FishHawk Real Estate Market Stats for the Month Ending March 2020
Below is the FishHawk real estate market stats for the month ending March 2020. I will give a breakdown and my analysis of the FishHawk real estate market. I will also give you my thoughts about how the coronavirus is and might impact the real estate market.
First and foremost my thoughts and prayers go out to anyone that is being affected by the coronavirus. Everyone’s safety and well-being are so much more important than real estate.
Please Note: Real Estate has been deemed an essential service. 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.
Current FishHawk Real Estate Market State Year Over Year
- 27 homes in February 2020 were sold and closed in FishHawk. This compares to 32 homes in February of 2019. This is a reduction of 15.6% in the same month year over year.
- The median sales price of FishHawk homes that sold in February 2020 was $385,000 compared to $359,950 for February 2019. This is an increase of 7.0% year or year.
- The median percentage of the sold price compared to the original list price in February 2020 was 96.6%. In February 2019 that number was 97.5%.
- The median time to sell has not changed too much. In February 2020 is was 90 days compared to 87 days in February 2019.
- Active inventory levels have been reduced by 30.3%. In February 2020 there were 108 homes for sale in FishHawk compared to 155 homes for sale in February 2019.
- New listings from February 2019 to February 2020 remained the same at 63.
- The total month’s supply of inventory has dropped dramatically by 27.7% to a 2.2 months supply in February 2020 from a 3.0 months supply in February of 2019.
- The current median list price for FishHawk homes that are listed for sale is $154.40 per square foot.
- The current median sold price for FishHawk homes that sold in March 2020 was $145.76 per square foot.
Current Mortgage Rates
Mortgage rates are at historic lows. Per Mortgage News Daily the average 30-year fixed-rate mortgage currently sits around 3.25%.
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. The coronavirus without question has slowed the market down. It has not stopped and I do currently have a bunch of buyers still actively looking for homes. On the seller side. I am advising not putting the home on the market unless the seller absolutely has to move. That is both a safety recommendation as well as from a market standpoint recommendation. From a market perspective, I think we are seeing the effects of a lack of homes to sell. A little slow down in buying may actually help that a little and give some buyers more choices.
Looking ahead, if we can start to get people back to work in the next few months, I do not foresee a huge impact on home values and real estate in general. If companies do not start time bring workers back or just don’t rehire them the story could change. My feeling is that the FishHawk area is in high demand and we have historically low mortgage rates. With that combination I expect the buyer demand to remain high.
How the Real Estate Industry is Protecting Buyers and Sellers From the Coronavirus
As an industry, real estate is considered an essential business. Personally, I am trying to social distance as much as possible. There are certain industry items that need to happen. Items like home showings, appraisals, inspections, photos, closings, etc.
For showings, we are adhering to a strict showing protocol to protect both the buyers and the sellers, this includes:
- No more than two individuals and one Realtor is to tour the home at one time. No children are to be left unattended and recommended that they are not at the showing or stay in the car
- 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 not to touch anything during the showing except for exterior doors and the garage door
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 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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About The Author
The above real estate article FishHawk Real Estate Market Stats for the Month Ending March 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.
Jeff can also be reached via text or phone at (813) 421-3007.
Thinking of moving to the Tampa area? Click here for additional FishHawk Ranch information or see some FishHawk Ranch Homes For Sale.
© 2020, Jeff Gould. All rights reserved.