Lakewood Ranch: State of the Market at a Glance

So what is the market looking like right now for Manatee County and Lakewood Ranch? Buyer demand is still high despite higher home prices and interest rates, but there are still viable areas of opportunity in the market. New construction continues to move a long at a solid pace and is keeping resale prices in check. In some cases, sellers of resale properties are still holding out for higher prices and days on market have increased. New homes for sale in Lakewood Ranch in communities like Azario, Lorraine Lakes, and Sapphire Point continue to experience strong sales.

Right now, homes that have been on the market for a while present a terrific offer opportunity. If properties are moving and the seller's home is sitting, making an offer on a home you really like can serve as a wake up call for sellers who feel their home is worth more than what the market is bearing.

For May (our latest statistics), the median price for single family homes has slipped by 6.4% while condos have increased by 3.4 percent. Days on market for homes and condos is up, but still within a reasonable threshold--32 days for time to contract on single family homes and 37 days on the market for condos. Inventory is still low--2.7 months of inventory for homes and 3.4 months of inventory for condos.

I recently put a home under agreement in a community called Twin Rivers in Parrish. The home had been on the market for a whopping 300 plus days. The home was lovely and in pristine condition but the initial pricing strategy for this home was clearly not in alignment with the market. We looked at this home as an opportunity and the buyer was able to put the home under agreement. Sometimes the best values are right under your nose! 

About the Author: Robert Casella, JD, Realtor, CRS, CLHMS, CIPS, RENE specializes in niche communities and neighborhoods in and Lakewood Ranch, Wellen Park, Parrish, and Downtown Sarasota. His numerous accolades, wealth of market knowledge, extensive experience, and commitment to continuing education are key reasons you should consider him as your realtor of choice in your real estate journey. Don't take his word for it--trust his numerous 5 star  reviews from real customers that have expressed confidence in his integrity, passion, and profound motivation for doing his very best for you. 

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