Brentwood Hills is a residential subdivision with over 1,000 homes located in Valrico (Tampa Bay), Florida. Valrico is considered to be one of the premier bedroom communities to Tampa and boasts some of the highest median incomes in Hillsborough County. Due to its location, this community is a favorite of military personnel stationed at MacDill Air Force Base. The community amenities include a non-heated pool with Jacuzzi jets, three pavilions, full locker rooms with restrooms, tennis courts, and park grills with a newly covered rubber mulch playground area. There is also a full-scale soccer pitch is located across from the swim and tennis facility.
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 13 sales in the last quarter indicating an absorption rate of 4.3 homes per month. The current listing/contract inventory is at 19 properties. Of the total 19 listing/contract properties, seven are listings that reflect a 2.3 month supply. A health supply is six months. Thus, it does not appear to be a lack of available listings. Additionally, the actual days on the market is decreasing and difference between the listing and sales price has narrowed.
The median sales price has increased from last quarter and is currently at $141,000 based on closings during the last three months, which is more than the median listing/contract price at $141,000.
The average and median sales price continues to increase on a “per square foot” basis. The average and median listing/contract prices is lower on a “per square foot” basis. However, the average and median sales prices continue to increase on an overall basis.
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