Blog Post, Lakeland Market Reports
Lakeland Real Estate Update: Short Sale and Foreclosure Market Report February 2010
March 23, 2010 by Petra Norris · 1 Comment
Lakeland Florida Short Sale and Foreclosure Housing Report for February 2010
For the month of February, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 56%. There were a total of 86 properties sold in February, compared to 88 in January and 63 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
Currently there are a total of 1,946 Lakeland homes for sale and 543 Lakeland homes under contract (03/22/2010). By calculating total inventory, homes that are under contract are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.
- Bank owned properties – Inventory share is 14.34%
- Short sale properties – Inventory share is 24.69%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
- Average days to contract for bank-owned properties are 53 days
- Average days to contract for other distressed properties are 219 days.
15 Short Sale Sold – average sold price $110,213 – median sold price $75,000
71 Bank-owned (REO) sold – average sold price $81,017 – median sold price $70,000
Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.
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.
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact me at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland real estate landscape and all it has to offer.
Related Posts
- Lakeland FL Short Sale and Foreclosure Market Report – March 2010
- Lakeland Florida Short Sale and Foreclosure Market Report – April 2010
- Lakeland FL Foreclosure and Short Sale Market Report – January 2010
- Lakeland FL Real Estate Update – Short Sale and Foreclosure Market Report July 2010
- Lakeland FL Short Sale and Foreclosure Housing Report – June 2010
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Check out what others are saying about this post...[...] (REO) properties had a market share of 54%. There were a total of 126 properties sold in March, compared to 86 in February and 68 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional [...]