housing market

Lakeland Real Estate Update on Sold Homes in January 2010

A stable Lakeland real estate Market is a key factor for the housing market to rebound.  For the month of January a total of 145 homes were sold overall.  Last year’s overall Lakeland Florida Real Estate market was somewhat of a roller coaster ride with home prices up and down throughout the year.  Will the roller coaster ride continue in 2010? From the graph below you can see that average Lakeland home prices have increased since October 2009 by almost 9%.

Lakeland Homes sold in January: 145 – previous month:  194 – previous year January 09: 115 sold

January – average sales price $126,320

Previous month: $123,866 (+ 2%) – previous year January 09: $130,334 (-3.08%)

January – median sales price $112,900

Previous month: $113,950 (-0.92%) – previous year January 09: $96,000 (17.6%)

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.

Lakeland homes sold that are priced right will sell quickly.  In my analysis of last month activity shows that home owners, who are having their properties marketed at the right price, achieve 97% of their list price.  Here is a breakdown:

• 0-30 days – 96.92% average sold price/list price ratio
• 31-60 days – 98.22% average sold price/list price ratio
• 61-90 days – 95.4% average sold price/list price ratio
• 91-120 days – 93.23% average sold price/list price ratio
• 121+ days – 92.28% average sold price/list price ratio

For more information on the location of these sold homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

Distressed properties in Lakeland, Florida

For the month of January, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS. After further evaluation of my Lakeland Real Estate Market and to my readers who follow the distressed market report closely deserve clarity.  Starting out with January’s Real Estate Report, the distressed market report will have its own report.  Please check back soon for your 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.

housing market

December 2009 – A Record Breaking Month – Update on Sold Homes in Lakeland Florida

Lakeland real estate ended the year on a high note in sales. With 194 homes sold overall, a 43% increase from the previous year, the month of December proved to be the best month for 2009 with an average sales price of $123,865, a 1% increase from the previous month.

Lakeland Homes sold in December: 194 – previous month:  174 – previous year December 08: 136 sold

While home prices are at 2004 level and still showing signs of downward market adjustments, the adjustments for December compared to last year’s figures are no longer in double digits.  Although the distressed properties continue to power market values for Lakeland Real Estate, I suspect in the coming month that we see the market will stabilize.

December – average sales price $123,865

Previous month: $122,590 (+ 1%) – previous year December 08: $134,370(-7.82%)

December – median sales price $113,950

Previous month: $119,000 (-4.24%) – previous year December 08: $125,420 (-9.15%)

The graph below represents average and median prices in Lakeland for various categories.

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.

Which zip codes represents the most sales activities since January 2009?

Zip Code	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
33801	20	12	15	21	13	16	17	12	20	27	20	31	224
33803	11	10	16	18	16	19	26	19	22	25	20	24	226
33805	12	11	12	9	5	10	14	14	8	14	12	14	135
33809	13	12	16	11	18	17	16	17	25	17	21	23	206
33810	25	31	34	31	46	37	40	33	42	46	43	40	448
33811	10	16	17	18	18	22	20	15	22	15	18	17	208
33812	10	5	8	13	7	9	16	15	10	9	13	14	129
33813	9	25	27	28	26	33	35	38	29	22	24	25	321
33815	5	3	7	5	7	6	4	3	5	2	3	6	56
Total	115	125	152	154	156	169	188	166	183	177	174	194	1953

Distressed properties in Lakeland, Florida

For the month of December, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 103 properties sold in December compared to 49 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Average days on market (DOM) for bank-owned properties are 49 days

Average days on market (DOM) for other distressed properties are 146 days.

28 Distressed Homes Sold – average sold price $118,425 – median sold price $122,000

75 Bank-owned (REO) sold – average sold price $94,819 – median sold price $80,000

For more information on the location of these sold homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

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.

housing market

Lakeland Real Estate Market Report for November 2009

Despite Polk County’s unemployment numbers in the double digits, Lakeland Florida real estate sales activity continued strong for the month of November.

Lakeland Homes sold in November: 174 – previous month:  177 – previous year November 08: 106 sold

Which zip codes represents the most sales activities since January 2009?

