Polk County FL Homes for Sale – Overall Polk County Existing Home Prices for November 2010
While Polk County Florida overall existing home sales has seen its lowest number for this year of a total of 481 Polk County Homes sold in November; average home prices, however, have increased from the previous month to $106,092 by over 5%.
A look back in history of Polk County’s existing median home prices:
- November 2006 – median price $187,000 (-54,55%) – 572 homes sold
- November 2007 – median price $168,000 (-49.40%) – 374 homes sold
- November 2008 – median price $127,000 (-33.07%) – 369 homes sold
- November 2009 – median price $104,900 (-18.97%) – 591 homes sold
481 existing homes sold – a 13% decrease from the previous month (557) sold homes in Polk County, FL.
Overall median sales remained the same at $85,000 in Polk’s existing homes for the past two months suggesting that Polk County has bottomed out. Take a look at the city you live in and see what the numbers are for November 2010 for existing home sales – single-family homes, condominiums, manufactured homes, duplex, villas, and town homes -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 | 134,799 | 124,875 | 24 |
| BARTOW | 67,193 | 46,000 | 15 |
| BRADLEY | 60,000 | 60,000 | 1 |
| CLERMONT | 52,000 | 52,000 | 1 |
| DAVENPORT | 114,568 | 95,500 | 92 |
| DUNDEE | 81,000 | 81,000 | 2 |
| EAGLE LAKE | 90,000 | 90,000 | 1 |
| FORT MEADE | 150,000 | 150,000 | 2 |
| FROSTPROOF | 108,000 | 108,000 | 2 |
| HAINES CITY | 81,268 | 78,200 | 33 |
| INDIAN LAKE ESTATES | 165,000 | 165,000 | 1 |
| KISSIMMEE | 104,450 | 90,000 | 7 |
| LAKE ALFRED | 74,533 | 62,500 | 3 |
| LAKE HAMILTON | 25,000 | 25,000 | 1 |
| LAKE WALES | 78,003 | 55,000 | 29 |
| LAKELAND | 120,073 | 102,000 | 133 |
| LAKESHORE | 33,000 | 33,000 | 1 |
| MULBERRY | 84,353 | 90,000 | 15 |
| POINCIANA | 75,927 | 65,000 | 33 |
| POLK CITY | 111,292 | 98,375 | 6 |
| WAVERLY | 66,250 | 66,250 | 1 |
| WINTER HAVEN | 112,443 | 79,950 | 78 |
What did Polk County Home Buyers buy?
103 home buyers bought at a price range of $49,999 and below
181 home buyers bought at a price range of $50,000 – $99,999
98 home buyers bought at a price range of $100,000 – $149,999
55 home buyers bought at a price range of $150,000 – $199,999
18 home buyers bought at a price range of $200,000 – $249,999
9 home buyers bought at a price range of $250,000 – $299,999
3 home buyers bought at a price range of $300,000 – $349,999
6 home buyers bought at a price range of $350,000 – $399,999
3 home buyers bought at a price range of $400,000 – $499,999
4 home buyers bought at a price range of $500,000 – 599,999
1 home buyer bought at a price range of $600,000 – $699,999
Let me break down November 2010 Polk County FL existing homes sales into various categories:
- 395 Single family homes – median price $116,466 – 137 Average Days to Closing
- 20 Town homes, villas and duplex units – median price $67,004 – 145 Average Days to Closing
- 25 Condominiums – median sold price – $55,600 – 147 Average Days on Closing
- 36 Modular, manufactured/mobile homes in park/out of park – median sold price $45,462 – 216 Average Days on Closing
Overall Polk County’s Foreclosure and Short Sales Prices – November 2010!
There were 199 existing Polk County homes sold, not categorized as distressed properties, at a median sold price of $125,000 with 173 average days to closing, which counted for almost 41.37% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 58.63% of our total sales in Polk County for the month of November.
- 224 sold homes were Bank Owned – median price $71,408 – Average Days to Closing 100.
- 58 sold homes were Short Sales – median price $95,000 – Average Days to Closing 233.
To search for Polk County FL Homes for Sale, click on the interactive map below – no registration required
Copyright © 2010 By Petra Norris *Polk County FL Homes for Sale – Overall Polk County Existing Home Prices for November 2010*
How to Hire the Right Lakeland FL Short Sale Agent?
