Lake St. Charles Residential Sales Year-to-Date Ending October 2013 Update

Lake St Charles

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.

Typically, there is a slow down in the number of transactions during and leading up to the Holidays in November and December.  This is due to the fact that most people do not want to move during the Holidays.  This is especially true for families with kids.  However, the Lake St. Charles development is showing significant demand due its amenities and desirable location.  I have looked at other communities within suburban Tampa that have not had the same amount of demand.

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 14 sales in the last three months indicating an absorption rate of 4.67 homes per month.   The current listing/contract inventory is at 15 properties.  Of the total 15 listing/contract properties, only 10 are listings that reflect a 3.3 month supply.  Most housing experts believe that a healthy supply of homes on the market is a six months supply.  This is consistent historical trend showing an increasing absorption rate indicating with not enough listings available.  However, the actual days on the market is slightly longer than historical trends.

Lake St Charles 2013 YTD

The median sales price continues to increase and is currently at $209,950 based on closings during the last three months, which is higher than the median listing/contract price at $204,500 as well as the actual days on the market.

Lake St Charles 2013 YTD Actives and Contracts

Lake St Charles Last Six Months of 2013

Lake St Charles Last 12 Months ending in November 2013

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.

If you are interested in buying a new home or an existing home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  My email address is alanlane66@gmail.com or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for homes on my website at this link.

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