Home Marketing Tips Plus Timely Information on Factors Affecting the Sarasota and Manatee County Real Estate Market

Lakewood Ranch Real Estate Market Update

Sources for this article are Trendgraphix and the Mid Florida Regional MLS (MFR MLS) for the periods indicated. Where current inventory figures or year to date sales are sited, all figures are through or as of May 22, 2010.

Unit sales of single family homes for the month of April 2010 in zip code 34202 (which includes all of Lakewood Ranch) totaled 39 residences, the same sales volume as April 2009. However, by month end April 2010 the inventory of unsold single family homes was 291 compared to 420 at the end of April 2009. A 30% drop in inventory while holding on to the same level of sales is a very positive sign for the housing market.

Another positive sign is the growth in pending sales (homes under contract but not yet closed). As of the end of April, 80 listings were in pending status. Last month's figure of 61 had been the 15 month high but this month bested those results by nearly 25%.

The Lake Club

There are 11 homes currently listed for sale in the Lake Club. Two of the active listings are short sales. There are no bank-owned properties among the active listings. The listing prices range from $929,000 to $2,860,000. The median list price per square foot of air conditioned space is $306. No new homes were completed in the Lake Club during 2009 and none have been completed so far this year, although there have been some starts.

There have been 5 sales so far this year in the Lake Club. Sale prices have ranged from $750,000 to $2,650,000 or between $182 and $407 per square foot. Two of these sales were short sales (none were bank-owned sales). The two short sales were 2 of the lowest priced sales at $750,000 and $1,225,000.

The Lakewood Ranch Country Club

There are 97 homes currently listed for sale in the Country Club Section of Lakewood Ranch. Of these 18 are listed as short sales and 2 are bank-owned. The listing prices range from $223,500 to $3,799,000. Sixteen homes are listed for over $1,000,000. The median list price is $575,000 or $196 per square foot of air conditioned space. The median listing price for the 18 short sales is $175 per square foot. The two bank-owned listings are listed at $146 and $175 per square foot.

So far this year 56 single family homes have sold. During the same period last year, 51 homes sold. This year 10 of the sales were short sales and 2 were bank owned listings. Comparable figures are not available for last year. For this year, the median sales price has been $522,500 or $184 per square foot of air conditioned space. The 10 short sales sold for a median price per square foot of $170 while the median sale price for the 2 bank-owned sales was $144 square foot.

There are a number of signs that the Lakewood Ranch Real Estate Market is improving, but the best news is the steady decrease in inventory levels. Regardless of what you read about foreclosures and short sales affecting the market or what you think the high levels of unemployment will have on the market (put me in this camp), low inventory levels are the acid test. In my mind, high foreclosures and high levels of unemployment should be affecting the market (ie lowering prices) by causing inventory to increase. If inventory continues to decrease, then these highly publicized problems aren't really that big of a factor in our housing market.