Lakeland	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Grand Total
33801	20	12	15	21	13	16	17	12	20	27	20	193
33803	11	10	16	18	16	19	26	19	22	25	20	202
33805	12	11	12	9	5	10	14	14	8	14	12	121
33809	13	12	16	11	18	17	16	17	25	17	21	183
33810	25	31	34	31	46	37	40	33	42	46	43	408
33811	10	16	17	18	18	22	20	15	22	15	18	191
33812	10	5	8	13	7	9	16	15	10	9	13	115
33813	9	25	27	28	26	33	35	38	29	22	24	296
33815	5	3	7	5	7	6	4	3	5	2	3	50
Grand Total	115	125	152	154	156	169	188	166	183	177	174	1759

November – average sales price $122,590

Previous month: $115,952 (+ 5.7%) – previous year November 08: $159,241(-23%)

November – median sales price $119,000

Previous month: $107,000 (+11%) – previous year November 08: $142,500 (-16.5%)

The graph below represents average and median prices in Lakeland for various categories.

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.

Distressed properties in Lakeland, Florida

For the month of November, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 92 properties sold in November compared to 36 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

Average days on market (DOM) for bank-owned properties are 60 days

Average days on market (DOM) for other distressed properties are 158 days.

29 Distressed Homes Sold – average sold price $124,506 – median sold price $115,000

63 Bank-owned (REO) sold – average sold price $89,084 – median sold price $75,000

For more information on the location of these sold homes in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

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.

housing market

Lakeland Real Estate Update – 11/16-11/30/09

Update for the Lakeland real estate market! Currently, there are 1906 homes for sale throughout Lakeland – as of 12/07/09. Newly listed homes for the period of November 16th through November 30th totaled 109 Lakeland homes recently came on the market. A 28% decline from the previous my previous report. The average sales price of Lakeland homes listed with area Realtors®.increased to $202,841.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

2 condos listed with an average sales price of $189,950

6 mobile homes listed with an average sales price of $46,116

7 Townhomes/Villas listed with an average sales price of $94,925

94 single family homes with an average price of $180,829

Lakeland’s newest homes listed! The priciest Lakeland real estate is a 2007 pool home; featuring 6 bedrooms and 4 ½  baths with over 5,300 square feet of living space currently offered for $947,500 located in the Eaglebrooke Community.  On the contrary, the cheapest Lakeland home newly listed is a 2 bedroom 2 baths listed for only $16,200 – just over $20.00 per square foot – located in the Country View Estates subdivision.

All data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.

Take a look at the breakdown by zip code:

33801 – 17 with an average sales price of $76,817

 33803 –11 with an average sales price of $271,000

33805 – 12 with an average sales price of $70,041

 33809 – 12 with an average sales price of $139,133

33810 – 17 with an average sales price of $167,470

33811 – 07 with an average sales price of $139,814

33812 – 06 with an average sales price of $238,646

 33813 – 24 with an average sales price of $254,654

33815 – 03 with an average sales price of $50,933

Update on distressed homes in Lakeland

A total of 527 properties are currently actively being marketed that are facing foreclosure. There were 43 Lakeland homes newly listed in the distressed category with average prices of $115,237 or $61.79 per square foot. Distressed homes are categorized as “Bank-Owned”, “Require 3^rd party approval (Short Sale)”, “Pre-foreclosure”, and “In-Foreclosure”.

Update on Lakeland Real Estate that have sold

For the period of November 1^st through November 30^th there have been 172 Lakeland homes sold so far reported with an average price of $121,952.  Lakeland Real Estate under contract but have not closed (Pending) Lakeland homes that are in pending status are at 475.

housing market

Lakeland Real Estate Housing Report for May 2009

While Lakeland real estate still posts declining home values with the average sales price of $124,689 ($71.01 per sq.ft.) further diving in May 23% from the previous year for Lakeland homes sold. Last month however,  sold prices dropped only 2.66% from the previous month.  The good news is that the number of homes sold is steady for the past three months, increasing at a small rate to 156 Lakeland residential real estate sold in May compared to 154 homes sold the previous month.

Analysis of the type of homes being sold shows Lakeland’s primary real estate market is single family homes with median sales price of $125,000. This pricing trend makes Lakeland with it’s centrally location between Tampa and Orlando very affordable when comparing to Florida’s median price of $144,400.

Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.

Common properties only – Inventory active and pending 1729 homes resulting in 20 month of supply.

Distressed properties – Inventory active and pending 780 homes resulting in an 14 month supply.

