Lakeland Florida Short Sale and Foreclosure Market Report – July 2010

For the month of July, the Lakeland real estate market of short sales and bank-owned (REO) properties increased its market share from 54% the previous month to 60%. There were a total of 102 properties sold, compared to 117 in June and 71 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Currently there are a total of 1,976 Lakeland FL Homes for Sale and 513 homes under contract (8/20/2010). 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 15.95%
• Short sale properties – Inventory share is 26.67%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.

• Average days to Closing for bank-owned properties are 99 days
• Average days to Closing for other distressed properties are 261 days.

25 Lakeland Short Sale properties sold – average sold price $123,776 – median sold price $120,000

77 Lakeland Foreclosures (REO) sold – average sold price $68,209 – median sold price $57,500.

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.