You open up the newspaper ads or search online for a short sale agents in Lakeland, FL and plenty of Realtors claiming to be an Expert.
Before you pick up the phone and start with the one who claims to be an Expert, write an email to this agent and ask general questions. For example:
- What is a short sale?
- What are the alternatives to a Lakeland FL Short Sale?
- What are the requirements to list my home as a Short Sale?
- Is a short sale guaranteed?
I hope he or she will call you or email back within a day and answers your questions.
Working as a Lakeland Fl Short Sale Agent, I hear and see constant mistakes so called Experts make and the person who gets hurt the most is you, the seller.
Let me explain!
Getting any offer signed – Granted the decision to accept the offer is yours, however your lender and/or mortgage servicer still has to approve the amount. Listing and accepting an offer on your Lakeland FL Short Sale far below market value will not get approved by the bank.
Why? – Glad you asked!
During the evaluation process of your short sale, there are steps lender take ascertaining fair market value of your home. Lenders hire appraisers and real estate agents verifying the value of your home, which needs to be within a certain range. So if your home is listed far below fair market value, your chances are highly unlikely to receive a short sale approval. Pricing a Lakeland FL short sale should be priced just like any other property.
Agent is submitting multiple or even fake offers to the bank – There are many real estate agents who are doing this by saying to “just get the ball rolling” – start the short sale process. First of all, offers are only offers and when not signed by the seller, your Realtor® may be against the National Association of Realtors® Code of Ethics it may be against the law. Submitting a fake offer, in my opinion is Fraud and would for you as the seller waste your time. Not only is this the biggest complaints bank negotiators have, it adds to the backlog of your short sale approval.
Do your research when selecting a Lakeland FL short sale agent to work with. I’m no expert, however, I have experience closing Lakeland FL short sales on both sides of the transaction as a listing agent and buyer’s agent understanding the complete process.
Do you need to sell your home as a short sale in Lakeland, Auburndale, Bartow, Winter Haven, Polk City, Highland City, Mulberry, Bartow, Kathleen, or Lake Alfred? Call or email me for a personal and confidential consultation.
IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Copyright © 2010 By Petra Norris *How to Hire the Right Lakeland FL Short Sale Agent?*
Lakeland FL Homes for Sale – Short Sale and Foreclosure Market Report for November 2010
For the month of November, the Lakeland real estate market of short sales and bank-owned (REO) homes sold decreased to 54.89% from the previous month, reasoning the recent foreclosure moratorium. There were a total of 100 distressed homes sold, compared to 100 in October and 94 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1937 Lakeland FL Homes for Sale and 442 homes under contract (12/23/2010). 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 17.86%
Short sale properties – Inventory share is 26.57%
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 114 days
Average days to Closing for short sale properties are 258 days.
15 Lakeland FL Short Sale properties sold – average sold price $136,087 – median sold price $120,000
58 Lakeland FL Foreclosures (REO) sold – average sold price $80,716 – median sold price $65,600.
You can see from the graph below, zip code 33810 had the most foreclosed properties in Lakeland, FL sold.
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.
Lakeland FL Homes for Sale – Overall Home Sales for November 2010
Average overall Lakeland Florida home sales increased to $120,073 for the month of November compared to October 2010. Only 133 Lakeland homes have sold which represents the lowest number for this year. November market share of distressed homes decreased to 55% from the previous month. The majority of Lakeland home buyers bought homes below $200,000. Notably, with almost 32% of Lakeland home buyers purchased homes within the price range between $50,000-$99,999.
Lakeland overall homes sales in November:
133 - previous month: 166 – previous year November 09: 175 sold
November – average sales price $120,073
Previous month: $114,532 (4.84%) – previous year November 09: $123,033 (-2.41%)
November – median sales price $102,000
Previous month: $90,000 (13.33%) – previous year November 09: $120,000 (-15.00%)
The graph below represents average and median home sales for November 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, town homes, 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 stable “healthy housing market has a supply of six month in inventory. Lakeland’s housing market has a total of 2379. From the chart below you can see the housing trend with respect to Supply and Demand – Absorption Rate.
