Lakewood Ranch Insider – The Camino Blog
A short update on what’s happening with Real Estate and Living in Lakewood Ranch.
As of August 17, 2011
Less is more……..
The number of Single Family* homes for sale in the Gated ** areas of Lakewood Ranch has fallen below 100 for the first time in recent memory. To put that in perspective, the number of units for sale in those same gated areas on June 1, 2008 was 313!!!!
While the absolute number is important, the significance is that we are ushering in a point of equilibrium in the market. In the industry that’s when there is 6-7 months of supply available which is then defined as neither a seller’s market nor a buyer’s market, thus equilibrium.
Thus far this 2011, there have been slightly over 14 closings per month. Using that sales level as a base, we have 6.9 months of inventory available. When looking a little closer at that number we find that three of the four submarkets have UNDER six months available.
Months of Inventory by Submarket
Under $500,000 5.00
Over $500,000 5.60
Traditional Single Family
Under $1,000,000 5.45
Over $1,000,000 35.00
As you can see, with the exception of the luxury category, everything else is well below equilibrium and trending toward a seller’s market!
Maintenance free under $500,000 is going like gangbusters. The 67 sales during the first 7.5 months of 2011 have already matched the 69 sales for all of last year! Four and a half months to go.
Prices are UP in the traditional single family under $1,000,000 category! This year’s closings have averaged $188 per sq. ft. up from $181 last year.
More statistics (including gated condominiums) and the second quarter sales details will be available on Facebook soon.
More of….. Less is more.
Florida is getting younger!!!! Well, not really. But, according to the 2010 Census results, we are now the 5th oldest state in the union. That’s down from 2nd in 2000 and 1st (oldest) in 1990. I feel better already.
New, new, new….
Station 400, a wonderful breakfast and lunch restaurant from downtown Sarasota(http://station400.com/story.htm) will be opening in the former Serving Spoon space next to Starbucks. Rumors are that they may be adding dinner as well.
Work is progressing nicely on….
- Viking Culinary Center http://www.vikingrange.com/consumer/cookingschool/location_overview.jsp?id=cat14260046
- Pastries by Design http://www.pastriesbydesign.com/flash/index.html
- Fast n Fresh http://www.eatfastnfresh.com/
….all onMain Street in Lakewood Ranch. Very exciting.
Lots of good news in Lakewood Ranch. Hope to see you soon.
Sarasota Magazine “Best in Client Service” for FIVE consecutive years.
*Single Family homes include both maintenance-free and non maintenance-free (traditional)
**Gated areas for this report are The Country Club, Country Club East, The Lake Club, and Edgewater Pointe/Cove.
***All information sourced through Mid Florida MLS. Includes re-sales and builders spec homes.