Bank-Owned properties continue to influence Lakeland Real Estate

Since the beginning of the year, distressed homes and more importantly the bank-owned (REO) properties still play a major role in the sales activities here in Lakeland with 61 properties sold in May and recorded in our Mid-Florida Regional MLS.

With close to 2448 properties currently for sale and pending, we are experiencing approximately a 17 month of supply for the regular homes and distressed homes. Supply and Demand Theory -I have also noticed that our inventory is slowly shrinking with less than 2000 Lakeland Homes for Sale as of June 29^th, 2009. This is good news for Lakeland Real Estate as inventory decreases, the demand will increase.

Of the 156 homes sold last month in Lakeland, 61 distressed homes were sold with an average sales price of $91,289 ($56.38 per sq.ft.) compared to only 27 homes that were sold the previous year, due to Short Sales and/or Foreclosures. To break it down even further, of the 61 distressed homes sold in Lakeland 47 were Bank-owned properties (REOs).

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.

Which zip codes represents the most sales activities since January 2009?

For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

Let’s take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven – 77 properties sold – average sold price $120,959 – average $63.33 per sq.ft.

Bartow – 12 properties sold – average sold price $119,707 average $71.07 per sq.ft.

Mulberry – 16 properties sold – average sold price $109,089 – average $65.21 per sq.ft.

Auburndale – 20 properties sold – average sold price $105,992 – average $57.67 per sq.ft.

Polk City – 3 properties sold – average sold price $160,166 – $78.62 per sq.ft.

Lake Alfred – 13 properties sold – average sold price $91,758 – $48.94 per sq.ft.

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.

housing market

Lakeland Real Estate Housing Report for March 2009 – Are we out of the Woods yet?

Let me share with you some positive signs in the Lakeland Real Estate market. First of all, since January there has been a constant, but moderate increase in the amount of homes sold and average home sold prices, which has echoed through March 2009.

While the average sales price of $135,889 ($71.51 per sq.ft.) for March fell 19% from the previous year, it showed a sensible increase of 2 ¼% from the previous month. There was also an increase in properties sold, 152 Lakeland properties were sold in March compared to 125 homes sold the previous month. The last time we have seen about that many homes sold in Lakeland was September 2008 – 157 homes sold to be exact.

What is selling in Lakeland?

It is still the same for the past few month, the distressed homes and more importantly the bank-owned (REO) properties dominate the sales activities here in Lakeland with 68 properties sold in March.

With close to 2485 properties currently for sale and pending, we are experiencing an 18 month of supply for the regular homes and distressed homes.

Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.

Common properties only – Inventory active and pending 1815 homes resulting in 24 month of supply.

Distressed properties – Inventory active and pending 671 homes resulting in an 11 month supply.

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 was 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.

Which zip codes represents the most sales activities since January 2009?

Lakeland Market Report for Distressed Homes

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales.

These types of homes continue to dominate our real estate market here in Lakeland Florida as well as throughout Polk County, so it is important for you to see what is driving down the home prices, but more importantly our home values.

Of the 152 homes sold last month in Lakeland, 68 distressed homes were sold with an average sales price of $115,009 ($61.87 per sq.ft.) compared to only 25 homes that were sold the previous year, due to Short Sales and/or Foreclosures.  A side note for you, 51 out of 68 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.

There are currently 487 homes facing foreclosure.

184 homes are in pending status waiting for bank or lender approval to close.

So, are we out of the Woods yet?

Not so fast! Although buyers starting to jump over the fence, there is still fear, not necessarily about buying a home, but perspective buyers fearing job security and the economy itself.  With increased home prices and home sales, the average sold price compared to the list price was only 92% and that was only the first quarter of the year; we still have three quarters left. Until sellers come to the realization that home prices are still in need to being adjusted the buyer is continuing to sit on the other side of the fence.

For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

Let’s take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven – 72 properties sold – average sold price $98,157 – average $58.49 per sq.ft.

Bartow – 13 properties sold – average sold price $114,181 average $61.81 per sq.ft.

Mulberry – 18 properties sold – average sold price $110,513 – average $59.19 per sq.ft.

Auburndale – 20 properties sold – average sold price $111,940 – average $69.38 per sq.ft.

Polk City – 8 properties sold – average sold price $124,687 – $81.99 per sq.ft.

Lake Alfred – 7 properties sold – average sold price $104,428 – $59.02 per sq.ft.

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.