2011 Lakeland Florida Overall Housing Market Review – A Roller Coaster Ride
Every month I have watched, researched and written about the Lakeland FL Housing Market to see how we would compare to the same month in 2010 and even prior years. Folks asking me how is the housing market, is it getting any better? Are the prices going up? When will the prices go up?
We started out historically slow in 2011 compared to 2010, but that was done artificially due to the first time homebuyers tax credit which ended officially in April 2010 but if you had a binding contract, closing must have taken place by July 1, 2010. The roller coaster started to climb with rises in between until we took a dive in June as the Lakeland FL housing market hit a midyear low. By August we outperformed average sales price compared to the previous year and it looked for a moment that our local housing market had bottomed out. December ended in the bottom four when it comes to overall average sales price, although overall average sales prices were down, the number of transaction rose and that is the only good news I have.
Here are the Lakeland FL housing market numbers:
- In Lakeland FL, a total of 2434 residential properties were sold at an average price of $107,863 in 2011.
- In Lakeland FL, a total of 2305 residential properties were sold at an average price of $116,220 in 2010.
- Overall average prices were down 7%. Overall transactions (number of sales) was up by 6%.
While these are not horrific declines, they do speak to the angst that continues to dominate the housing market. Moreover, with the new wave of foreclosures coming into the Lakeland FL housing market they do point to 2012 that we may continue the roller coaster ride with up and down prices.
The good news is that the number of transactions improved despite the reduction of foreclosures due to the fraudulent or robo-signing documents that halted the foreclosure process for months resulting foreclosure sales were taken somewhat out of the equation.
How come 2011 Lakeland home prices sucked so badly? Our pipeline with homes under contract (pending) at 538 that includes 323 short sales most of them will not close next month, if at all and that is exactly what happened in 2011. Short sales that weren’t approved or mortgages that didn’t get commitment or clear to close, the pending numbers do not represent a fast approaching housing recovery. Moreover, until we see lenders doing their part to accommodate the seller’s delinquent loans approving them in a timely manner, the housing recovery will remain flat.
The bad news is the Lakeland Florida housing market remains flat. And that will most likely be the new normal market for the foreseeable future.
Prices will remain low due to the distressed housing market. Buyers are more savvy, they don’t want to spend more than they can afford. They want instant equity and with foreclosures and short sales selling at deep discounts, the traditional seller has no other choice than to adjust their listing price if they want or need to sell. In addition, buyers have their own struggles with the lender to commit loaning money to them.
I suspect the roller coaster ride will continue throughout 2012 in Lakeland Florida with up and down prices and up and down sales.
Lakeland FL Carillon Lakes Homes for Sale | Market Report for December 2011
Carillon Lakes in Lakeland Florida was developed over ten years ago and it is a deed restricted community. There are a variety of homes and condominiums situated throughout this lovely neighborhood that was developed in the early 2000. This community provides plenty of activities for its residents as well as for children. The community’s monthly calendar is filled with entertainment like, water aerobics, book buffs, game night, investment clubs and much, much more. The appearance of this community shows pride with manicured lawns and walkways throughout the community and its surrounding lakes.
A short distance to major employers such as Publix Supermarkets corporate office and GEICO Insurance as well as shopping at the Lakeside Village, Target and many restaurants situated along Harden Boulevard makes Carillon Lakes in Lakeland Florida a convenient location.Carillon Lakes in Lakeland FL is conveniently located minutes from Polk Parkway and Interstate 4, Carillon Lakes is a 24hr man-gated community situated southwest Lakeland, Florida and has almost 650 homeowners according to their newsletter. Carillon Lakes community has a lot to offer for families and retirees such as swimming pool, tennis courts, basketball court, fitness center, playground and a club house at the Town Center which can be rented for family gatherings such as birthday parties and other social gatherings.
Lakeland FL Short Sale and Foreclosure Market Report – September 2011
For the month of September, the Lakeland real estate market of short sales and bank-owned (REO) properties has declined. There were a total of only 86 distressed homes sold that were in some kind of distress, compared to the 107 homes the previous month and 132 home the previous year.
Current inventory for Lakeland foreclosures as of 10/30/11 is at 83, while 74 homes currently are under contract and awaiting closing.
What are the price ranges, buyers and investors are most interested?
Lakeland Foreclosures Market Report
$49,999 or under – 16 homes
$50,000 – $99,999 – 14 homes
$100,000 – $149,999 – 8 homes
$150,000 – $199,999 – 1 homes
$200,000 – $249,999 – 2 home
$250,000 – $259,999 – 1 home
Current inventory for Lakeland Short Sales as of 10/30/11 is at 348 homes, while 325 homes are under contract and waiting to close.
Lakeland Short Sales Market Report
$49,999 or under – 7 homes
$50,000 – $99,999 – 20 homes
$100,000 – $149,999 – 12 homes
$150,000 – $199,999 – 4 homes
$250,000 – $259,999 – 1 home
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 137 days
Average days to Closing for other distressed properties are 236 days.
