Overall Polk County Existing Home Prices for September 2010
Polk County’s overall existing home sales fell a fraction from the previous month for home prices and for numbers of homes sold for the Month of September with a total of 624 properties sold. The decline in home prices remains a constant in the overall existing housing market. Florida’s median housing prices for existing single family homes in September was $133,400 down 6% from the previous year. Prices continued to decrease downwards blaming it still widely on discounted distressed sales throughout, high unemployment rates and low consumer confidence.
A look back in history of Polk County’s existing home prices:
- September 2006 – median price $185,000 (-54.05%) – 633 homes sold
- September 2007 – median price $170,000 (-50.00%) – 342 homes sold
- September 2008 – median price $139,900 (-39.24%) – 476 homes sold
- September 2009 – median price $102,555 (-17.12%) – 599 homes sold
624 existing homes sold – a slight increase from the previous month (637 sold homes) in Polk County, FL.
Overall sales decreased marginally by 3.41% to $85,000 in Polk’s median price for existing homes from the previous month of $88,000, however, the Polk’s median home price from the previous year is showing a double-digit decline by 17.12%. Take a look at the city you live in and see what the numbers are for September 2010 for existing home sales – single-family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed homes 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 | 72,100 | 75,200 | 19 |
| BABSON PARK | 119,225 | 87,450 | 4 |
| BARTOW | 94,523 | 107,000 | 13 |
| CLERMONT | 70,000 | 70,000 | 1 |
| DAVENPORT | 114,523 | 100,000 | 132 |
| DUNDEE | 71,200 | 80,000 | 5 |
| EAGLE LAKE | 39,883 | 35,250 | 3 |
| FORT MEADE | 74,750 | 74,750 | 2 |
| FROSTPROOF | 25,000 | 25,000 | 1 |
| HAINES CITY | 120,948 | 106,500 | 28 |
| INDIAN LAKE ESTATES | 43,000 | 43,000 | 1 |
| KISSIMMEE | 107,798 | 73,000 | 19 |
| LAKE ALFRED | 58,838 | 61,000 | 7 |
| LAKE HAMILTON | 27,326 | 27,750 | 3 |
| LAKE WALES | 73,939 | 59,450 | 18 |
| LAKELAND | 120,143 | 100,000 | 195 |
| MULBERRY | 76,428 | 42,000 | 11 |
| POINCIANA | 77,479 | 70,000 | 63 |
| POLK CITY | 36,040 | 33,000 | 5 |
| WINTER HAVEN | 85,874 | 79,200 | 94 |
Let me break down September 2010 Polk County existing homes sales into various categories:
- 532 Single family homes – median price $92,805 – 159 Average Days to Closing
- 29 Townhomes, villas and duplex units – median price $51,500 – 143 Average Days to Closing
- 33 Condominiums – median sold price – $57,000 – 139 Average Days on Closing
- 30 Modular, manufactured/mobile homes in park/out of park – median sold price $34,000 – 171 Average Days on Closing
Overall Polk County’s Foreclosure and Short Sales Prices – September 2010!
There were 191 existing Polk County homes sold, not categorized as distressed properties, at a median sold price of $117,500 with 173 average days to closing, which counted for almost 30.61% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 69.39% of our total sales in Polk County for the month of September.
- 323 sold homes were Bank Owned – median price $69,900 – Average Days to Closing 114.
- 110 sold homes were Short Sales – median price $79,750 – Average Days to Closing 259.
Article originally published in Polk Homes of The Ledger’s Media edition
Copyright © 2010 By Petra Norris * Overall Polk County Existing Home Prices for September 2010*
Theater lover, music lover, arts lover listen up – it is time again for the curtain to rise at Lois Cowles Harrison Center for the Visual and Performing Arts annual musical presentation.
May you be set back in time to charm, romance, and majesty as the Harrison School for the Arts talented cast will give it a new spin on this classic with a score that includes “What Do the Simple Folk Do,” “If Ever I Would Leave You, “Camelot,” and much more…
November 12th 5:00 p.m. – 8:00 p.m.
November 13th 5:00 p.m. – 8:00 p.m.
November 14th 12:00 (noon) – 2:30 p.m.
Purchase your tickets online at www.harrisonarts.com
Copyright © 2010 By Petra Norris *Lakeland Fl – Arts & Entertainment – Harrison School for the Arts presents “Camelot”*
Lakeland Florida Short Sale and Foreclosure Market Report – September 2010
For the month of September, the Lakeland real estate market of short sales and bank-owned (REO) properties market share increased to 67% from the previous month. There were a total of 130 distressed homes sold, compared to 108 in August and 99 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1867 Lakeland FL Homes for Sale and 491 homes under contract (10/26/2010). 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 14,21%
Short sale properties – Inventory share is 28.03%
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 106 days
Average days to Closing for other distressed properties are 250 days.
31 Lakeland FL Short Sale properties sold – average sold price $132,542 – median sold price $116,000
99 Lakeland FL Foreclosures (REO) sold – average sold price $83,008 – median sold price $55,000.
The graph below will give you a clear understanding where in Lakeland FL have the most foreclosures.
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.
Copyright © 2010 By Petra Norris *Lakeland Florida Short Sale and Foreclosure Market Report – September 2010*
Lakeland FL Real Estate Update – Overall Home Sales for September 2010
Overall Lakeland Florida home sales increased to $120,143 for the month of September and the number of Lakeland homes sold increased from as well to 195. Average and median prices, however, declined from the previous year. Distressed properties continue to be a major factor in determining overall market values for Lakeland FL homes. September market share of distressed homes increased to 67% from the previous month.
