Lakewood Ranch real estate is at one of the healthiest levels it has experienced in awhile. The Realtor® Association of Sarasota and Manatee (RASM) reports that the sale of foreclosed properties is down, which is an indication that the Lakewood Ranch real estate market is strong!
Latest Numbers in Sarasota – Manatee Counties
Sarasota and Manatee Counties showed a significant decline in its sales of distressed properties. In the last report covering homes sales in August, the number of foreclosures and short sales dropped 53.9 percent when compared to the same amount of sales in August 2015. The number of homes for sale in Lakewood Ranch and other cities in this two-county region indicated only 5.8 percent of its total sales in August were from distressed sales. The same month last year listed distressed sales for the month of August at 12.8 percent.
The RASM report shows the combined closed sales of single family homes and condos jumped up slightly from August 2015, coming in higher by 1.8 percent. However, when examined closely it is clear that traditional sales of non-distressed properties increased 9.9 percent over last year during this same month.
2016 RASM President Linda Formella pointed out the drop in sales on distressed properties gives Sarasota and Manatee Counties a much healthier real estate market overall when compared to last year. Fewer sales of distressed properties mean there are fewer distressed homes, which is great news!
Formella does note that the record-breaking number of sales in 2015 may not be reached this year, but the sales for 2016 seem to be much healthier ones, even as the number of pending sales is examined. Overall, there is sure to be strong closed sales for both Sarasota and Manatee counties before the year ends.
Property inventory is up by about 22 percent so home sellers are feeling more comfortable about listing their homes for sale in Lakewood Ranch. According to RASM, single family homes added to the inventory rolls increased 17.6 percent for both counties. When it comes to supply, Sarasota and Manatee single family homes both have just over a 4-month supply.
The inventory for condos also increased by 32.9 percent. RASM shows Sarasota County maintaining just over a 5-month supply of condos, while Manatee County is reflecting nearly a 4-month condo supply.
These inventory numbers are good. Since they are under the six-month benchmark, they indicate it is still a seller’s market.
Importance of Distressed Sales in the Lakewood Ranch Real Estate Market
In the past few years, the Lakewood Ranch real estate market dealt with many distressed sales in its homes for sale in Lakewood Ranch. Distressed sales are an important element in any real estate market since it helps clear out foreclosed properties in an area. However, it can work against the real estate market as a whole.
Foreclosures and short sales are sold at a discounted rate and their final closing prices are much lower than non-distressed sales. When the share of distressed sales is high, it can pull down the prices of those properties that are non-distressed sales.
Of course, there will always be some level of distress in the housing market, wherever it may be, but if it is overly exaggerated, it can lower the area’s value.
