LAKEWOOD RANCH HOME SALES - ON THE RISE

LAKEWOOD RANCH HOME SALES - ON THE RISE

Last week, LakewoodRanch.com reported their overall sales for the first quarter of 2019. With a 7% increase over the first quarter of 2018, they reported a record 417 sales. Of the three months in the quarter, March hit an all-time monthly sales high of 170 homes, which averages to almost 5.5 homes per day!

Laura Cole, Senior VP of LWR Communities, LLC, states, “Florida buyers make up roughly half of The Ranch’s sales, and of that 50 percent, half come from within the community itself.” 

Of all Florida cities, Tampa proves to be the largest source for young families. They not only buy in Lakewood Ranch for the close distance to their job market, but they buy for the A-rated schools, sports, and positive family atmosphere. Other Florida communities joining the Lakewood Ranch bandwagon are Orlando and the east coast of Florida. Surprisingly, New York and New Jersey comprised of almost a quarter of all outside new home purchases. In addition, the Mid-Atlantic, Washington, D.C., Virginia, Maryland, and California regions have all increased in activity from previous years.  

Condo sales increased in the most neighborhoods, but special mention is in order for the following communities:

• Sales in multi-gen villages like Mallory Park and Savanna were very strong.

• The Isles, a new village, and Woodleaf Hammock (which hasn’t even opened its models yet) are beating their projected pace.

• Waterside, The Ranch’s village in Sarasota County, had its best month since opening, with 16 sales in March.

• Age-targeted and/or restricted Del Webb, Esplanade and Lakewood National saw gains.

Homebuyer traffic in The Ranch has increased 10 percent over the first quarter of 2018, with a higher number of new, qualified buyers in the market. According to Laura Cole,“We, like most of the country, experienced buyer malaise in Q4 of 2018.  The Federal Reserve’s announcement of its intent to keep short-term interest rates where they are for the rest of 2019 creates much needed stability and confidence.  Also, there is no doubt that buyers from high-tax markets like New Jersey are accelerating their decisions to move to Florida and Lakewood Ranch.”

Also on the rise in Lakewood Ranch is job growth. In 2018 alone, The Ranch added 2,631 jobs and 1.1 million square feet of commercial development, per economist Hank Fishkind. Clearly, job growth is taken into account when future residents are evaluating where to buy a home. 

For additional information on purchasing, selling, or investing in Lakewood Ranch, contact the Casella Group directly at 941.961.4037 or email robert@lwrhome.com.