People from Miami are moving to a growing Florida area. What’s happening there?
If it’s true that the three most important words in real estate sales are “location, location, location,” then it’s clear why Lakewood Ranch is getting a big bounce these days.
Here’s what to to know about the area:
Location: Lakewood Ranch straddles the Manatee and Sarasota county line, giving it a foothold in two of the fastest-growing counties in Florida.
Population: Manatee County grew by 29,420 residents in three years, according to the U.S. Census Bureau estimate as of July 2, 2022. Since 2010, Manatee County grew by 106,292 residents to a 2022 estimate of 429,125.In Sarasota County, the 2022 Census estimate was 462,286, an increase of 28,281 from 2020. Since 2010, Sarasota added 82,838 residents.
Robust sales
Increase: Lakewood Ranch closed the first quarter of 2023 with 580 sales, a 17% increase over the same quarter in 2022. In March, builders reported 236 sales, which was a 33% increase over the same month in 2022, as well as a 33% gain over February of 2023.
Prices: The average price in the first quarter was $748,481.
Perspective: “Florida is still seeing a great deal of in-migration from other states, but more recently, the Ranch has been experiencing increasing moves from within Florida, mostly from high-priced, congested regions,” Laura Cole, senior vice president of LWR Communities, LLC, said in a statement.
In-state migration: Especially from Miami, Tampa and and Orlando, Cole said. Lakewood Ranch has also seen buyers coming from hurricane-impacted areas south of Sarasota County.
Sales: “The Ranch’s ongoing sales successes are due to the variety of neighborhoods, home styles, and price points that continue to be offered to various buying segments. The introduction of neighborhoods with more attainable price points in 2023 will round out and drive additional sales,” Cole said.
Sales have been climbing month over month since September of 2022, but March represented the largest jump in sales at Lakewood Ranch since the pandemic housing boom in late 2020/early 2021.
Even though sales remain strong, they won’t approach the most frenzied sales period during the COVID-19 pandemic.
In 2021, Lakewood Ranch sold a record 2,562 homes.
A changing market
The 2023 growth in sales at Lakewood Ranch is attributable, in part, to builders doing a good job in “finding the market” in the more challenging entry-level and family move-up villages, by offering special financing, flex cash and closing cost contributions, the news release said.
The luxury market also saw increases, including the opening of Wild Blue, a new luxury home neighborhood in Waterside.
Rentals have become a major source of new home buyers — a number of new apartment and build-for-rent communities have opened or are nearing completion.
“Many people want to move to Lakewood Ranch but haven’t made a final purchase decision,” Cole said, “or want to give Lakewood Ranch living a test drive. We are able to offer options for potential buyers, no matter where they are in their decision making.”
