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.