I was recently asked by a reader why are my Real Estate Market Statistics being published later in the month. I simply replied that I want to be as accurate as I possibly can to my readers and followers. Generally, I blog about my monthly Lakeland Real Estate Market Report around the 15th of each month for the preceding month and for my Polk County Real Estate Market towards the end of the month.
Generating monthly market reports too early can lead to erroneous statistics which I learned the hard way. Realtors® get their information from the Multiple Listing Service (MLS) and although we have to input listings, changes to a listing and information when a property was sold within a short time, real estate agents fail to report the data in a timely manner.
As far as my Polk County market reports concerns, the same thing applies for reporting requirements from each real estate agent and with thousands of properties being listed in the MLS and hundreds of listings sold every month, accuracy and timing of my Real Estate Market reports is important to me. And for an added bonus, I wait until I receive the National and Florida Real Estate Market Report so you’ll see not only what happens in Polk County, but on state and national level as well.
So without further ado, here is my real estate update for the month of November 2009 in and around Polk County.
The National Association of Realtors® reports that existing homes sales remained very strong for the month of November giving credit for the first time homebuyers program. The Florida Association of Realtors® reports that existing home sales rose 61% in November from the previous year, showing for the past 15 months that overall real estate sales in the State of Florida have increased. While much credit is given for the extended and expanded homebuyers tax credit for the increased sales activity in the past, the decline in home values and sales prices resulting from the increased sales of distressed properties and foreclosures.
Florida’s median sales price for existing homes last month continued downwardly to $139,000 for a 12% ($158,200) decrease from the previous year and less than 1% ($140,300) from the previous month.
The Polk County’s overall housing prices improved slightly.
589 existing homes sold – a slight decrease of 3.6% from the previous month (612 sold homes) in Polk County – an increase in sales activity of 220 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes increased from the previous month to $104,900; however, dipped 17% from the previous year of $127,000.
Take a look at the city you live in or want to move to and see what the numbers are for November 2009 for existing home sales – single family homes, condominiums, manufactured homes -including distressed properties in Polk County.
City Average Sold Price Median Sold Price # of Homes Sold
| AUBURNDALE | 110,156 | 125,000 | 21 |
| BARTOW | 92,496 | 79,000 | 21 |
| CLERMONT | 54,833 | 62,500 | 3 |
| DAVENPORT | 137,355 | 132,500 | 110 |
| DUNDEE | 78,342 | 86,625 | 3 |
| EAGLE LAKE | 82,425 | 88,350 | 4 |
| FORT MEADE | 74,467 | 67,500 | 6 |
| FROSTPROOF | 103,925 | 70,000 | 6 |
| HAINES CITY | 118,744 | 115,000 | 43 |
| HOMELAND | 27,500 | 27,500 | 1 |
| INDIAN LAKE ESTATES | 43,000 | 43,000 | 1 |
| KATHLEEN | 160,000 | 160,000 | 1 |
| KISSIMMEE | 99,265 | 70,000 | 17 |
| LAKE ALFRED | 89,283 | 97,350 | 6 |
| LAKE WALES | 79,657 | 57,500 | 14 |
| LAKELAND | 122,591 | 119,000 | 174 |
| MULBERRY | 112,090 | 125,100 | 25 |
| POINCIANA | 94,498 | 79,500 | 57 |
| POLK CITY | 50,667 | 50,000 | 3 |
| WINTER HAVEN | 102,082 | 90,000 | 73 |
Let’s take a look at the distressed Polk County real estate market!
Distressed properties, which includes Bank owned, pre-foreclosure, in foreclosure and short sales count for 57% of our total sales in Polk County for the month of November.
- 250 sold homes were Bank Owned – median price $75,000 – Days on Market 26
- 80 sold homes were Short Sales – median price $115,500 – Days on Market 111
The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
For all of your Polk County home search, click on the search picture below:
Homebuyers that finance their newly purchased Lakeland real estate will be signing a new version of the HUD-1 Settlement Statement beginning January 1, 2010. While the new form resembles its old form, there are minor changes on page 2 from lines 800 through 1300 in which certain charges that a Lakeland borrower was shown on the Good Faith Estimates given by their lender are carried over to the updated HUD-1 Settlement Statement. This will give Lakeland home buyers and those looking to refinance Lakeland homes a clearer picture of what they have been quoted by their lender to as opposed to what they are actually paying for it at the closing table.
