoring neither buyer nor seller) is5.5 months of inventory. Anything higher is traditionally a buyers'market, and anything lower is a sellers' market. There is no singleaccepted way of calculating MSI. A common method is to dividecurrent Inventory by the most recent month's Closed Sales count, butthis count is a usually poor predictor of future Closed Sales due toseasonal cycles. To eliminate seasonal effects, we use the 12-monthaverage of monthly Closed Sales instead.Months Supply ofInventory20172018YTD (Monthly Avg)March 2021February 2021January 2021December 2020November 2020October 2020September 2020August 2020July 2020June 2020May 2020April 2020March 20202019Months SupplyPercent .03.02.01.00.0J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F MProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyClosed Sales by Sale PriceThe number of sales transactions which closed duringthe monthEconomists' note: Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend comparing the percent changes in sales rather than thenumber of sales. Closed Sales (and many other market metrics) areaffected by seasonal cycles, so actual trends are more accuratelyrepresented by year-over-year changes (i.e. comparing a month's salesto the amount of sales in the same month in the previous year), ratherthan changes from one month to the next.March 2020Closed Sales60Closed SalesPercent ChangeYear-over-YearLess than 50,0002-66.7% 50,000 - 99,999520.0% 100,000 - 149,9993826.7% 150,000 - 199,999454.7% 200,000 - 249,999479.3% 250,000 - 299,99946318.2% 300,000 - 399,99917183.3% 400,000 - 599,9991N/A 600,000 - 999,9990N/A 1,000,000 or more0N/ASale PriceMarch 2021605050404030302020101000Less than 50,000 50,000 99,999 100,000 149,999 150,000 199,999 200,000 249,999 250,000 299,999The median number of days between the listing dateand contract date for all Closed Sales during the monthMedian Time to ContractEconomists' note : Like Time to Sale, Time to Contract is a measure ofthe length of the home selling process calculated for sales which closedduring the month. The difference is that Time to Contract measuresthe number of days between the initial listing of a property and thesigning of the contract which eventually led to the closing of the sale.When the gap between Median Time to Contract and Median Time toSale grows, it is usually a sign of longer closing times and/or decliningnumbers of cash sales.March 2020Less than 50,000 50,000 99,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreMedian Time toContractPercent ChangeYear-over-YearLess than 50,00026 Days-35.0% 50,000 - 99,99935 Days40.0% 100,000 - 149,99911 Days-45.0% 150,000 - 199,9998 Days-73.3% 200,000 - 249,99912 Days-78.9% 250,000 - 299,99965 Days-60.8% 300,000 - 399,9998 Days60.0% 400,000 - 599,9991 DayN/A 600,000 - 999,999(No Sales)N/A 1,000,000 or more(No Sales)N/ASale PriceMedian Time to Contract by Sale Price180160140120100806040200 300,000 399,999March 2021 100,000 149,999 150,000 199,999180160140120100806040200 200,000 249,999 250,000 299,999 300,000 399,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Market Detail - March 2021Townhouses and CondosPasco CountyNew Listings by Initial Listing PriceThe number of properties put onto the market duringthe monthEconomists' note: New Listings tend to rise in delayed response toincreasing prices, so they are often seen as a lagging indicator ofmarket health. As prices rise, potential sellers raise their estimationsof value—and in the most recent cycle, rising prices have freed upmany potential sellers who were previously underwater on theirmortgages. Note that in our calculations, we take care to not includeproperties that were recently taken off the market and quickly relisted,since these are not really new listings.New ListingsMarch 2020Initial Listing PriceNew ListingsPercent ChangeYear-over-YearLess than 50,0001-66.7% 50,000 - 99,99937-11.9% 100,000 - 149,9993638.5% 150,000 - 199,999440.0% 200,000 - 249,99938-39.7% 250,000 - 299,99943290.9% 300,000 - 399,99921600.0% 400,000 - 599,9997250.0% 600,000 - 999,9990N/A 1,000,000 or more0N/AMarch 2021707060605050404030302020101000Less than 50,000 50,000 99,999 100,000 149,999 150,000 199,999 200,000 249,999 250,000 299,999The number of property listings active at the end ofthe monthInventoryEconomists' note : There are a number of ways to define and calculateInventory. Our method is to simply count the number of active listingson the last day of the month, and hold this number to compare with thesame month the following year. Inventory rises when New Listings areoutpacing the number of listings that go off-market (regardless ofwhether they actually sell). Likewise, it falls when New Listings aren'tkeeping up with the rate at which homes are going off-market.March 2020Less than 50,000 50,000 99,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreInventoryPercent ChangeYear-over-YearLess than 50,0004-73.3% 50,000 - 99,99933-67.0% 100,000 - 149,99926-58.7% 150,000 - 199,99919-83.8% 200,000 - 249,99925-82.5% 250,000 - 299,99930-34.8% 300,000 - 399,99912-47.8% 400,000 - 599,99930.0% 600,000 - 999,9990N/A 1,000,000 or more0N/ACurrent Listing PriceInventory by Current Listing Price160140120100806040200 300,000 399,999March 2021 100,000 149,999 150,000 199,999160140120100806040200 200,000 249,999 250,000 299,999 300,000 399,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreProduced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Monthly Distressed Market - March 2021Townhouses and CondosPasco CountyClosed SalesMarch 2021March 2020Percent ChangeYear-over-Year24518433.2% 188,000 164,50014.3%25-60.0% 173,250 82,000111.3%12-50.0% 113,050 125,488-9.9%TraditionalMedian Sale PriceClosed SalesForeclosure/REOMedian Sale PriceClosed SalesShort SaleMedian Sale rt Sale100%90%Closed Sales80%70%60%50%40%30%20%10%0%J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M 300KMedian Sale Price 250K 200K 150K 100K 50K 0KJ F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M2017201820192020Produced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.Data released on Thursday, April 22, 2021. Next data release is Friday, May 21, 2021.

Median Time to Sale New Pending Sales New Listings Month 227 Pending Inventory 391 Inventory (Active Listings) 152 Months Supply of Inventory 0.8-15.2% 179 44.1% . Townhouses and Condos Median Sale Price The median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below) 2017 2018 2019 2020

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