Polk County’s overall existing home sales had a record breaking month, which are shown in the numbers in most major cities throughout Polk County. However, prices continue to drift downwards blaming it widely on discounted distressed sales throughout the county from the previous year.
758 existing homes sold – an increase of 21% from the previous month (596 sold homes) in Polk County and an increase in sales activity of 180 Polk County homes sold from the previous year of 578 homes sold.
While overall Polk’s median price for existing homes increased by almost 6% from the previous month to $90,500, the median home price from the previous year is showing a decline by almost 10%.
Take a look at the city you live in and see what the numbers are for March 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
| ALTURAS | 145,000 | 145,000 | 1 |
| AUBURNDALE | 84,106 | 76,000 | 31 |
| BABSON PARK | 54,500 | 54,500 | 1 |
| BARTOW | 80,700 | 46,250 | 10 |
| CLERMONT | 42,500 | 42,500 | 2 |
| DAVENPORT | 116,849 | 103,000 | 159 |
| DUNDEE | 56,233 | 47,950 | 6 |
| EAGLE LAKE | 90,875 | 81,500 | 4 |
| FORT MEADE | 38,700 | 39,950 | 4 |
| FROSTPROOF | 81,188 | 68,250 | 8 |
| HAINES CITY | 97,724 | 86,950 | 50 |
| INDIAN LAKE ESTATES | 104,833 | 35,000 | 3 |
| KISSIMMEE | 76,100 | 73,500 | 16 |
| LAKE ALFRED | 114,950 | 114,950 | 2 |
| LAKE WALES | 97,423 | 77,800 | 24 |
| LAKELAND | 114,518 | 105,000 | 235 |
| LAKESHORE | 25,000 | 25,000 | 1 |
| MULBERRY | 86,540 | 63,000 | 13 |
| POINCIANA | 84,332 | 72,500 | 64 |
| POLK CITY | 62,622 | 31,000 | 9 |
| WINTER HAVEN | 93,400 | 79,000 | 115 |
Let me break down March 2010 Polk County existing homes sales into various categories:
- 660 Single family homes, townhomes, villas and ½ duplex – median sold price $98,300 – 142 Average Days to Closing
- 40 Condominiums – median sold price – $64,550 – 193 Average Days on Closing
- 58 Modular, manufactured/mobile homes in park/out of park – median sold price $45,000 – 171 Average Days on Closing
Let’s take a look at the distressed Polk County real estate market!
There were 297 existing homes sold, not categorized as distressed properties, at a median sold price of $114,900 with 183 average days to closing, which counted for almost 39% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 61% of our total sales in Polk County for the month of February.
- 355 sold homes were Bank Owned – median price $75,000 – Average Days to Closing 79
- 105 sold homes were Short Sales – median price $100,000 – Average Days to Closing 273
For your local market report and updates in Lakeland, please visit my blog at www.lakelandfloridaliving.com
For the month of March, Lakeland real estate market of short sales and bank-owned (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 MLS.
Currently there are a total of 1,945 Lakeland homes for sale and 566 Lakeland homes under contract (04/27/2010). By calculating total inventory, homes that are under contract which 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 13.50%
- Short sale properties – Inventory share is 24.81%
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 51 days
- Average days to contract for other distressed properties are 179 days.
- 35 Short Sale Sold – average sold price $117,486 – median sold price $106,500
- 91 Bank-owned (REO) sold – average sold price $90,390 – median sold price $80,000
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 to search for distressed Lakeland properties.
Lakeland real estate sales activity continuously increased the past few months and March showed great improvement. Although there were 235 Lakeland homes sold in March, such number I have not seen since 2007, average and median prices took a double digit steep decline at about 14% from the previous year. Distressed properties are still driving down market values with over 54% of market share. I’m suspecting that as long as we have such high inventory in distress, home prices may still be vulnerable for at least this year.
Lakeland Homes sold in March: 235 - previous month: 152 – previous year March 09: 156 sold
March – average sales price $114,518
Previous month: $111,759 (2.47%) – previous year March 09: $135,224 (-15.31%)
March – median sales price $105,000
Previous month: $96,000 (9.38%) – previous year March 09: $121,750 (13.76%)
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 have marketed their properties at the right price, achieve better results in less time. Here is a breakdown:
- 0-30 days – 93.2% average sold price/list price ratio
- 31-60 days – 97.54% average sold price/list price ratio
- 61-90 days – 95.44% average sold price/list price ratio
- 91-120 days – 94.87% average sold price/list price ratio
- 121+ days – 92.4% 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 March, Lakeland’s real estate market of distressed homes had a market share of 54%. There were a total of 126 properties sold in February, according to Mid-Florida Regional MLS.
Check back soon for March 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.