The biggest change in the HUD-1 Settlement Statement is the addition of page 3 which states that certain charges can and cannot increase, and charges that in total cannot increase more than 10%. For example fees that cannot exceed 10% or more are:
- Government recording charges
- Mortgage insurance premium
- Survey
And for the first time, some of the charges stated in the Good Faith Estimate (GFE) must coincide with the HUD-1. These are:
- Our origination charge (lender’s origination fee)
- Your credit or charge (points) for the specific interest rate chosen
- Your adjusted origination charges
- Transfer taxes
Moreover, the addition of the loan terms are reiterated in plain English on page three of the HUD-1 Settlement Statement, which outlines the terms of the loan you previously agreed with your lender in a somewhat of a “Question and Answer” form.
The only thing I want to point out regarding the stated term, “your initial monthly amount owed for principal, interest and any mortgage insurance”, there is no mention for any escrow, only a box for a check-mark for Principal, Interest, and Mortgage Insurance. However, the mentioning of Escrow is found on the bottom, which states, “Total monthly amount owed including escrow amount payments”.
The bottom line here is: What is really missing is the total monthly payment written in one place – Principal, Interest, Mortgage Insurance, and Escrow – and that are borrowers’ primary concern.
Furthermore, the new HUD-1 Settlement Statement clearly does not allow that any junk fees be added and therefore may save Lakeland Homebuyers and folks seeking refinancing additional monies.
I must say that altogether I agree with the overall improvements of the Good Faith Estimate and the HUD-1 Settlement Statement. Although I’m hoping these forms do not add any more confusion for the Lakeland homebuyers when purchasing their Lakeland Real Estate in the future, it certainly is the mortgage brokers and Lakeland FL Realtors® responsibility to go over the Good Faith Estimate and the HUD-1 Settlement Statement in detail to clear up any confusion prior to the closing or settlement date.
Update for the Lakeland real estate market! Currently, there are 1901 homes for sale throughout Lakeland – as of 12/21/09. Newly listed homes for the period of December 1st through December 15th totaled 126 Lakeland homes recently came on the market. A 16% increase from the my previous report. The average sales price of Lakeland homes listed with area Realtors® increased to $200,409.
The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
1 duplex listed for $119,900
4 condos listed with an average sales price of $119,925
16 mobile homes listed with an average sales price of $79,284
1 Townhomes/Villas listed for $49,500
104 single family homes with an average price of $174,525
Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1999 pool home; featuring 4 bedrooms and 4 ½ baths with 5,500 square feet of living space currently offered for $1,100,000 located in the Christina Community. On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedroom 1 baths property listed for only $9,000 – just over $6.00 per square foot – located in the Richlawn subdivision and is in fact the cheapest home.
All data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 14 with an average sales price of $56,185
33803 –23 with an average sales price of $186,178
33805 – 09 with an average sales price of $87,888
33809 – 10 with an average sales price of $130,425
33810 – 21 with an average sales price of $110,200
33811 – 13 with an average sales price of $200,169
33812 – 07 with an average sales price of $179,400
33813 – 25 with an average sales price of $260,785
33815 – 04 with an average sales price of $53,025
Update on distressed homes in Lakeland
A total of 539 properties are currently actively being marketed that are facing foreclosure. There were 55 Lakeland homes newly listed in the distressed category with average prices of $111,484 or $68.33 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
Update on Lakeland Real Estate that have sold
For the period of December 1st through December 15th there have been 80 Lakeland homes sold so far reported with an average price of $126,137. Lakeland Real Estate under contract but have not closed (Pending) Lakeland homes that are in pending status are at 460.
For more information on the location of these newly listed homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.
Despite Polk County’s unemployment numbers in the double digits, Lakeland Florida real estate sales activity continued strong for the month of November.
Lakeland Homes sold in November: 174 – previous month: 177 – previous year November 08: 106 sold
Which zip codes represents the most sales activities since January 2009?
| Lakeland | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Grand Total |
| 33801 |
20 |
12 |
15 |
21 |
13 |
16 |
17 |
12 |
20 |
27 |
20 |
193 |
| 33803 |
11 |
10 |
16 |
18 |
16 |
19 |
26 |
19 |
22 |
25 |
20 |
202 |
| 33805 |
12 |
11 |
12 |
9 |
5 |
10 |
14 |
14 |
8 |
14 |
12 |
121 |
| 33809 |
13 |
12 |
16 |
11 |
18 |
17 |
16 |
17 |
25 |
17 |
21 |
183 |
| 33810 |
25 |
31 |
34 |
31 |
46 |
37 |
40 |
33 |
42 |
46 |
43 |
408 |
| 33811 |
10 |
16 |
17 |
18 |
18 |
22 |
20 |
15 |
22 |
15 |
18 |
191 |
| 33812 |
10 |
5 |
8 |
13 |
7 |
9 |
16 |
15 |
10 |
9 |
13 |
115 |
| 33813 |
9 |
25 |
27 |
28 |
26 |
33 |
35 |
38 |
29 |
22 |
24 |
296 |
| 33815 |
5 |
3 |
7 |
5 |
7 |
6 |
4 |
3 |
5 |
2 |
3 |
50 |
| Grand Total |
115 |
125 |
152 |
154 |
156 |
169 |
188 |
166 |
183 |
177 |
174 |
1759 |
November – average sales price $122,590
Previous month: $115,952 (+ 5.7%) – previous year November 08: $159,241(-23%)
November – median sales price $119,000
Previous month: $107,000 (+11%) – previous year November 08: $142,500 (-16.5%)
The graph below represents average and median prices in Lakeland for various categories.
