Slow start of the overall Polk County Home Sales in January when comparing sales history for the past year. Although average Polk County home prices have somewhat been stable in recent months, the number of homes sold in Polk County took a nose dive when comparing the number of sales from the past few months. If you are a person that is visual like me, just take a look at the chart below to see what I’m talking about. Please keep in mind, the figures reflect all homes as indicated below, not just single family homes you see in media reports.
500 existing homes sold – a decrease of 21% from the previous month (636 sold homes) in Polk County – an increase in sales activity of 111 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 1 ¾% from the previous month to $97,950, however remained almost the same from the previous year of $98,000.
Take a look at the city you live in and see what the numbers are for January 2010 for existing home sales – single family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed properties in Polk County. Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service, it is deemed reliable but not guaranteed.
City Average Sold Price Median Sold Price # of Homes Sold
| AUBURNDALE | 110,675 | 111,950 | 16 |
| BARTOW | 106,201 | 80,000 | 8 |
| CLERMONT | 88,000 | 88,000 | 1 |
| DAVENPORT | 117,716 | 110,000 | 122 |
| DUNDEE | 75,000 | 75,000 | 2 |
| EAGLE LAKE | 9,100 | 9,100 | 1 |
| FORT MEADE | 140,750 | 106,500 | 4 |
| FROSTPROOF | 64,283 | 63,000 | 3 |
| HAINES CITY | 91,398 | 79,900 | 32 |
| KATHLEEN | 40,000 | 40,000 | 1 |
| KISSIMMEE | 138,545 | 100,000 | 11 |
| LAKE ALFRED | 92,450 | 92,450 | 2 |
| LAKE HAMILTON | 60,500 | 60,500 | 2 |
| LAKE WALES | 64,199 | 45,000 | 19 |
| LAKELAND | 126,320 | 112,900 | 145 |
| MULBERRY | 108,136 | 118,620 | 14 |
| POINCIANA | 85,345 | 72,000 | 51 |
| POLK CITY | 38,451 | 47,000 | 3 |
| WINTER HAVEN | 112,701 | 91,000 | 63 |
Let me break down January 2010 Polk County existing homes sales into various categories:
- 447 Single family homes, townhomes, villas and ½ duplex – median sold price $103,000 – 148 Average Days to Closing
- 19 Condominiums – median sold price – $65,000 – 149 Average Days on Closing
- 34 Modular, manufactured/mobile homes in park/out of park – median sold price $56,500 – 233 Average Days to Closing
Let’s take a look at the distressed Polk County real estate market!
There were 183 existing homes sold, not categorized as distressed properties, at a median sold price of $130,000 with 206 average days to closing, which counted for almost 37% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 63% of our total sales in Polk County for the month of January.
- 234 sold homes were Bank Owned – median price $79,450 – Average Days to Closing 81
- 83 sold homes were Short Sales – median price $102,000 – Average Days to Closing 247
Update for the Lakeland FL Real Estate market! There are 1923 homes for sale throughout Lakeland, Florida – as of 02/19/10. While Lakeland homes inventory remains stable, newly listed homes for the period of February 1st through February 15th increased by 16.75% to 203 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.
The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
3 duplex units with a sales price of $48,267
6 condos listed with an average sales price of $141,417
18 mobile homes listed with an average sales price of $62,678
5 Townhomes/Villas listed with an average sales price of $107,440
171 single family homes with an average price of $181,178
Lakeland’s newest homes listed! The priciest and also currently the most expensive home on the market in Lakeland is this 2008 McQuillen custom built pool home which features 6 bedrooms and 5 ½ baths with over 6,700 square feet of living space of the main house and is located in the Crescent Woods community. Its current list price is $2,100,000. On the contrary, the cheapest Lakeland home newly listed is a HUD bank owned 2 bedrooms 1 baths home listed for $15,000 – just under $15.00 per square foot – located in the Valencia Heights 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 – 19 with an average sales price of $73,198
33803 – 21 with an average sales price of $172,362
33805 – 10 with an average sales price of $90,316
33809 – 28 with an average sales price of $132,316
33810 – 41 with an average sales price of $117,315
33811 – 22 with an average sales price of $164,303
33812 – 13 with an average sales price of $180,000
33813 – 39 with an average sales price of $313,188
33815 – 09 with an average sales price of $96,444
Update on distressed homes in Lakeland
A total of 589 properties are currently actively being marketed that are facing foreclosure. There were 95 Lakeland homes newly listed in the distressed category with average prices of $125,841 or $66 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
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.
February update on Lakeland real estate “Sold & Pending”
So far 73 Lakeland properties have sold that have been recorded in the Multiple Listing. Currently, there are 494 Lakeland homes have gone to “pending”, awaiting closing.
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.
The foreclosure and short sale market has affected all of us here in Lakeland, Florida with the ever decreasing home values in most neighborhoods if not all neighborhoods in our city. High unemployment rates, influx in foreclosed properties for the foreseeable future and shadow inventory that has yet to hit the real estate market. Therefore highlighting the Lakeland foreclosures and short sale market for sellers, home buyers and investors is very important in determining their options whether buying or selling.
Starting with this month Lakeland Florida Short Sale and Foreclosure market report, the distressed market report will have its own report.
For the month of January, Lakeland’s real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,910 Lakeland homes for sale and 498 Lakeland homes under contract (02/18/2010). By calculating total inventory, homes that are under contract because these properties have not closed is included in my inventory share.
- Bank owned properties – Inventory share is 12.17%
- Short sale properties – Inventory share is 25.42%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
- Average days on market (DOM) for bank-owned properties are 45 days
- Average days to contract for other distressed properties are 136 days.
