Polk County’s overall existing home sales continued to improve somewhat in May. However, prices continue to drift downwards blaming it still widely on discounted distressed sales throughout the county from the previous year and the years prior.
A look back in history:
· May 2006 – median price $188,000 (-%50.93)
· May 2007 – median price $184,250 (-%49.93)
· May 2008 – median price $150,000 (-%38.50)
· May 2009 – median price $101,000 (-8.66%)
The graph picture below represents the overall Polk County Real Estate market with average sold prices and the number of sold homes.
777 existing homes sold – a decrease of 5.13% from the previous month (819 sold homes) in Polk County and an increase in sales activity by 35.84% of overall existing homes sold from the previous year of 572.
A slight increase by 1.37% in overall Polk’s median price for existing homes from the previous month to $92,250, the median home price from the previous year is showing a decline by 8.66%.
Take a look at the city you live in and see what the numbers are for May 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 |
79,985 |
72,000 |
27 |
|
BABSON PARK |
126,335 |
79,900 |
5 |
|
BARTOW |
78,507 |
56,875 |
26 |
|
CLERMONT |
50,050 |
48,000 |
4 |
|
DAVENPORT |
117,519 |
110,000 |
153 |
|
DUNDEE |
60,220 |
71,200 |
5 |
|
EAGLE LAKE |
86,850 |
75,000 |
4 |
|
FORT MEADE |
69,450 |
69,450 |
2 |
|
FROSTPROOF |
67,333 |
40,000 |
3 |
|
HAINES CITY |
91,256 |
94,000 |
47 |
|
HOMELAND |
120,000 |
120,000 |
1 |
|
INDIAN LAKE ESTATES |
105,250 |
105,250 |
2 |
|
KATHLEEN |
135,000 |
135,000 |
1 |
|
KISSIMMEE |
90,360 |
76,900 |
20 |
|
LAKE ALFRED |
96,333 |
65,750 |
6 |
|
LAKE WALES |
85,155 |
65,000 |
29 |
|
LAKELAND |
121,525 |
106,500 |
220 |
|
LOUGHMAN |
26,000 |
26,000 |
1 |
|
MULBERRY |
121,579 |
128,388 |
20 |
|
POINCIANA |
90,349 |
70,500 |
85 |
|
POLK CITY |
112,216 |
65,556 |
10 |
|
WINTER HAVEN |
107,749 |
97,000 |
106 |
Let me break down May 2010 Polk County existing homes sales into various categories:
· 700 Single family homes, townhomes, villas and ½ duplex – median sold price $112,337 – 142 Average Days to Closing
· 31 Condominiums – median sold price – $59,935 – 155 Average Days on Closing
· 46 Modular, manufactured/mobile homes in park/out of park – median sold price $55,097 – 166 Average Days on Closing
Let’s take a look at the distressed Polk County real estate market!
There were 289 existing Polk County homes sold, not categorized as distressed properties, at a median sold price of $120,000 with 174 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 May.
· 377 sold homes were Bank Owned – median price $77,500 – Average Days to Closing 85
· 111 sold homes were Short Sales – median price $90,000 – Average Days to Closing 270
Lakeland Florida Short Sale and Foreclosure Market Report – May 2010
For the month of May, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 57%. There were a total of 127 properties sold in May, compared to 148 in April and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,940 Lakeland homes for sale and 514 Lakeland homes under contract (06/21/2010). 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 14.10%
• Short sale properties – Inventory share is 26.20%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
• Average days to Closing for bank-owned properties are 87 days
• Average days to Closing for other distressed properties are 307 days.
29 Short Sale Sold – average sold price $124,514 – median sold price $120,000 98 Bank-owned (REO) sold – average sold price $93,310 – median sold price $82,700
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Search for Lakeland Foreclosure & Short Sales
For the month of May, the Lakeland real estate market has shown slight improvement, but compared to previous year, it has been much of the same for when considering sales prices. A total of 221 Lakeland homes were sold in May with average and median prices still declining from the previous year. Distressed properties are still driving down market values with over 57% of market share.
Lakeland Homes sold in May: 221 - previous month: 244 – previous year May 09: 158 sold
May – average sales price $121,337
Previous month: $110,880 (8.62%) – previous year May 09: $124,689 (-2.69%)
May – median sales price $106,000
Previous month: $95,500 (9.90%) – previous year May 09: $119,450 (-12.67%)
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.
A total of 2447 Lakeland homes are for sale and under contract resulting in a 12 months supply.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market in the Lakeland real estate market.
