lakeland florida housing market

Lakeland FL Real Estate Update – Homes Sales for April 2010

Overall Lakeland real estate sales activity remained very active and strong last month with a total of 244 Lakeland homes sold in April.  Average and median prices are still declining from the previous year.  The government’s tax credit program for home-buyers and low mortgage rates surely has impacted strong sales activity. However, it did not translate to higher prices blaming high unemployment rates and stricter mortgage lending guidelines for individuals.  In fact, distressed properties are still driving down market values with over 60% of market share.  Since the 2006 peak of the Lakeland real estate market, homes sold in 2008 have experienced an overall 33% decline in home prices, making it impossible to refinance mortgages for struggling homeowners.  Foreclosures will continue to impact the housing market, in my opinion, throughout the year and well into the next.

Lakeland Homes sold in April: 244 - previous month:  235 – previous year April 09: 155 sold

April – average sales price $110,880

Previous month: $114,518 (-3.18%) – previous year April 09: $128,170 (-13.49%)

April – median sales price $95,500

Previous month: $105,000 (-9.05%) – previous year April 09: $114,900 (-16.88%)

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.

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

Common properties only – Inventory active and pending 1490 homes resulting in 17 month of supply.

Distressed properties – Inventory active and pending 967 homes resulting in a 7 month of supply.

Distressed properties in Lakeland, Florida

For the month of April, Lakeland’s real estate market of distressed homes had a market share of 60%. There were a total of 148 properties sold in April, according to Mid-Florida Regional MLS.

Check back soon for April’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.

lakeland florida housing market

Lakeland FL Real Estate Update – Homes Sales for March 2010

Lakeland real estate sales activity continuously increased the past few months and March showed great improvement.  Although there were 235 Lakeland homes sold in March, such number I have not seen since 2007, average and median prices took a double digit steep decline at about 14% from the previous year.  Distressed properties are still driving down market values with over 54% of market share. I’m suspecting that as long as we have such high inventory in distress, home prices may still be vulnerable for at least this year.

Lakeland Homes sold in March: 235 - previous month:  152 – previous year March 09: 156 sold

March – average sales price $114,518

Previous month: $111,759 (2.47%) – previous year March 09: $135,224 (-15.31%)

March – median sales price $105,000

Previous month: $96,000 (9.38%) – previous year March 09: $121,750 (13.76%)

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 have marketed their properties at the right price, achieve better results in less time.  Here is a breakdown:

• 0-30 days – 93.2% average sold price/list price ratio
• 31-60 days – 97.54% average sold price/list price ratio
• 61-90 days – 95.44% average sold price/list price ratio
• 91-120 days – 94.87% average sold price/list price ratio
• 121+ days – 92.4% 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 March, Lakeland’s real estate market of distressed homes had a market share of 54%. There were a total of 126 properties sold in February, according to Mid-Florida Regional MLS.

Check back soon for March 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.

lakeland florida 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.

lakeland florida housing market

Has the Lakeland Florida’s Housing Market Bottom Out?

The housing market in Lakeland Florida still showed difficulties. But there are some promising signs that showed some improvement, so keep reading….

While the average sales price of $132,801 ($69.50 per sq.ft) for February dropped to 22% from the previous year, it showed a slight increase of 1% from the previous month. There was also an increase in properties sold, 125 Lakeland properties were sold in February compared to 113 homes sold the previous month. Over the past three month, the average sold price for a Lakeland home was $132,800.

What do you think has the market in Lakeland, Florida bottom out?

With the recent declining inventory and the latest sold data information within the past few months, there are definitely signs showing that this market has bottom out. Caution, however, must be taken into consideration since almost half of the sold homes were “Bank-owned” properties which generally drive the property values of the homes down.

What is selling in Lakeland?

Within the past few months and February proofed to be no different, the distressed homes and more importantly the bank-owned (REO) properties dominated the sales activities here in Lakeland with 62 properties sold in February.

With over 2500 properties currently for sale and pending, we are experiencing a 21 month of supply for the regular homes and distressed homes.

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

Common properties only – Inventory active and pending 1877 homes resulting in 31 month of supply.

Distressed properties – Inventory active and pending 649 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 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?

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – While foreclosure filings are up throughout the State of Florida, there are over 1100 Lakeland homes facing foreclosure. Only 490 Lakeland properties being marketed with area Realtors®, which leads me to believe that a lot of folks simply ignoring the fact or don’t know who they can turn to in this difficult time asking for advice and help. Folks if you are late with your mortgage payments, having difficulties making mortgage payments or have been notified by the lender via Lis Pendens, it is not too late. If you have lost your job, faced some kind of hardship Short Sale may be your solution.

Of the 125 homes sold last month in Lakeland, 62 distressed homes were sold with an average sales price of $103,137($58.82 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 62 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.

There are currently 490 homes facing foreclosure.

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

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 – 57 properties sold – average sold price $117,026 – average $61.97 per sq.ft.

Bartow – 7 properties sold – average sold price $93,928 average $70.79 per sq.ft.

Mulberry – 11 properties sold – average sold price $96,124 – average $61.14 per sq.ft.

Auburndale – 17 properties sold – average sold price $83,032 – average $55.69 per sq.ft.

Polk City – 5 properties sold – average sold price $86,960 – $59.37 per sq.ft.

Lake Alfred – 5 properties sold – average sold price $130,540 – $64.80 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.

lakeland florida housing market

Lakeland Florida Market Report January 2009 – Challenges and Opportunities for Buyers and Sellers

Buyer opportunities will flourish with continuously decreasing prices! Lakeland’s average sold prices have fallen to $131,335 ($65.60 per sq.ft.); although only a slight drop of 2 ¼% from the previous month, it is a significant stumble of 24% for the month of January of the previous year.  The amount of 113 sold Lakeland homes has also taken a dive of about 16% from the previous month of December 2008.

Sellers still facing challenges by chasing the market to pricing the home accordingly of what has been sold.  Moreover, competition of the evolving market of distressed homes, more importantly the bank-owned (REO) properties that are dictating the real estate market here in Lakeland with 51 properties sold in January.

With over 2500 properties currently for sale and pending, we are experiencing a 24 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 1892 homes resulting in 39 month of supply.

Distressed properties – Inventory active and pending 618 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 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.

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – Of the 113 homes sold last month in Lakeland, 60 distressed homes were sold with an average sales price of $110,930 ($60.07 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 60 properties were bank-owned (REO) and these homes make up 53% in total sales in Lakeland, Florida.

There are currently 462 homes facing foreclosure.

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

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 – 44 properties sold – average sold price $114,306 – average $68.30 per sq.ft.

Bartow – 7 properties sold – average sold price $78,921 average $50.83 per sq.ft.

Mulberry – 10 properties sold – average sold price $124,289 – average $71.29 per sq.ft.

Auburndale – 9 properties sold – average sold price $139,600 – average $59.22 per sq.ft.

Polk City – 1 property sold – average sold price $75,000 – $52.45 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.

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Lakeland Florida Market Report January 2009 – Challenges and Opportunities for Buyers and Sellers

Petra Norris – CDV TransAtlantic, Inc. – Licensed Florida Real Estate Broker -

PO Box 92050 – Lakeland, FL 33804-2050 -

Telephone (863) 619-6918