25 Distressed Homes Sold – average sold price $146,724 – median sold price $139,900
63 Bank-owned (REO) sold – average sold price $88,319 – median sold price $81,000
Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.
If you are interested in Lakeland Foreclosures and Short Sales, feel free to contact me at petra@petranorris.com or click the search button below.
A stable Lakeland real estate Market is a key factor for the housing market to rebound. For the month of January a total of 145 homes were sold overall. Last year’s overall Lakeland Florida real estate market was somewhat of a roller coaster ride with home prices up and down throughout the year. Will the roller coaster ride continue in 2010? From the graph below you can see that average Lakeland home prices have increased since October 2009 by almost 9%.
Lakeland Homes sold in January: 145 – previous month: 194 – previous year January 09: 115 sold
January – average sales price $126,320
Previous month: $123,866 (+ 2%) – previous year January 09: $130,334 (-3.08%)
January – median sales price $112,900
Previous month: $113,950 (-0.92%) – previous year January 09: $96,000 (17.6%)
The graph below represents average and median prices in Lakeland for various categories. When our media provides us with a real estate market reports, generally these reports outline only Single Family Homes and Condominiums. Lakeland Florida has a variety of homes, such as manufactured homes, townhomes, villas and duplex units.
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.
Lakeland homes sold that are priced right will sell quickly. In my analysis of last month activity shows that home owners, who are having their properties marketed at the right price, achieve 97% of their list price. Here is a breakdown:
- 0-30 days – 96.92% average sold price/list price ratio
- 31-60 days – 98.22% average sold price/list price ratio
- 61-90 days – 95.4% average sold price/list price ratio
- 91-120 days – 93.23% average sold price/list price ratio
- 121+ days – 92.28% average sold price/list price ratio
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.
Distressed properties in Lakeland, Florida
For the month of January, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS. After further evaluation of my Lakeland Real Estate Market and to my readers who follow the distressed market report closely deserve clarity. Starting out with January’s Real Estate Report, the distressed market report will have its own report. Please check back soon for your detailed Lakeland Florida Real Estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.
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.
Recently details of a “Sweetheart Deal” came to light as FDIC Sale of Indymac/OneWest Bank assets.
Our voices of the Real Estate industries has to be heard. It is sad when deals are being made to the expenses of taxpayers and homeowners who face short sales, foreclosures and are in the midst of getting the impossible – loan modification.
Check out this video by clicking on this link to see for yourself
Tips for Lakeland Short Sale Sellers on how to stop Buyers from this contract cancel epidemic.
More than ever before Lakeland Short Sales likely will be a part of the Lakeland real estate market for years to come. One of the major obstacles for a short sale to reach a successful closing, the seller’s lender must approve the short sale. Before it would get to that point the negotiation is only between the seller and the buyer and their real estate agents. I have and have read that Short Sale Buyers walking on more than one occasion, the major reasons for this the buyers are not committed, uninformed of the short sale process or simply are in fact false buyers.
The Effective Date dictates the timeline of the contract for sale and purchase. An Effective Date occurs when the last one of the buyers and sellers has signed or initialed the offer or the final counteroffer. In a traditional sale, at the time of the effective date or within days of the effective date, the buyer is required to make a reasonable good faith deposit, follow up with a timely inspection and meeting financing contingency as stated in the contract. This can also be achieved when there is a Lakeland Short Sale.
There are measures to keep Buyers from walking away during a Lakeland Short Sale:
- Buyer must be committed to a longer waiting period – at least six months
- Buyer must have pre approval letter from a reputable lender
- Buyer must make good faith deposit upon acceptance of contract
- Buyer must make timely inspection after effective date
Sellers should not accept any offers because they are desperate. The offer must be at fair market value which is determined by an experienced real estate agent who is knowledgeable of the short sale process. Banks don’t want to foreclose, it costs them more than a short sale but they are not willing to approve a Short Sale contract with an unrealistic purchase price.
Update for the Lakeland real estate market! There are 1903 homes for sale throughout Lakeland, Florida – as of 02/06/10; the number of homes for sale remained constant for the month of January. Newly listed homes for the period of January 15th through January 31st increased slightly to 169 Lakeland homes. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.
The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:
1 duplex unit with a sales price of $95,800
7 condos listed with an average sales price of $97,243
15 mobile homes listed with an average sales price of $65,793
14 Townhomes/Villas listed with an average sales price of $92,798
132 single family homes with an average price of $182,141
Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1995 home on approximately 6 acres; featuring 5 bedrooms and 6 baths with over 5,100 square feet of living space currently offered for $675,000 located in the Oakmont Acres. On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $19,900 – just under $19.00 per square foot – located in the Winston Heights 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 – 20 with an average sales price of $100,815
33803 –22 with an average sales price of $171,534
33805 – 12 with an average sales price of $112,441
33809 – 24 with an average sales price of $146,849
33810 – 35 with an average sales price of $138,452
33811 – 19 with an average sales price of $185,471
33812 – 11 with an average sales price of $277,163
33813 – 23 with an average sales price of $209,878
33815 – 03 with an average sales price of $65,233
Update on distressed homes in Lakeland
A total of 573 properties are currently actively being marketed that are facing foreclosure. There were 51 Lakeland homes newly listed in the distressed category with average prices of $109,719 or $62.43 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
January update on Lakeland Real Estate “Sold & Pending”
So far 142 Lakeland properties have sold that have been recorded in the Multiple Listing – an increase from the previous year – check back soon for the Lakeland real estate market report. Currently, there are 475 Lakeland homes have gone to “pending”, awaiting closing.
Looking for a specific home in Lakeland Florida – look no further, feel free to contact me at petra@petranorris.com or click the search button below.
