FishHawk Real Estate Market Stats February 2015
The below FishHawk Ranch real estate market statistics are for single-family homes only and do not include townhomes, condominiums, and multi-family properties.
FishHawk Ranch Real Estate – Current Homes For Sale and Inventory Levels February 2015
- There are currently 118 Active homes For Sale in FishHawk Ranch up from 105 in January 2015.
- Over the last 6-months, 152 homes have Sold and Closed in FishHawk Ranch down 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 $120.05 down from $121.87 for the previous 6 months from January 2015.
- Median Days on Market for February 2015 was 70 days, up from 65 Days on Market in January 2015.
- The supply or backlog of homes for February 2015 was 4.7 months up from 3.6 months in January 2015 and up from a 2.9 month supply of homes in December 2014.
FishHawk Ranch Real Estate – Activity for February 2015 vs February 2014
- In February 2015 there were 14 homes that Sold and Closed vs February 2014 when there were 11 homes Sold and Closed.
- The Median List Price Per Square Foot for the homes that Sold and Closed in February 2015 was $117.34 vs $115.74 in February 2014.
- The median Sold Price Per Square Foot for the homes that Sold and Closed in February 2015 was $111.97 vs $109.25 in February 2014.
- The median Days on Market for the homes that Sold and Closed in February 2015 was 70 days vs 14 days in February 2014.
FishHawk Ranch Real Estate – Pending Contracts for February 2015
- In February 2015 there were 30 FishHawk Ranch homes for sale that are in Pending Contract status. In January 2015, FishHawk Ranch homes for sale that were in Pending Contract status was 20.
- The Median List Price Per Square Foot of the homes that are Pending status is $121.51.
Keep in mind that at this point we do not know how much the homes actually sold for.
FishHawk Ranch Real Estate – Market Analysis for February 2105
The FishHawk Real Estate market in February 2015 was generally weaker in almost every statistical category. The current month’s supply or backlog of homes in FishHawk Ranch increased from a 2.9 month supply in December to a 3.6 month supply in January and a 4.7 month supply of homes in February. This clearly shows that over the past 3 months we have seen a fairly large increase in the number of Active homes for sale on the market. Normally I would be concerned by this but in this case, I am glad to see the increase as it edges us closer to a normalized real estate market that typically has about a 5 to 7 month supply of homes available for sale.
The number of homes sold in FishHawk Ranch over the last 6 months has been consistently trending down. In October this number was 205, in February it was 152. So there is no question that fewer homes are selling every month. It also looks like the Price Per Square Foot of Sold homes is dropping. In January this number was around $122 and in February it dropped just under $112 Per Square Foot. The 6-month trend is lower as well. Based on supply and demand this only makes sense. There are certainly more homes being placed on the market for sale than homes sold.
So the question is why are fewer homes selling? In my opinion, there are a few different items to look at. think there are two main factors for that. The large institutional investors are not currently buying a lot of real estate. These companies bought thousands of properties in the Tampa Bay area. This drove down the available inventory that is now rising back up. Another reason is there is still not a good supply of “market” priced FishHawk Ranch homes for sale. Of the FishHawk Ranch homes that are currently for sale about 80% of those homes are listed for more money than the median sold price per square foot last month. No wonder they are not selling!
I feel that in the current months we will see this trend continue and prices continue to come down just a little bit. Please keep in mind that there are many factors that influence how fast and for how much a home will sell for. If you would like to know how much your home is worth just let me know. I will be happy to run a complimentary report and Strategic Market Analysis for you.
Current Mortgage Rates
Mortgage rates are still at historically low levels. Current mortgage rates for a 30 year fixed rate mortgage are hovering around 3.90%. This is a little higher than the 3.77% last month but still incredibly low. 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, maybe longer. This is not a direct indicator of mortgage rates but it sounds like mortgage rates should stay low for the near future.
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.
If you are looking for a good local mortgage professional contact me, I have some trusted professionals I can refer you to.
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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.
Jeff is a local FishHawk Ranch real estate expert. You will find him selling homes in Tampa Bay, Florida, and surrounding areas. Including Lithia, FishHawk, Riverview, Valrico, Brandon, and Tampa.
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