Below is a breakdown and analysis of the FishHawk Ranch real estate market stats for the month ending May 2017.
Current FishHawk Ranch Real Estate Homes For Sale and Real Estate Stats for the Month Ending May 2017
- There are currently 122 Active FishHawk Ranch homes for sale. This is up slightly from 118 in April.
- The Median List Price Per Square Foot for the homes that are Active For Sale is currently $139.21. This is down a little bit from $141.08 in April. The trend has been rising steadily for the past few years.
- Over the last 6 months, 195 FishHawk Ranch homes have sold and closed.
- Over the last 6 months, the Median Sold Price Per Square Foot was $131.76 up from $128.92 in April.
- There is currently a 3.8 month supply of homes for sale on the market. This is down from a 4.1 month supply in April. Overall this number indicates a very tight inventory level and a seller’s market.
FishHawk Ranch Year Over Year Comparison for May 2017 Versus May 2016
- In May 2017 there were 53 FishHawk Ranch homes that Sold and Closed compared to 45 homes in 2016.
- The Median List Price Per Square Foot for the homes that Sold and Closed in May 2017 was $139.22 compared to $127.59 in 2016.
- The Median Sold Price Per Square Foot for the homes that Sold and Closed in May 2017 was $136.07 compared to $125.00 in 2016.
- The Median Days on Market for the homes that Sold and Closed in May 2017 was 23 days compared to 12 days last May. (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 85 FishHawk Ranch homes for sale that are in Pending Contract status waiting to close. This is the same amount as in April even though we closed 53 homes in May. 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 $133.00 down from $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
Even though we have seen some fluctuations in the mortgage rates they have stayed in a pretty narrow range. Per Mortgage News Daily the average 30-year fixed-rate mortgage currently sits around 4.00%.
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 principal 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
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
As we enter the busy summer season we are in a seller’s market with tight inventory and slow rising prices. Homes that are priced correctly are going under contract very quickly. We are continuing to see high demand for homes priced under $300,000. Inventory levels are still low. We currently have under 4 month supply of homes available to sell. To get to a more balanced market I like to see between a 6 to 8 month supply of homes for sale.
Short term I have to admit I have no clue what mortgage rates are going to do. Looking out two to three years I think we will see mortgage rates in the 6% range. 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!
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.
Related FishHawk Real Estate Articles
- Search FishHawk Ranch Homes For Sale By Subdivision
- FishHawk Ranch Buyers Guide
- Preparing Your FishHawk Ranch Home For Showings
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The above FishHawk Ranch real estate listing at “FishHawk Ranch Real Estate Market Stats for May 2017” was posted by Jeff Gould.
Jeff is a top-selling, 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. He can be reached via phone or text at (813) 421-3007 or…
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