44 Lakeland FL Short Sale properties sold – average soldprice$95,053 – median sold price $91,600.
42 Lakeland FL Foreclosures (REO) sold – average sold price $77,082 – median sold price $63,500.
Low Lakeland foreclosure inventory may be the answer for you if you are contemplating short sales and your family and friends telling you that buyers only work the foreclosure. Don’t be fooled, putting your home on the market as a short sale may be your best option and buyers who are frustrated in the bidding war against investors are willing to look at buying short sales.
Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent - Petra Norris at (863) 619-6918 and find out about our options.
Lakeland FL Overall Existing Home Sales for June 2011
Overall existing home sales in Lakeland Florida slipped to $95,423 for the month of June, when compared to the previous month as well as the previous year.
217 Lakeland overall homes sales in June:
May 2011: 232 – previous year June 10: 224 sold
June – average sales price $95,423
May: $110,093 (-13.32%) – previous year June 10: $118,041 (-19.16%)
June – median sales price $80,000
May: $89,995 (-11.11%) – previous year June 10: $109,750 (-27.11%)
The graph below represents average and median home sales for June in Lakeland, Fl for various categories. When our media provides us with a real estate market reports, generally these reports outline only Single Family Homes and Condominiums, as well as data just from only the local associations within Polk County. This report provides you data from all REALTORS(R) who have sold homes in this city whether or not they are affiliated with any associations in Polk County. Lakeland Florida has a variety of homes, such as manufactured homes, town homes, villas and duplex units for sale.
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 1989 including active Lakeland FL Homes for Sale and homes that have gone under contract (pending). From the chart below you can see the housing trend with respect to Supply and Demand heading towards stabilization of a balanced housing market, even though housing prices are still decreasing when compared to the previous years.
Distressed properties in Lakeland, Florida
For the month of June, foreclosures and short sales comprised a total of 54% of homes sold. There were a total of 118 homes sold in June, according to Mid-Florida Regional MLS.
Check back soon for June detailed Lakeland Florida housing report that highlights bank-owned properties (REOs) and Lakeland FL Short Sales.
For more information please visit my blog about Lakeland FL Homes for Sale, real estate, communities and events.
Copyright © 2011 By Petra Norris *Lakeland FL Overall Existing Home Sales for June 2011*
Lakeland FL Homes for Sale – Overall Home Sales for March 2011
Lakeland Florida average overall existing home sales improved without the government’s incentive of the first-time home buyer tax credit, to $114,573 for the month of March when compared to the prior month and March of the previous year of $113,417. Home sales continued to increase since hitting a low in November 2010 – a total of 227 existing homes sold in Lakeland FL
227 Lakeland Fl houses that have sold in March, an increase from the previous month of February of 192. March market share of distressed home sales decreased also to 54% from the previous month.
227 Lakeland overall homes sales in March:
February 2011: 192 – previous year March 10: 239 sold
March – average sales price $114,573
February: $93,265 (22.85%) – previous year March 10: $113,417 (1.02%)
March – median sales price $95,000
Previous month: $79,900 (18.90%) – previous year March 10: $104,000 (-8.65%)
The graph below represents average and median home sales for March in Lakeland, Fl 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 for sale.
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 2319 including active Lakeland FL Homes for Sale and homes that have gone under contract (pending). From the chart below you can see the housing trend with respect to Supply and Demand and the overall absorption rate for the Lakeland, FL housing market.
Distressed properties in Lakeland, Florida
For the month of March, Lakeland’s real estate market of distressed homes had a market share of 54.18%. There were a total of 123 homes sold in March, according to Mid-Florida Regional MLS.
Check back soon for March detailed Lakeland Florida housing report that highlights bank-owned properties (REOs) and Lakeland FL Short Sales.
I have been reporting on Lakeland FL Homes for Sale and provided my readers with a comprehensive market report for homes that have sold on a monthly basis. Check out these monthly reports:
February 2011 Lakeland FL Homes for Sale – Overall Housing Market Report
January 2011 Lakeland FL Homes for Sale – Overall Housing Market Report
December 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
November 2010 Lakeland Fl Homes for Sale – Overall Housing Market Report
October 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
September 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
August 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
July 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
June 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
May 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
April 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
March 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
February 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
January 2010 Lakeland FL Homes for Sale – Overall Housing Market Report
For more information please visit my blog about Lakeland FL Homes for Sale, real estate, communities and events.
Search thousands of Lakeland Fl Homes for Sale right here, for free – no registration required!
Copyright © 2011 By Petra Norris *Lakeland FL Homes for Sale – Overall Home Sales for March 2011*
Lakeland Florida Short Sale and Foreclosure Market Report – February 2011
For the month of February, the Lakeland real estate market of short sales and bank-owned (REO) properties that were sold decreased to 67.46% from the previous month. There were a total of 114 distressed homes sold, the same as January 2011 and 89 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
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 124 days
Average days to Closing for other distressed properties are 259 days.
