FishHawk Ranch Real Estate Market Stats Review For 2022 and Looking Ahead to 2023
Happy New Year! 2022 seems like it flew by! 2022 saw some huge changes to the economy and especially for the real estate industry. I will look at those changes in more detail below.
In the world of real estate, my personal business was great. I broke last year’s best year ever of $16,000,000 in closed homes with a new record of $34,500,00! To break it down, I had 90 closed transaction sides! 79 were buyer transactions and 11 were seller transactions. What is interesting about this is from November 15 to the end of the year it was 6 buyer transactions and 6 seller transactions. That will start to give you a feel for the trajectory of the current market.
Before I get into my FishHawk real estate market review, I want to thank all my clients for your trust in me, your referrals, and your business! It is very much appreciated! I truly hope that I exceeded all of your expectations!
My Thoughts On FishHawk Real Estate For The Year Ending 2022
What is really interesting is looking back at the beginning of 2022, we had mortgage rates around 3% and my thoughts were if they got to 6% or higher my view of the market would change. Wow, did it all change, and fast! The Fed all of a sudden changed their minds from “inflation is transitory” to uh oh, we are in trouble! Because of this, they started raising the Fed Funds rate at a historic pace. Mortgage rates tend to follow the 10-Year Treasury Note more than the Fed Funds rate but either way, a lot of upward pressure has been put on mortgage rates. Mortgage rates went from 3% to start 2022 to about 5% in May, to 7.5% in October to about 6.5% to end the year. We are now finding ourselves in a market where current homeowners looking to possibly sell and move to a new home are feeling trapped because they do not want to see a home with a 3% mortgage rate to buy a new home with a 6.5% mortgage rate. This is keeping inventory levels low even though there are not a lot of buyers out there.
Let’s take a look at some stats and I will give you my thoughts on each.
FishHawk Real Estate Year End Statistics For The Year Ending 2022
Below is an up-to-date breakdown and analysis of the FishHawk Ranch real estate market with current stats for the month ending December 2022 and heading into January 2023.
Please 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. Some of these stats will include all of Lithia, FL. I will point those out if I use Lithia.
The current real estate market is changing daily. Please feel free to reach out to me for my current thoughts as there is a good chance they could change. I will try and shed some light on what is going on and what I think will happen below.
Current FishHawk Ranch Real Estate Homes For Sale And Real Estate Stats For The Month Ending December 2022
- There are currently only 22 Active FishHawk Ranch homes for sale. As a comparison, going back to June 2019, we had 113 Active homes for sale. There are roughly 5000 homes in FishHawk Ranch and only 22 that are currently for sale in what is supposed to be a bad real estate market. Very interesting.
- The Median List Price Per Square Foot:
No Pool: $216.68
Because this is a small sample size I would not put too much importance on these prices but it looks like the list price of non-pool homes is getting closer to pool homes.
- Median Sold Price Per Square Foot for the month ending December 2022: A whopping 2 single-family homes sold in FishHawk Ranch in December! Lol. They were both pool homes and sold for around $258 per square foot.
- Median Sold Price Per Square Foot for homes sold over the last 6 months with 102 homes selling over that time:
No Pool: $220.27
- To give you some perspective, in June 2019, the combined median was $144.87. This is a really large jump in price over the last three and a half years.
- We currently have a 1.3-month supply of homes to sell. In a healthy market, we like to see around a 6 month supply of homes.
FishHawk Ranch Real Estate Market Analysis And Outlook
As we start 2023 I think it is going to be a challenging market for both buyers and sellers. Normal supply and demand forces are taking a back seat to the Fed and its relentless push to get inflation under control. In doing so, they have basically stopped the real estate market in its tracks.
Looking Forward To 2023
Looking ahead to 2023 I feel the beginning of the year will be slow compared to the beginning of 2022 but as the year goes on, I think the sales will start to pick up. I think mortgage rates will stay around the same range for most of the year and starting in 2024 may start to come down a little. I do believe that inventory levels will start to tick up a little bit. That would be a good thing because we are still about 8 years behind on building in the area and I do expect that once it starts to pick up again the available homes for sale will sell quickly!
For Buyers, it has been a tough road for you for the last three or so years. First, it was a lack of homes for sale, rising prices, bidding wars, and tough competition for the available homes. Currently, buyer demand is down and prices have come down a little bit. The problem is mortgage rates have gone from around 3% to 6.5% in less than a year. On a mortgage of $350,000, that is a payment change of $736 a month. Again, I do not foresee any mortgage rate relief coming at least until 2024. At this point, we are seeing cash buyers and buyers that absolutely have to move purchase homes. All other buyers seem to be waiting.
Historically, a 6.5% mortgage rate is not horrible. Personally, I can remember 18% mortgage rates (I know I am dating myself here). Again, I do not see rates coming down substantially anytime soon and because of the limited supply of homes for sale, I do not see prices coming down substantially anytime soon either. If you need to buy and are limited by a monthly dollar amount you might need to consider a little smaller home.
For Seller, how quickly this market has changed! Long gone are the days of 25 offers in one day on a new listing. If you need to sell, you need to be priced below the current market value of homes. Buyers are very limited. Inventory is still very low and holding steady. I don’t think we’ll be seeing a lot of new listings in 2023 as those sellers for the most part will need to buy something else and having to purchase at a higher mortgage rate is not something most people want to do.
If you are thinking of selling CALL ME! While I don’t think it is a great time to sell, we can come up with a plan to sell your home for the most money you can get in this market. Don’t forget if you want to list and sell it that I have one best marketing plans around and will get your home sold for top dollar!
The figures above are based on information from the Stella MLS and Greater Tampa REALTORS®. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. Therefore, I cannot guarantee accuracy. This data reflects a specific point in time, and cannot be used in perpetuity due to the fluctuating nature of markets.
Related FishHawk Real Estate Articles
- Search FishHawk Ranch Homes For Sale By Subdivision
- All FishHawk Ranch Single-Family Homes For Sale
- Preparing Your FishHawk Ranch Home For Showings
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About The Author
The above real estate article FishHawk Ranch Real Estate Market Stats Review For 2022 and Looking Ahead to 2023 was written and posted by Jeffrey Gould.
Jeff is a top-selling, nationally recognized REALTOR®, real estate Broker, and your 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 home anywhere in the Tampa Bay area, Jeff is your local and trusted professional.
Jeff can also be reached via text or phone at (813) 421-3007.