FishHawk Real Estate Market Report | Month Ending June 2020

Posted July 21, 2020

FishHawk Real Estate Market Report | Month Ending June 2020

Below is the FishHawk Real Estate Market Report | June 2020 as well as some of my thoughts on the market moving forward.

This real estate market report is for FishHawk Ranch or in some cases Lithia, FL. They are only for single-family homes. They do not include townhomes, condos, or villas that may be for sale or have sold.

First and foremost my thoughts and prayers go out to anyone that is being affected by COVID-19. Everyone’s safety and well-being are so much more important than real estate.

Please Note: For buyers and sellers, we are mandating that masks be worn by all parties during showings. Showings will be limited to essential buyers only. For sellers, the use of video walkthroughs and 3D Virtual Tours can help limit the number of showings in your home. We are still listing and selling homes. How we normally conduct business has changed to ensure all parties involved are protected. I will get into a little more detail below.

FishHawk Real Estate Market Report – My Thoughts On Video

Please join me as I look through the FishHawk real estate market stats and discuss my thoughts on the current state of the market.

Current FishHawk Real Estate Market State Year Over Year

47 homes in May 2020 were sold and closed in FishHawk. This compares to 75 homes in May of 2019. This is a reduction of 37.3% from May of 2019.

The median sales price of FishHawk homes that sold in May 2020 was $395,000 compared to exactly the same $375,000 for May 2019.

The median percentage of the sold price compared to the original list price in May 2020 was 97.3%. In May 2019 that number was 97.5%.

The median time to contract from the time the home was listed in the MLS to the day a contract was accepted and executed has not changed too much. In May 2020 is was 26 days compared to 28 days in May 2019. This is a good indicator of how low our inventory levels are. Nice homes priced well are selling very quickly.
Active inventory levels are still very low. We hope that March and April add new listings. Because of COVID, that did not happen this year. There is still good buyer demand but a lack of homes for sale. In May 2020 there were 117 homes for sale in FishHawk compared to 190 homes for sale in May 2019. Inventory levels are down 38.5% from May of 2019.

New listings have been our biggest drag on the market recently. In 2020 we had 76 new listings in March, 64 in April, and 61 in May for a total during that period of 201 homes listed for sale. That compares to 2019 when we had 100 in March, 77 in April, and 80 in May for a total of 257 homes listed for sale. That is a reduction in new listings of 21.8%. For a market that was already tight on homes to sell the lack of new listings is really impacting the current market.

The total month’s supply of inventory has improved a little since January it is still way too low. Usually, we see a drop in inventory levels during November and December for the holiday season then an increase in inventory starting January, February, and March. Because of COVID, we did not get the same volume of new listings as in years past leaving us at about a 2.4 month supply of home compared to a 3.6 month supply of homes last year at this time.

In June of 2020, the median sold price of a single-family FishHawk Ranch home without a pool was $145.07. In June of 2019, it was $137.41. That is a price increase of 5.3% year over year.
In June of 2020, the median sold price of a single-family FishHawk Ranch home with a pool was $164.58. In June of 2019, it was $154.29. That is a price increase of 6.3% year over year.

Tampa Real Estate Market Report

Here is the real estate market report for Tampa, Florida for July 2020.

Current Mortgage Rates

Mortgage rates are at historic lows. Per Mortgage News Daily the average 30-year fixed-rate mortgage currently sits around an amazing 2.90%!

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.

FishHawk Ranch Real Estate Market Analysis And Outlook

Up until the second week of March, the FishHawk real estate market was extremely strong. I was having the busiest two and a half months to start a year in my real estate career. COVID has impacted the market a little. I feel it mostly with the lack of homes to sell. I have multiple buyers actively searching for homes and so far cannot find what they want. On the seller side, homes are selling fast and the market is pushing higher. While we cannot fully eliminate the risk of COVID we do have safety protocols in place to try and mitigate any issues. If you are thinking about selling your home please let me know and we can discuss what we can do to mitigate the risk to you and your family.

Looking ahead, it looks like the lack of homes to sell is putting upward pressure on home prices. We are currently in a strong seller’s market with low mortgage rates. I do not see any reason to think this might change in the near future.

What does this mean if you are buying a home in FishHawk?

Mortgage rates are at historic lows and there is a lot of buyer demand for the few homes that are currently listed for sale. Homes that are nice and priced well are receiving multiple offers on them during the first couple of days the home is on the market. If you find a home you really want, be prepared to make a quick and serious offer for the home. Don’t be surprised if there are multiple offers or if the seller is not budging too much off of their list price.

What does this mean if you are selling a home in FishHawk?

We are in a very strong seller’s market. Again, if the home is priced corrected and in good shape, there should be a lot of demand for most homes in most of the price ranges. Wondering what your home might be worth? Find out instantly with my 15-second home value calculator.

How The Real Estate Industry Is Protecting FishHawk Buyers And Sellers From COVID During Home Showings

I know that everywhere we go businesses and attractions are attempting to protect the public from COVID as much as possible. Personally, and as an industry, I feel we are really trying hard to protect both buyers and sellers. As such, we are adhering to CDC guidelines including the following:

For showings, I am following a strict showing protocol to protect both the buyers and the sellers, this includes:

Only the decision-makers and their Realtor are permitted to tour the home at one time
Masks are required indoors at all times and outdoors with a 6-foot distance is not possible
Realtors and buyers will use separate cars to drive to the showings
No person with cold or flu-like symptoms shall be permitted to view listings
Buyers must be pre-qualified prior to being approved for a home showing
Buyers are advised to limit touching as much in the home as possible

We are also doing virtual showings for buyers and for sellers, professional home videos and 3D virtual tours are more important than ever!

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 don’t hesitate to ask. Below are some additional links that may be useful.

About The Author

The above real estate article FishHawk Real Estate Market Report | Month Ending June 2020 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.