25 Lakeland FL Short Sale properties sold – average sold price $106,300 – median sold price $113,000
88 Lakeland FL Foreclosures (REO) sold – average sold price $71,311 – median sold price $63,500.
Looking for a great deal on Lakeland FL Short Sales and Lakeland FL foreclosures, feel free to contact me at petra@petranorris.com or use the interactive map here below for your convenience.
Copyright © 2011 By Petra Norris *Lakeland FL Short Sales and Foreclosures – February 2011*
Lakeland FL Homes for Sale – Overall Home Sales for February 2011
Lakeland Florida average overall home sales slipped again to $93,265 for the month of February compared to the month of January 2011. While the overall inventory of homes are shrinking (around 1600 homes for sale in Lakeland FL compared to over 2000 homes for sale at the end of the 4th quarter of 2010) and sellers starting to realize that home prices are not increasing anytime soon since we are still dealing with a lot of distressed homes, such as short sale and foreclosures.
192 Lakeland Fl houses that have sold in February, an increase from the previous month of January of 169. February market share of distressed home sales decreased to 59% from the previous month.
192 Lakeland overall homes sales in February:
January 2011: 169 – previous year February 10: 159 sold
February – average sales price $93,265
January: $94,095 (-0.88%) – previous year February 10: $109,178 (-14.58%)
February – median sales price $79,900
Previous month: $77,500 (3.10%) – previous year February 10: $95,000 (-15.89%)
The graph below represents average and median home sales for February in Lakeland, Fl 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 for sale.
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.
Distressed properties in Lakeland, Florida
For the month of February, Lakeland’s real estate market of distressed homes had a market share of 67.46%. There were a total of 114 homes sold in February, according to Mid-Florida Regional MLS.
Check back soon for February’s detailed Lakeland Florida real estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.
For more information please visit my blog about Lakeland FL Homes for Sale, real estate, communities and events.
Copyright © 2011 By Petra Norris *Lakeland FL Homes for Sale – Overall Home Sales for February 2011*
Lakeland FL Real Estate – Housing Prices for January 2011
Average overall Lakeland Florida housing prices took a nose dive to $94,095 for the month of January compared to the previous month. The last time I saw average sales price like this was April 2001 at $89,607. I don’t have the numbers prior to 2001, since our Multiple Listing Service provides data for ten years.
169 Lakeland Fl houses that have sold in January which also decreased from the previous month of December of 197. January market share of distressed homes rose to 67% from the previous month.
Lakeland overall homes sales and housing prices in January:
169 - previous month: 197 – previous year January 10: 144 sold
January – average sales price $94,095
Previous month: $112,466 (-16.33%) – previous year January 09: $125,635 (-25.10%)
January – median sales price $77,500
Previous month: $93,972 (-17.53%) – previous year January 09: $111,950 (-30.77%)
The graph below represents average and median home sales for January in Lakeland, Fl 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 for sale.
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 2319 including active Lakeland FL Homes for Sale and homes that have gone under contract (pending). From the chart below you can see the housing trend with respect to Supply and Demand and the overall absorption rate for the Lakeland, FL housing market.
Distressed properties in Lakeland, Florida
For the month of January, Lakeland’s real estate market of distressed homes had a market share of 67.46%. There were a total of 114 homes sold in January, according to Mid-Florida Regional MLS.
Check back soon for January’s detailed Lakeland Florida real estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.
Copyright © 2011 By Petra Norris *Lakeland FL Real Estate – Housing Prices for January 2011*
Lakeland Florida Short Sale and Foreclosure Market Report – December 2010
For the month of December, the Lakeland real estate market of short sales and bank-owned (REO) properties market share increased to 61.03% from the previous month. There were a total of 119 distressed homes sold, compared to 73 in November and 103 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 2344 Lakeland FL Homes for Sale and 470 homes under contract (01/24/2011). 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 17.79%
- Short sale properties – Inventory share is 26.92%
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 109 days
- Average days to Closing for other distressed properties are 258 days.
39 Lakeland FL Short Sale properties sold – average sold price $116,299 – median sold price $96,000
80 Lakeland FL Foreclosures (REO) sold – average sold price $87,996 – median sold price $66,338.
In my recent blogs I wrote about absorption rate in real estate and how it can affect the homes that are for sale in Lakeland. I separated the homes by the category of Foreclosures/REO and Short Sales. The foreclosure inventory moves along well and appears to be balanced with less than six month of supply on hand.
The homes that are being sold as Lakeland Short Sales is a buyers market with an inventory supply of 23 months.
The homes that are being sold as Lakeland Short Sales is a buyers market with an inventory supply of 23 months.
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or use the interactive map here below for your convenience.