What are the various average prices in each Lakeland zip code?
Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data and graphs for this report were obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.
Distressed properties in Lakeland, Florida
For the month of November, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 92 properties sold in November compared to 36 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Average days on market (DOM) for bank-owned properties are 60 days
Average days on market (DOM) for other distressed properties are 158 days.
29 Distressed Homes Sold – average sold price $124,506 – median sold price $115,000
63 Bank-owned (REO) sold – average sold price $89,084 – median sold price $75,000
For more information on the location of these sold homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.
Update for the Lakeland real estate market! Currently, there are 1906 homes for sale throughout Lakeland – as of 12/07/09. Newly listed homes for the period of November 16th through November 30th totaled 109 Lakeland homes recently came on the market. A 28% decline from the previous my previous report. The average sales price of Lakeland homes listed with area Realtors®.increased to $202,841.
The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
2 condos listed with an average sales price of $189,950
6 mobile homes listed with an average sales price of $46,116
7 Townhomes/Villas listed with an average sales price of $94,925
94 single family homes with an average price of $180,829
Lakeland’s newest homes listed! The priciest Lakeland real estate is a 2007 pool home; featuring 6 bedrooms and 4 ½ baths with over 5,300 square feet of living space currently offered for $947,500 located in the Eaglebrooke Community. On the contrary, the cheapest Lakeland home newly listed is a 2 bedroom 2 baths listed for only $16,200 – just over $20.00 per square foot – located in the Country View Estates subdivision.
All data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
Take a look at the breakdown by zip code:
33801 – 17 with an average sales price of $76,817
33803 –11 with an average sales price of $271,000
33805 – 12 with an average sales price of $70,041
33809 – 12 with an average sales price of $139,133
33810 – 17 with an average sales price of $167,470
33811 – 07 with an average sales price of $139,814
33812 – 06 with an average sales price of $238,646
33813 – 24 with an average sales price of $254,654
33815 – 03 with an average sales price of $50,933
Update on distressed homes in Lakeland
A total of 527 properties are currently actively being marketed that are facing foreclosure. There were 43 Lakeland homes newly listed in the distressed category with average prices of $115,237 or $61.79 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
Update on Lakeland Real Estate that have sold
For the period of November 1st through November 30th there have been 172 Lakeland homes sold so far reported with an average price of $121,952. Lakeland Real Estate under contract but have not closed (Pending) Lakeland homes that are in pending status are at 475.
With all the talk of FHA Loans lately, it is sometimes easy to forget that those looking to buy Lakeland real estate with 20 percent to put down on a home purchase can also choose to opt for a Conforming Lakeland Mortgage.
Here are a few facts about conforming mortgages and their loan amount limits moving into 2010.
A conforming mortgage is defined as one that “conforms” to Fannie Mae or Freddie Mac’s mortgage requirements. Each year, the government establishes the maximum allowable loan amounts for conforming mortgages, based on “typical” housing costs across the US. Any loan that exceeds this base mortgage amount limit is considered a “jumbo” mortgage.
Just as US home prices increased from 1980 to 2006, so did conforming loan limits. However, as we’ve seen home prices decrease over the past few years, the conforming loan limit has ceased to climb and has instead held firm.
2010 Conforming Loan Limits Hold Firm for 5th Consecutive Year
Keeping in line with what seems to be financial tradition moving into 2o1o, the government set $417,000 as the nation’s 2010 single family home (including condos or other 1-unit dwellings) conforming mortgage loan limit.
The 2010 conforming loan limits, as released by the government, are:
- 1-unit properties : $417,000
- 2-unit properties : $533,850
- 3-unit properties : $645,300
- 4-unit properties : $801,950
However, it’s important to note that conforming loan limits don’t apply to all U.S. geographies equally. As a result of various economic stimuli since 2008, the government now considers certain regions around the country ”high-cost” areas. In these areas, conforming loan limits can range to $729,750.
Lakeland falls within the $417, 000 single unit loan limit – with high cost areas relegated to Broward, Collier, Maimi-Dade, Manatee, Monroe, Palm Beach, and Sarasota counties.
The complete list is published on the Fannie Mae website.