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.
Lakeland Fl Home Sales – Traditional (only) – Supply and Demand
Lakeland Fl Homes Sales – Distressed (Bank-owned/Short Sales – Supply and Demand
Distressed properties in Lakeland, Florida
For the month of November, Lakeland’s real estate market of distressed homes had a market share of 54.89%. There were a total of 73 homes sold in November, according to Mid-Florida Regional MLS.
Check back soon for November’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 on the home icon in the interactive map below.
Copyright © 2010 By Petra Norris *Lakeland FL Homes for Sale – Overall Home Sales for November 2010*
Carillon Lakes in Lakeland Florida – Absorption Rate Market Analysis
In my last blog, I defined the absorption rate for Lakeland Florida homes and wrote that I would help you understand how absorption rates and housing supply is calculated within a specific community, such as Carillon Lakes in Lakeland Florida.
Real Estate is Local! While I have been writing overall market reports for Lakeland, Florida for some time now, I often get asked what the current home prices in certain neighborhoods or subdivisions are. Creating a Absorption Rate Market Analysis for a specific location, such as Carillon Lakes, gives buyers and seller in-depth information on where the market is heading.
The graph below shows clearly that the Carillon Lakes housing market, while still a Buyer’s Market, has improved within the last three months of a reduced months of home inventory supply.
While absorption rate will certainly help a Seller understand better to determine how long it might take to sell their home. Absorption rate by price range is another way of helping a Lakeland Fl Seller understand their pricing strategy.
Stay tuned for Absorption Rate by price range!
Copyright © 2010 By Petra Norris * Carillon Lakes in Lakeland Florida – Absorption Rate Market Analysis*
Understanding Absorption Rate for Lakeland FL Home Sellers and Buyers
In today’s housing market, it is very critical that Lakeland home sellers and buyers understand the housing market and more importantly understand absorption rate. First and foremost and realistically, there are only a certain number of homes that will sell in any given period. While absorption rate is not an exact science, the key to you selling or buying a Lakeland Florida home understands the local real estate market and trend providing you with a clear vision when it comes to making an informed decision.
Absorption rate is an assessment of the current housing inventory, including properties under contract (pending) because a prospective buyer can walk at any time, divided by current rate of sales, expressed in months of supply. In any local real estate market, the absorption rate is generally considered the best indicator of whether the housing is either a seller’s or a buyer’s market.
- Normal Market – Absorption Rate is between 5 and 6 months.
- Sellers Market – Absorption Rate is lower (1-4 months)
- Buyers Market – Absorption Rate is higher (7+ months)
Housing economists and experts use the absorption rate in real estate to predict the housing market, while Lakeland Fl sellers and buyers may heard the phrase through the media but really don’t know what absorption rate represents. Since April 2009, appraisers are required to use absorption rate for all government loans.
To simply define absorption rate in Lakeland Florida, it is the number of months it will take to sell all homes for sale. For example a 12 months supply would mean that at the current rate of sales and no additional homes coming on the market, it would take 12 months for the inventory to deplete.
Currently, Lakeland Fl has a total of 2375 homes for sale and under contract (pending) according to the multiple listing as of December 16, 2010, there were 2301 Lakeland homes sold from Nov 2009 – Nov 2010. The absorption rate for Lakeland, Fl homes is calculated as follows:
2301/12 = 191.75 average monthly home sales - 2375/191.75 = 13.83 months housing supply.
Just like in any industry, supply and demand play an important role. If the demand is slow coupled with increasing supply will give you lower prices that results in a buyer’s market. Likewise, if supply is limited, homebuyers will typically pay more for the home – seller’s market.
When it comes to calculating the absorption rate for a local Lakeland neighborhood, it really brings the local housing market for sellers and buyers into perspective, especially within a specific neighborhood/community. For sellers, it will define the market in how to price the home realistically when comparing their competition with the result of a faster sale. For the buyer, the absorption rate can provide a negotiation tool to obtain a lower price.
Stay tuned for my next blog when I’ll show how absorption rate affects in determining a price for a perspective Lakeland home seller within a neighborhood.
Copyright © 2010 By Petra Norris * Understanding Absorption Rate for Lakeland FL Home Sellers and Buyers*