Lakeland overall homes sales in September:
195 – previous month: 187 – previous year September 09: 184 sold
September – average sales price $120,143
Previous month: $115,431 (+4.08%) – previous year September 09: $128,976 (-6.85%)
September – median sales price $100,000
Previous month: $98,000 (+2.04%) – previous year September 09: $120,900 (-17.29%)
The graph below represents average and median home sales for September 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 was the average sales price 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 home sales have exceeded.
A total of 2361 Lakeland homes are currently for sale and under contract resulting in a 12 months supply. Although moderate decline in inventory from the previous, however, still suggesting that the supply continues to be greater than the demand.
Let’s break it down for you to see the supply and demand for traditional homes for sale versus the distressed market in the Lakeland real estate market.
Traditional homes only – Inventory active and pending 1365 homes resulting in 23 month of supply.
Distressed properties – Inventory active and pending 996 homes resulting in a 8 month of supply.
Distressed properties in Lakeland, Florida
For the month of September, Lakeland’s real estate market of distressed homes had a market share of 67%. There were a total of 130 homes sold in September, according to Mid-Florida Regional MLS.
Check back soon for September’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.
Copyright © 2010 By Petra Norris *Lakeland Fl Real Estate Update – Overall Home Sales for September 2010*
Lakeland – Winter Haven Florida Worst City for Real Estate Investing – I beg to differ.
Just recently I read Ms. Levy’s Forbes blog about Lakeland-Winter Haven Florida being the worst city of real estate investing. This article did not sit well with me and I did read it more than once. While the national news is saturated with negative housing news, remember real estate is local and when it comes Lakeland-Winter Haven, FL (Polk County) I felt I needed to clarify a thing or two.
Below is the quote from her blog:
“I know something else about it, too. Glittering ponds or no, you should not buy a home in the Lakeland-Winter Haven Metropolitan Statistical Area if you’re interested in selling it at a profit any time soon, according to new data from Cary, N.C.-based Local Market Monitor (LMM), a real estate research firm”.
Ms. Levy failed to mention a timeline other than the generic timeline of “any time soon”. If she is referring about flipping a property within 6-12 months, I would have to agree.
I beg to differ otherwise. I think the Lakeland-Winter Haven (Polk County) area is a great place to invest in Real Estate and definitely a great place to live, prices are low and if you are wiling to hang on to a property – and that is the most determining factor and rent it out or do owner financing, it is definitely worth it. As a Realtor® I would never advise an investor to flip a property in today’s market and the experienced investor is well aware of the situation in the Lakeland-Winter Haven (Polk County) area.
From an investor’s standpoint of view, I want to point out that of all the Lakeland-Winter Haven, FL (Polk County) homeowners who are delinquent in their mortgage payment should give indication that the amount of renters coming into the rental market is increasing. Along with tightening lending requirements, many borrowers who were qualified earlier to buy a home, may not be qualified now. Adding to this mortgage mess, record unemployment rates, bankruptcy, and divorce – surely not everyone can move back to mom and dad.
This makes this a great scenario for an investor who is willing to buy cheap homes in Lakeland-Winter Haven (Polk County) area as there is a growing number of prospective tenants looking to rebuild their lives and their credit, all this while holding on to their investment.
This simple statement by Warren Buffett applies not only in the stock market; it also applies to real estate investing:
“Be fearful when others are greedy, and be greedy when others are fearful.”
In today’s Real Estate Market – bad news is good news; it lets you invest a slice of America’s dream at a much-discounted price.
Copyright © 2010 By Petra Norris *Lakeland – Winter Haven Florida Worst City for Real Estate Investing – I beg to differ
Own a smart phone? Use it to search for your new Central Florida home right here, instantly.
All you have to do is download a free QR Code Reader App on your smart phone, an example of a QR Code Reader App is shown on the right ride of my iPhone.
Open up the QR Code reader on your smart phone, take a snapshot of the QR code and you will be instantly directed to the search of towns you want to buy a home.
No URL to remember, nothing to write down. Instant search of homes for sale in Central Florida
Below are the links to direct you to search instantly Central Florida Homes for sale, with some of the most popular towns with complete search fields so you can narrow down your search even more.
Winter Haven FL Homes for Sale
I’m sure that all these varieties of searching for your next home in Central Florida can be done with ease. You can always elect to just pick up the phone and give your Lakeland Realtor®, Petra Norris a call at (863) 619-6918.
Lakeland Florida real estate – Easy Home Search with QR Codes
Foreclosures vs. Short Sales – Lenders and Title Insurance
For the past week we heard that banks such as JP Morgan Chase, Bank of America – now all 50 states, and GMAC 
suspended foreclosures in over 20 states including Florida. Florida Judges halting foreclosures, primarily due to fraudulent and improper paperwork and rubber-stamping or “robo-signing” without reviewing the documents. Title Insurance Company stopped issuing owner’s title policy on foreclosed properties making it impossible to buy a foreclosure.
Most owners who have stowed away their Owner’s Title Insurance Policy may want to find it and dust it off, especially with all this foreclosure mess where there is no real assurance of rightful ownership.
When it comes to the Lakeland Foreclosure market I noticed today a decline in foreclosure being actively marketed. For the past seven days only, there were 47 foreclosed homes yanked (placed temporarily off market in the Multiple Listing) primarily for reasons of paperwork issues as I indicated before.
Foreclosures counted for over 50% of Lakeland’s total overall sales so far for this year. The current “In Limbo” effect where no additional foreclosed homes will be added, current foreclosed homes have delayed closings, a drop in sales is anticipated for the remainder of this year.
The so ever dreaded Short Sale surely may now become the best possible solution when selling and buying:
- Negotiations will be more forthcoming between the seller’s lender and the Realtor® handling the short sale
- Short Sales may be expedited
- Issuance of Owner’s Title Policy guaranteed