Common properties only – Inventory active and pending 1464 homes resulting in 8 month of supply.
Distressed properties – Inventory active and pending 983 homes resulting in a 8 month of supply.
Distressed properties in Lakeland, Florida
For the month of May, Lakeland’s real estate market of distressed homes had a market share of 57%. There were a total of 127 properties sold in May, according to Mid-Florida Regional MLS.
Check back soon for May’s 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.
The Lakeland Downtown Partnership has done it again….coming up with great themes for First Fridays. Bicycle Night will be held June 4th, 2010 downtown Lakeland around Munn Park from 6-9pm. With every First Friday event held you can expect Art Reception, Dining, Entertainment, Classic Car Show and Stores open late.
- Unusual Bike Show from 7-9pm on N. Kentucky Avenue
- A kiddie bike course
- Decorating at the Exploration V Children’s Museum
- Bike Tricks
- by Red Tail Racing,
- Roaming Stunt Riders and much, much more…..
Have you heard that with Bicycle Night, Downtown Geocache Challenge will officially kick offThe Florida Realtors Association reports that existing home sales for April rose by 27% and statewide existing home median price of $140,100 increased by 1% from the previous year in April 2009. Increase in statewide sales activity of 3% was also reported from the previous month as well as 2.3% higher than March’s statewide median existing home price of $137,000.
Polk County’s overall existing home sales continued to improve in April. However, prices continue to drift downwards blaming it widely on discounted distressed sales throughout the county from the previous year.
819 existing homes sold – an increase of 7.45% from the previous month (758 sold homes) in Polk County and an increase in sales activity by 29% of overall existing homes sold from the previous year of 580.
While overall Polk’s median price for existing homes stabilized from the previous month to $91,000, the median home price from the previous year is showing a decline by almost 7%.
Take a look at the city you live in and see what the numbers are for April 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 |
110,292 |
81,000 |
30 |
|
BABSON PARK |
90,067 |
73,000 |
3 |
|
BARTOW |
88,062 |
85,000 |
21 |
|
CLERMONT |
72,000 |
72,000 |
1 |
|
DAVENPORT |
119,276 |
115,000 |
167 |
|
DUNDEE |
53,360 |
62,000 |
5 |
|
EAGLE LAKE |
135,000 |
135,000 |
2 |
|
FORT MEADE |
126,092 |
148,500 |
6 |
|
FROSTPROOF |
109,725 |
104,950 |
4 |
|
HAINES CITY |
97,519 |
86,000 |
47 |
|
INDIAN LAKE ESTATES |
144,333 |
160,000 |
3 |
|
KATHLEEN |
65,000 |
65,000 |
1 |
|
KISSIMMEE |
87,838 |
72,000 |
21 |
|
LAKE ALFRED |
61,600 |
51,000 |
5 |
|
LAKE HAMILTON |
195,782 |
195,782 |
1 |
|
LAKE WALES |
93,936 |
70,000 |
29 |
|
LAKELAND |
110,880 |
95,500 |
244 |
|
MULBERRY |
113,749 |
120,000 |
21 |
|
POINCIANA |
80,499 |
69,000 |
95 |
|
POLK CITY |
76,667 |
75,000 |
3 |
|
WINTER HAVEN |
122,299 |
98,500 |
110 |
Let me break down April 2010 Polk County existing homes sales into various categories:
· 724 Single family homes, townhomes, villas and ½ duplex – median sold price $99,900 – 138 Average Days to Closing
· 42 Condominiums – median sold price – $63,500 – 105 Average Days on Closing
· 53 Modular, manufactured/mobile homes in park/out of park – median sold price $54,000 – 198 Average Days on Closing
Let’s take a look at the distressed Polk County real estate market!
There were 302 existing homes sold, not categorized as distressed properties, at a median sold price of $122,250 with 175 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 April.
· 404 sold homes were Bank Owned – median price $71,498 – Average Days to Closing 82
· 113 sold homes were Short Sales – median price $99,900 – Average Days to Closing 260
For the month of April, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 148 properties sold in April, compared to 126 in March and 82 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 547 Lakeland homes under contract (05/27/2010). 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 13.76%
- Short sale properties – Inventory share is 25.68%
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 56 days
- Average days to contract for other distressed properties are 192 days.
35 Short Sale Sold – average sold price $128,294 – median sold price $135,000 113 Bank-owned (REO) sold – average sold price $82,026 – median sold price $61,000
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Foreclosure & Short Sales Properties Search
