FishHawk Ranch Real Estate Inventory Levels Continue to Rise in March 2015

Posted April 1, 2015

FishHawk Real Estate Market Stats for the Month Ending March 2015

Below you will see a comprehensive breakdown of the FishHawk Ranch real estate market for March 2015, as well as year over year results.

These market statistics are for single-family homes only and do not include townhomes, condominiums, and multi-family properties.

Current FishHawk Ranch Real Estate Homes For Sale and Inventory Levels for the Month Ending March 2015

There are currently 123 Active homes For Sale in FishHawk Ranch up from 118 in February 2015 and 105 in January 2015.
The Median List Price Per Square Foot for homes that are Active For Sale is currently $128.25.
Over the last 6-months, 139 homes have Sold and Closed. That is down from 152 for the previous 6 months ending February 2015 and down even further from 176 that Sold and Closed the previous 6-months from January 2015.
Over the last 6-months, the Median Sold Price Per Square Foot was $119.71 down from $120.05 for the previous 6 months ending February 2015.
Median Days on Market for March 2015 was 70 days, the same as February 2015.
The supply or backlog of homes for March 2015 was 5.3 months. Once again this was up from 4.7 months in February 2015, 3.6 months in January 2015, and up from a 2.9 month supply in December 2014.

FishHawk Ranch Real Estate – Activity for March 2015 vs March 2014

In March 2015 there were 18 homes that Sold and Closed compared to March 2014 when there were 26 homes Sold and Closed.
The Median List Price Per Square Foot for the homes that Sold and Closed in March 2015 was $123.94 vs $113.95 in March 2014.
The median Sold Price Per Square Foot for the homes that Sold and Closed in March 2015 was $119.95 vs $113.07 in March 2014.
The median Days on the Market for the homes that Sold and Closed in March 2015 was 25 days vs 75 days in March 2014.

FishHawk Ranch Real Estate – Pending Contracts for March 2015

In March 2015 there were 42 FishHawk Ranch homes for sale that are in Pending Contract status. In February 2015 there were 20.
The Median List Price Per Square Foot of the homes that are in Pending status is $130.85 vs $121.51 in February 2015.

Please Note: At this point, we do not know how much these homes are under contract and will actually be sold for.

Current Mortgage Rates

Mortgage rates are still at historically low levels. Current mortgage rates for a 30-year fixed-rate mortgage are still hovering around 3.90%. If you are thinking about buying a home now may be a perfect time! From the last Fed meeting, it sounds like the Fed Funds rate will be left unchanged for the next couple of months. Most economists are now predicting that the Fed will raise interest rates in the last quarter of 2015. While this is not a direct indicator of mortgage rates my guess is this will start to put some pressure on mortgage rates and you will start to see them rise a bit heading toward the end of the year.

Did you know that there is a new Fannie Mae program that allows for a 3% down payment? Just as an FYI, the monthly payment on a $250,000 loan at 3.8% is $1179 per month. For additional mortgage calculations feel free to use our mortgage calculator.

FishHawk Ranch Real Estate – Market Analysis and Outlook

The FishHawk Real Estate market seems to be finding some footing. The current month’s supply or backlog of homes in FishHawk Ranch did increase again to 5.3 months from 4.7 months but there was a big jump in Pending homes for sale. A 5.3 month supply of homes for sale is a very healthy sign for the market. This now brings up into the 5 to 7 month supply of homes on the market that I like to see for a normal, balanced market. Truthfully we have not seen this in years.

The number of homes sold in FishHawk Ranch over the last 6 months has still been trending down. In October this number was 205 and in March it was 139. There is no question that fewer homes are selling and closing every month. This would start to be concerning except that the Pending sales had a big jump this month. I will keep a close eye on these numbers.

Price Per Square Foot of Sold homes stabilized in March. It looks like the February drop to $112 Per Square Foot may just have been from a holiday hangover. In January this number was around $122 and in March it rebounded back to just under $120 Per Square Foot. Once again this is something I will keep an eye on. One thing I will note is that around 80% of all the Active homes currently on the market are listed for over the $120 Per Square Foot that the homes are selling for. Personally, I think that is one of the main issues that more homes are not selling.

With interest rates at historical lows and as balanced of a market (not a buyer’s or a seller’s market) that I have seen in about 9 years, this looks to be a stable market for the foreseeable future. We will need to keep an eye on the Fed and watch what they do with interest rates.

Seller’s if you are listed above $120 per square foot and your home is on the market for more than 45 days you should think about reducing your price. Now this is not an exact science and I have not seen your home but the stats tell a pretty clear picture.

If you have any questions or comments please let me know.

About the author

The above FishHawk Ranch real estate article “FishHawk Ranch Real Estate Inventory Levels Continue to Rise in March 2015” was written by Jeff Gould.

Jeff is a top-selling, nationally recognized REALTOR® and local FishHawk Ranch real estate expert. You will find him selling homes in Tampa Bay, Florida, and surrounding areas. Some of those areas include FishHawk, Lithia, Riverview, Valrico, Apollo Beach, Brandon, and Tampa.

If you are looking to sell or buy a Tampa Bay area home, Jeff is your local and trusted professional. He can be reached via phone/text at (813) 421-3007 or by contacting him below.