Update for the Lakeland FL Real Estate market! Newly listed homes for the period of April 1st through April 15th decreased to 187 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $170,560 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:
6 condos listed with an average sales price of $147,283
17 mobile homes listed with an average sales price of $69,494
8 Townhomes/Villas listed with an average sales price of $117,663
157 single family homes with an average price of $184,989
Lakeland’s newest homes listed! The priciest home just listed in North Lakeland is a 2009 custom pool home that features 4 bedrooms and 6 baths with over 5,500 square feet of living space. This home is located in the Cypress Trace Estates gated community and is offered at $1,999,000. On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $14,900 – just under $13.00 per square foot – located in the Crystal Acres 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 – 22 with an average sales price of $97,286
33803 – 26 with an average sales price of $225,738
33805 – 10 with an average sales price of $112,570
33809 – 23 with an average sales price of $239,626
33810 – 43 with an average sales price of $120,100
33811 – 18 with an average sales price of $172,305
33812 – 07 with an average sales price of $217,229
33813 – 33 with an average sales price of $216,000
33815 – 05 with an average sales price of $66,760
Update on distressed homes in Lakeland
A total of 613 Lakeland homes are currently actively being marketed that are facing foreclosure. There were 70 Lakeland properties newly listed in the distressed category with average prices of $105,854 or $62.59 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.
April update on “Sold & Pending” for Lakeland real estate
So far 70 Lakeland properties have sold that have been recorded in the Multiple Listing. Currently, there are 549 Lakeland homes have gone to “pending”, awaiting closing.
Update for the Lakeland FL Real Estate market! There are 1968 homes for sale throughout Lakeland, Florida – as of 04/16/10. Newly listed homes for the period of March 16th through March 31st increased to 202 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® decreased to $176,471.18 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:
6 duplex units with a sales price of $58,267
8 condos listed with an average sales price of $121,312
20 mobile homes listed with an average sales price of $71,305
8 Townhomes/Villas listed with an average sales price of $79,237
170 single family homes with an average price of $200,187
Lakeland’s newest homes listed! The priciest home on the market in Lakeland is a 2001 custom built pool home with a view of Scott Lake that features 6 bedrooms and 5 baths with over 5,300 square feet of living space. This home is located in the Lake Point South community and is offered at $1,350,000. On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $19,900 – just over $13.00 per square foot – located in the Adairs 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 – 18 with an average sales price of $76,583
33803 – 28 with an average sales price of $202,361
33805 – 13 with an average sales price of $70,469
33809 – 33 with an average sales price of $178,414
33810 – 46 with an average sales price of $122,624
33811 – 14 with an average sales price of $153,554
33812 – 08 with an average sales price of $247,425
33813 – 46 with an average sales price of $294,304
33815 – 06 with an average sales price of $42,617
234 Lakeland homes have sold in April with an average sales price of $115,000
Check back soon for your Lakeland real estate Market Report for April 2010!
North Lakeland provides you affordable living at its best, especially in today’s real estate market. Today’s buyers are looking for great location with easy access to amenities and I’m here to tell you all about buying a home in North Lakeland. Lakeland Florida is known to its residents when being asked where you live in Lakeland to give an answer to live in North Lakeland or South Lakeland. Living in North Lakeland since 1993 I realized early on its convenient location to shopping, schools, hospital, churches, dining, recreation and easy access to major highways and interstate.
North Lakeland has many valuable aspects and while I have traveled the roads of Lakeland, each location and each neighborhood brings value and its own characteristics to the city of Lakeland, which is why I call Lakeland as “there is no place like home”. Recently, I have written articles about neighborhoods, communities and subdivision featuring their own characteristics within the North Lakeland community you may want to consider when moving to Lakeland Florida:
- TerraLargo – Premier Gated Community
- Bloomfield Hills
- Sandpiper Golf & Country Club – An active 55+ Community
- Sherwood Forest
- Hampton Hills
- Wedgewood Golf Community
When traveling west on Interstate 4 you want to take exit 33 – this is the first entrance to North Lakeland, where you will be greeted by the breathtaking view of Lake Gibson covering almost 490 acres. Public access to the lake is on the southeast shore of the lake, which is great for boating and other water activities. North Lakeland boasts many public and private golf courses, such as the Sandpiper Golf Course located off North Socrum Loop, Wedgewood Golf Course nestled between US 98 North and Lake Gibson, to the Northwest side of North Lakeland is Huntington Hills Golf & Country Club located off Duff Road and the Golf Club at Bridgewater adjacent to the BridgeWater neighborhood, which is located Northeast of Lakeland.
North Lakeland is a great place for families and seniors to enjoy retirement
Families with children find recreational activities, such as football, soccer, tennis on the weekend at Lake Parker Park and Hunt Fountain Park. Both parks have great playgrounds for a weekend picnic or family gathering.
Lakeland Florida offers a variety of specialty health care practitioners and facilities. Innovative cancer centers, Watson Clinic with its cancer research center as well as Lakeland Regional Medical Center and nearby Cancer Center. All of which are within close proximity in the North Lakeland area and are the most technologically advanced services available today.
North Lakeland offers a variety of homes for sale in gated communities and open communities, golf communities, non deed restricted and deed restricted communities, adult communities, lakefront homes, as well as manufactured homes with its zip code of 33805, 33809, and 33810.
