Cristina Lakes Residential Sales 3rd Quarter 2013 Update

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

Cristina Lakes 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.

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 measure of  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 two sales in the last quarter indicating an absorption rate of 0.7 homes per month.   The current listing/contract inventory is at 10 properties.  Of the total 10 listing/contract properties, five are listings that reflect a seven month supply.  A health supply is six months.  Thus, it does not appear to be an oversupply of listings available.  However, the actual days on the market is slightly longer than historical trends.

The median sales price continues to increase and is currently at $200,500 based on closings during the last three months, which is about the same as the median listing/contract price at $197,500.  However, the actual days on the market is longer than historical trends.

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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