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.

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.

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Related posts:

1. Lakeland Real Estate Update: Short Sale and Foreclosure Market Report February 2010
2. Lakeland Florida Short Sale and Foreclosure Market Report – April 2010
3. Lakeland FL Foreclosure and Short Sale Market Report – January 2010
4. Lakeland FL Short Sale and Foreclosure Housing Report – June 2010
5. Lakeland Florida Short Sale and Foreclosure Market Report – October 2010