FishHawk Real Estate Year-End Review for 2021

FishHawk Real Estate Year-End Review for 2021 – Looking Ahead to 2022

Posted January 20, 2022

FishHawk Real Estate Year-End Review for 2021 – Looking Ahead to 2022

Happy New Year! Wow, it is hard to believe that 2021 has come and gone. I know it was a challenging year for a lot of people for a lot of different reasons. Hopefully, 2022 will be a much better year for everyone!

In the world of real estate, I had my best year ever with around $16,000,000 in closed homes. As good as that sounds it was still a challenge and I will get into that below.

Before I get into my real estate review, I want to thank all my clients for your trust in me, your referrals, and your business! I truly hope that I exceeded all of your expectations!

My Thoughts On FishHawk Real Estate For The Year Ending 2021

I have been saying this for over 5-years now, but one thing is still very clear to me. With the influx of buyers moving to FishHawk and the rest Tampa Bay area, there are just not enough homes available to sell to meet the demand. In 2020, the disparity between the number of buyers and the availability of homes for sale was as bad as I have ever seen it. In Lithia (FishHawk area), this has brought our month’s supply of inventory to the lowest number I have ever seen at 0.5 months. Basically, what that means is if no new homes are listed, we will sell out of every home in 15 days. That won’t ever happen as new homes do get listed but it is a scary thought.

Let’s take a look at some stats and I will give you my thoughts on each.

FishHawk Real Estate Year End Statistics For The Year Ending 2021

Let’s take a look at these a little closer. The stats are comparing December 2021 to December 2020.

Closed Sales: I’ve been saying that demand has been up, so why would closed sales be down 14%? There are a lot of buyers that have been attempting to purchase a home and so far have been unsuccessful. The downward pressure on closed sales is 100% a lack of inventory not a lack of buyers.
Median Sales Price: By itself, this is not always an accurate look at price but combines with the average sales price, it is telling. The median sales price was up 33% from last year. That is a big year-over-year jump. From what I am seeing, the number is pretty accurate.
Average Sales Price: Again, by itself, not a great indicator. I do feel like I saw more higher-dollar homes sell in 2021 than I can ever recall selling. Interestingly, my average sold price for homes in 2021 was $565,352. A very small sample size, but for 2022 I have 6 homes under contract through January 20th, the average sold price is $630,484.
Active Inventory: Ugh! For all of Lithia, Florida, at the end of December, there were 32 homes for sale. For some perspective in 2015, there were 118 homes for sale.
Median Time To Contract: This is very interesting. Home getting listed in December of 2021 sold basically 75% faster than homes listing in December of 2020. Keep in mind that negotiation of an offer and getting all the signatures could take a day or two. So from list date to an acceptable offer is probably taking a day or two. That to me is amazing!
Month’s Supply of Inventory: This is the big one and it is painful to see. Our supply of available homes to sell is down around 45% from last year. A healthy, balanced real estate market generally has a supply of homes around 6 or 7 months. Looking at pure supply and demand, you can see why prices have been pushed up so much over the last year.

Looking Forward To 2022

Looking ahead to 2022 I feel like it will be another frustrating year for buyers and a great year for sellers.

Buyers

For buyers, the availability of homes to buy will probably not change too much from 2021. I do expect new listings to hit the market between March and May. That said, there is a lot of pent-up demand from buyers that were not able to find a home last year. As a buyer, there is a good chance that you will not be able to find the “perfect home” and might need to compromise on price, features, the size of the home, etc. Mortgage rates while still at historical lows are moving higher. A rise in the rates does reduce the buying power of a buyer. I feel this will also add to the demand during the first half of the year as buyers try to get their rates locked in. I do not expect mortgage rates to impact buyer demand very much. With around 800 new people moving to the Tampa area every day I do not feel that there will be anywhere near enough supply. If for some unexpected reason mortgage rates top 6% my theory will change. But for now, I do expect another very strong seller’s market with prices again rising around 20%.

If you are a serious buyer make sure you are pre-approved or have proof of funds ready and be prepared to make a very compelling offer on a home that you really want. Each home will be a little different but feel free to reach out to me for my theory on getting homes under contract now. It is not perfect but I have been getting my share of homes under contract.

Sellers

For sellers, you are once again in the driver’s seat. Homes that are priced well and updated are selling in days and in most cases for more money than the asking price. Again, I see the real estate market remaining very strong for sellers. The one item that could impact it is a huge jump in mortgage rates. I do not expect that but certainly, something to keep an eye on.

If you are thinking of selling CALL ME! Seriously, I have multiple buyers looking for homes and may be able to get you a better-than-market price offer without the hassle of having home showings. Plus don’t forget if you want to list and sell it that I have one best marketing plans around and will get your home sold for top dollar!

Figures based on information from the Stella MLS and Greater Tampa REALTORS®. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. Therefore, I cannot guarantee accuracy. This data reflects a specific point in time, and cannot be used in perpetuity due to the fluctuating nature of markets.

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About The Author

The above real estate article FishHawk Real Estate Year-End Review for 2021 – Looking Ahead to 2022 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.