FishHawk Ranch Real Estate Market Stats for June 2017

Posted July 1, 2017

FishHawk Ranch Real Estate Market Stats for June 2017

Welcome to summer! It is hot and so is the real estate market! The breakdown and my analysis of the FishHawk Ranch real estate market for the month ending June 2017 are below.

Quick note: These real estate market stats are for FishHawk Ranch single-family homes only. They do not include FishHawk Ranch townhomes, condos, or villas that may be for sale or have sold.

Current FishHawk Ranch Real Estate Homes For Sale and Real Estate Stats for the Month Ending June 2017

There are currently 115 Active FishHawk Ranch homes for sale. This down a little from 122 in May.
The Median List Price Per Square Foot for the homes that are Active For Sale is currently $138.89. We are less than a dollar different from $139.21 in May.
Over the last 6 months, 214 FishHawk Ranch homes have sold and closed.
Over the last 6 months, the Median Sold Price Per Square Foot was $129.63 down from $131.76 in May.
There is currently a 3.2 month supply of homes available for sale on the market. This is down from 3.8 in May and a 4.1 month supply in April.

FishHawk Ranch Year Over Year Comparison for June 2017 Versus June 2016

In June 2017 there were 52 FishHawk Ranch homes that Sold and Closed compared to 58 homes in 2016.
The Median List Price Per Square Foot for the homes that Sold and Closed in June 2017 was $131.01 compared to $130.09 in 2016.
The Median Sold Price Per Square Foot for the homes that Sold and Closed in June 2017 was $128.54 compared to $129.76 in 2016.
The Median Days on the Market for the homes that Sold and Closed in June 2017 were 24 days compared to 21 days last June. (Keep in mind because of the number of homes sold this number fluctuates a great deal).

FishHawk Ranch Real Estate Current Pending Contracts

There are currently 90 FishHawk Ranch homes for sale that are in Pending Contract status waiting to close. The pending number does indicate that there are still a lot of homes preparing to close.
The Median List Price Per Square Foot of the homes that are in Pending status is $136.00 up from $133.00 in May and almost the same as $135.64 in April.

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

Current Mortgage Rates

Per Mortgage News Daily the average 30-year fixed-rate mortgage currently stands right around 4.06%. This number has been fairly stable even though the Fed Funds rate has been increased a few times this year (there is not a direct effect between the Fed Funds rate and Mortgage rates).

Here is a quick buyer scenario for you. If you were to borrow $250,000 at 4% your monthly principal and interest payment would be $1193.54. This figure is just the principle and interest. It does not take into account any other homeowner costs. For additional mortgage calculations feel free to use my mortgage calculator or send me a message. I will be happy to give you a full payment analysis on a property.

Note: Mortgage rates quoted are just averages. Your final mortgage rate is determined by a number of factors. Please consult a mortgage professional and get a pre-approval to determine what your final rate may be.

Rent Versus Own

I had this up last month and I got some positive responses from renters that did not realize how much home they could actually afford so I will leave it up again.

For most clients, the decision to rent versus buying a home comes down to a number of factors. I am going to do a quick breakdown of the financial side of it for you. Based on our mortgage example above for a $250,000 purchase price, you could buy about a 2000 square foot home in FishHawk Ranch. That home would rent for around $1900 a month. The estimated monthly costs to own would look something like this:

Principle and Interest – $1194
Mortgage Insurance – $100
Home Owner Insurance – $100
Property Taxes on Primary Residence – $333
HOA – $10
CDD – $100
Total Monthly Costs to Own: $1837

From these quick numbers for a similar home, you could save $60 a month owning your home and building equity in your future rather than paying for an investor’s mortgage. These numbers do not take into account any tax savings received by owning your home. To rent for one year would cost you $22,800!

FishHawk Ranch Real Estate Market Analysis and Outlook

There is no question we are in our busy season. Well-priced homes are selling fast. I just had two of my listings go under contract in one day and one sold for $5,000 more than the list price! We currently have a 3.2 month supply of homes to sell. This number is really low as we like to see a 6 to 8 month supply! Needless to say, we are in a strong seller’s market.

If you are a seller, this is great for you in terms of selling your home fast. Pricing your home is still extremely important as homes that are overpriced are sitting on the market until the price is reduced. Homes under $275,000 while not broken down in these stats are selling very quickly and homes over $450,000 are taking longer to sell.

If you are a buyer and come across a home that interests you it is important that you view it quickly. It it turns out to be a home that you fall in love with you need to act quick and put in a compelling offer on that home as soon as possible.

One item that I find interesting is that even though we have a home for sale shortage sold prices are holding fairly steady. In some cases even dropping year over year.

Mortgage rates are still in a tight range. Looking out a few years I believe that most economists agree that we will see mortgage rates rise. If rates rise to 6%, on a $250,000 mortgage there is about a $300 a month difference in payment between a 4% loan and a 6% loan. $300 a month a 4% can buy you an extra $80,000 home for the same payment!

My Final Thoughts

Please keep in mind that when you are reviewing these market stats that I use median numbers and in some cases averages for FishHawk Ranch. These numbers give us a good overview of the FishHawk Ranch real estate market as a whole. For a specific subdivision or phase, a more targeted and detailed review should be done. I will be more than happy to do that for you.

Thanks for stopping by and I’d love to hear your comments. If you would like anything added to these stats please let me know and as always, if you any questions please don’t hesitate to ask.

About the author

The above FishHawk Ranch real estate listing at “FishHawk Ranch Real Estate Market Stats for June 2017” was compiled and written by Jeff Gould.

Jeff is a top-selling, award-winning, nationally recognized REALTOR® and local FishHawk Ranch real estate expert. Jeff sells homes in the entire Tampa Bay area. Including 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.