Lakewood Ranch Market Bottom?
Posted by Marc Rasmussen on Thursday, June 9th, 2011 at 10:37am.
Has the Lakewood Ranch real estate market bottomed? As I was writing my last blog post Lakewood Ranch real estate market update I was analyzing some of the great charts that Trendgraphix provides. One of them was a chart of months of inventory. You can see it below.
The above chart is for zip code 34202 which includes all of the villages of Lakewood Ranch, The Concession, River Club, Braden Woods, Panther Ridge and a couple of other commmunities.
Isn't it impressive to see the decline in months of inventory? The above calculations are for closed sales. As of April 2011 there is a 5.4 month supply of homes for sale. This is a far cry from the inventory levels of late 2007. Look at the chart above. Notice the spike that reached almost 45 months of inventory.
Absorption Rate of Lakewood Ranch Homes
Here is a chart showing the absorption rate of Lakewood Ranch homes.
As of April 2011 the absorption rate is 18.5%. To put things in perspective the absorption rate in April of 2006 was 2.6%.
Let's Dummy It Down
Below is a chart of the number of single family homes for sale, sold and pending in the Lakewood Ranch area. Let's say you are a buyer in April of 2006. You would have had 1,628 homes to choose from. In April of 2011 you have a mere 270.
So, is the Lakewood Ranch real estate market bottoming? Feel free to comment.
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Share2 Responses to "Lakewood Ranch Market Bottom?"
As long as there is still vacant land in Lakewood Ranch the market will continue to stay where it's at. Ask yourself a simple question...why should it go up? Supply is at it's current level because the builders stopped selling homes. I think we all agree the market five years ago was inflated and those levels won't be a seen for a long time.
Posted on Monday, June 13th, 2011 at 1:03pm.
It definitely appears that way. Great job on the graphs and data! Buyers need to realize that it is not important to pick the absolutely bottom. Close enough is good enough.
If you buy today at least you know you are not buying at the top!
Posted on Thursday, June 9th, 2011 at 11:08am.