Lake St. Charles Residential Sales 3rd Quarter 2013 Update

Map of Florida highlighting Hillsborough County

Map of Florida highlighting Hillsborough County (Photo credit: Wikipedia)

Lake St. Charles is a residential subdivision located in Riverview (Tampa Bay), Florida.  Riverview is considered to be one of the premier bedroom communities to Tampa and has seen a significant amount of new development in this area of Hillsborough County.  Lake St. Charles features amenities like a 70 acre lake, swimming pool, tennis courts, sand volley ball court, basketball court, playground, miles of trails for walking and biking, community activities and more.

Due to the complexity of the current real estate market, I have analyzed the market trends and conditions conclusions.  I have also analyzed the absorption rate, which properties for sale have been or can be sold (marketed) within the neighborhood. This is one of the useful tools in measuring supply and demand trends for the neighborhood.  The absorption rate is determined by dividing the total number of sales for a given market by the time period being analyzed.  In this instance, there have been 12 sales in the last quarter indicating an absorption rate of four homes per month.   The current listing/contract inventory is at 21 properties.  Of the total 21 listing/contract properties, 12 are listings that reflect a three month supply.  This is consistent with the historical absorption rate indicating that there is not oversupply of listings available.  However, the actual days on the market is slightly longer than historical trends.

Lake St. Charles

The median sales price continues to increase and is currently at $228,250 based on closings during the last three months, which is higher than the median listing/contract price at $209,900 as well as the actual days on the market.

Lake St. Charles Actives

Lake St. Charles Last 6 Months

Lake St. Charles Last 12 Months

The average and median sales price continues to increase on a “per square foot” basis.  The average and median listing/contract prices continue to show this upward trend in prices on a per square foot basis.

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