1

The Neighborhood Report – Palmer Ranch Communities

Lake and Golf Views from 4005 Las Palmas in Prestancia - Listed by Jane Rees.

Lake and Golf Views from 4005 Las Palmas in Prestancia - Listed by Jane Rees.

A sprawling, master-planned community, Palmer Ranch offers a myriad of lifestyle opportunities for any taste. Residential sales activity in Palmer Ranch has been lively, according to Palmer Ranch office branch manager Darla Furst. Convenient to Sarasota’s beaches, vibrant downtown and cultural attractions, the communities in Palmer Ranch include: Country Club of Sarasota, Deer Creek, The Hamptons, Huntington Pointe, Marbella, Prestancia, Savannah at Turtle Rock, Stoneybrook and Turtle Rock.

A Closer Look at Palmer Ranch Sales

There have been 35 single-family homes to have gone under contract (pending) within the last 30 days. Of those pending sales, six homes (17 percent) are in the Deer Creek subdivision, five are in Village Walk, and four in Turtle Rock. A majority of these properties were listed under $400,000, which universally seems to be the most active price range for the area. Twelve of the homes were listed under $300,000. The average days on the market for these properties were 99, which is also a good indication that the market is healthy.

With regard to closed sales in the same 60 days, we again have positive news to report. There have been 44 closed transactions. Six of those homes were sold in The Hamptons, five each in Village Walk and Turtle Rock, and four each in Deer Creek, Silver Oak and Prestancia. Twenty-two of the homes sold under $300,000, yet six of them sold over $500,000. The median days on the market was 128, or four months, and they were selling at 90 percent off list price, all of which are also good signs of a stabilizing, healthy market.

A Story of Success

While the under-$400,000 price range sees the most activity, there is a great story in the Palmer Ranch area with regard to the higher end. Included in the homes sold in the last 60 days is a house at 8981 Rocky Lake Court in Silver Oak. Palmer Ranch agents Maripat and Bob Flood listed the house in June for $1,199,995. It went under contract and closed in just 10 days to an all-cash buyer for $938,000. This is evidence of seeing a brisk market even in the higher end for Palmer Ranch.

Point of Interest

There are currently 160 single-family homes on the market in Palmer Ranch. The amazing news is that based on last month’s statistics for Palmer Ranch, there were 24 pending sales in the month of August, which leaves just a 6-month supply of homes in Palmer Ranch.  Compare that to November of 2008, when there was a 22-month supply of inventory based on homes going under contract that month.  Real estate economists will all tell you that a 6-8 month’s supply of homes is a healthy, stable market.

Darla’s Bottom Line

Still think you’re going to wait to buy the perfect home? If you have found the home of your dreams but you’re waiting for the price to drop, I’d buy it now. At the rate we’re seeing sales, it just may not be here next month.

  • User Gravatar Jan Sgueglia
    September 16th, 2009

    In reference to Palmer Ranch don’t forget the newest community ” The Isles” We do have a Capri III Villa currently on the market that was built before the builder changed model and contruction methods. This is the only resale in the villas which was built with the poured cement walls. This villa has all the extras and then some and is well priced at $262,000. This location is truly the best and offers a perfect livestyle.

Share your thoughts, leave a comment!



Google Profile