FishHawk Real Estate Market Stats October 2020

Posted October 17, 2020

FishHawk Real Estate Market Stats October 2020

Below are the FishHawk Real Estate Stats for October 2020. These cover the end of the 3rd quarter of 2020. There is certainly a lot impacting the current real estate market, such as COVID, historically low mortgage rates, and a very limited number of homes listed for sale. Let’s see how all of these factors affect the market and real estate prices in the FishHawk area.

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.

FishHawk Real Estate Market Stats October 2020 – My Thoughts On Video

Please join me as I look through the FishHawk real estate market stats October 2020 and discuss my thoughts on the market’s current state.

Current FishHawk Real Estate Market State Year Over Year

In September, 52 homes were sold and closed in FishHawk Ranch and the surrounding Lithia, Florida area. In September of 2019, 45 homes sold and closed. That is an increase of 15.6% year over year. This is a very small sample size, but the trend is up over the last few months. I do have some concerns in the future; I will touch on them further down in the article.

The median sold price of homes in Lithia, Florida, including FishHawk homes in August 2020, was $385,000 compared to $355,000 in August of 2019. That equals a 9.1% year-over-year increase in the median sold price. Since the area does not have a ton of homes that sell search month, a few extra high or low-priced homes could impact the median number. I like to use this chart to paint a picture of the market direction in conjunction with other charts.

The median percentage of the sold price compared to the original list price in August 2020 was 98.3%. In August 2019, that number was 96.4%. This is an interesting number, and if you look at the chart, you will notice an upward trend between 2018 and 2020. I believe this is due to a shortage of homes that are for sale. I am seeing homes priced well selling in days and multiple offers being placed on homes, driving prices up.
In September of 2020, the median sold price of a single-family FishHawk Ranch home without a pool was $145.90. The low sold price per square foot was $120.35, and the high price was $217.02.
In September of 2020, the median sold price of a single-family FishHawk Ranch home with a pool was $170.79. The low sold price per square foot was $146.62, and the high price was 189.02.

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 been shrinking. August 2020 is was 21 days compared to 37 days at the same time last year. This is a 43.2% reduction in the time it takes for a home to go under contract. This is another good indicator showing how low our inventory levels are.

Active inventory levels without sugar-coating it painfully low! My hope for adding new listings to the market in March and April did not happen. Homes that were listing sold extremely fast! Buyer demand is robust, and buyers are starting to get frustrated with the available homes for sale in FishHawk and the rest of the Tampa Bay area. At the end of September, there were 71 total active single-family homes for sale on the market. Compare that to September of 2019, when there were 136 active homes for sale on the market. That correlates to a 47.8% reduction in available homes to sell! As you can see from the chart below. Except for the holiday season, there has been a steady decline in available homes for sale in the area.

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 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 an already tight market on homes to sell, the lack of new listings is really impacting the current market.

The total month’s supply of homes of inventory is starting to drop off dramatically. The chart below does month’s supply of inventory chart below shows the trend through August. It does not take September into account. If you look closely at the chart below, it is broken down by price range; we can see a detailed snapshot of the inventory issues we are currently facing. Overall in Lithia, we are at a 1.2 month supply of homes. In its simplest form, that means if no new homes are listed in 1.2 months, we will have no homes to sell. That won’t happen as new homes are listed all the time, but 1.2 months is the lowest I have ever seen it, and homes under $300,000 are very hard to find.

Tampa Real Estate Market Report

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

Current Mortgage Rates

Mortgage rates are at historic lows. Per Mortgage News Daily, the average 30-year fixed-rate mortgage rose slightly from last quarter to 3.0%!

Note: Mortgage rates quoted are just averages. Several factors determine your final mortgage rate. 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

The FishHawk real estate market and the real estate market for most of the Tampa Bay area are a tale of two sides right now. If you are a seller, with about a 1.1 month supply of homes for sale, we are at the lowest inventory levels that I can remember. Homes in nice shape that are priced correctly should sell very quickly. If you are a buyer, the opposite is true. There is a limited selection of homes to choose from. If you find one you like, you need to act quickly and make a compelling offer. With the holiday season coming up, I do not see a situation where a lot of new homes are going to be listed for sale until after the second week of 2021 and into the spring selling season.

Looking ahead, I see pricing still pushing higher as demand outweighs supply with, in some cases, multiple buyers putting offers in on the same home. I see a strong seller’s market going forward, at least until March or April when new listings start to hit the market.

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 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. If there are multiple offers, have a plan in place if you really want the home. Sellers are not currently moving too much off of their list price.

What Does This Mean If You Are Selling A Home In FishHawk?

We are in an extreme 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 price ranges. Even in this market, I do not advise overpricing the home. Buyers are savvy and won’t overpay, but if you find a buyer that is willing to overpay, unless it is a cash offer, it will still need to appraise.

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. 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
REALTOR® 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 before 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 Stats October 2020, was written and posted by Jeffrey Gould.

Jeff is a top-selling, nationally recognized Florida 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, Land O Lakes, Wesley Chapel, Brandon, and Tampa.

Jeff is your local and trusted professional if you are looking to sell or buy a home anywhere in the Tampa Bay area.