Lakewood Ranch’s Average Prices Rise and Inventory Falls

June 11, 2008

 During the first five months of 2008 average sales prices in Lakewood Ranch increased by 4.5% and median sales prices held almost steady over the same period last year.  The average selling price as reported through the Sarasota Multiple Listing Service rose from $582,975 in 2007 to $608,585 in 2008 in Lakewood Ranch. Median selling prices held almost steady at $432,500 in 2007 compared to $442,500 in 2008.

            The inventory level of existing single family homes in Lakewood Ranch has also declined significantly during the first five months of 2008 after rising in the third and fourth quarters of 2007. The standing inventory is 363 listed single family homes compared to 424 at the end of 2007 and is at its lowest point since early in 2006.

            “This increase in prices is very good news for Lakewood Ranch and the overall Sarasota/Manatee real estate market, especially when it is coupled with the falling inventory levels in Lakewood Ranch,” says Milt Flinn, president of LWR Communities, LLC.

            Lakewood Ranch serves as the centerpiece of the central west Florida real estate market and during 2005 received national attention as the epicenter for the real estate boom in the area. The Green-certified, master-planned community of Lakewood Ranch in 2004 and 2005 had lotteries for potential home buyers and sold more than 1,000 units in 2005 alone.

            “The benefits and amenities available for someone who moves to Lakewood Ranch have not changed; we have actually improved on what we had to offer in 2005.”  Flinn also notes, “We always knew Lakewood Ranch would start to recover first, it’s where people want to live and raise their families.”

             Since 2005 Lakewood Ranch offerings have grown significantly.  Both Main Street and San Marco Plaza opened, with the movie theater and numerous dining and shopping opportunities.  A new shopping complex, which includes a Publix, opened at Lakewood Crossings, along with many other businesses.  Two new communities, Country Club East, with its new golf course, and The Lake Club have opened and new shopping is coming to Lorraine Corners. Two new elementary schools have also opened since 2005.

            Lakewood Ranch has three information centers, open seven days a week.  The Community Ambassadors offer free car tours with an overview of the community.  More than 40 models and showcase homes are open daily in The Country Club, Country Club East, The Lake Club and Greenbrook.  More information and directions can be found at www.lakewoodranch.com  and www.TheLakeClubLWR.com .  

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