Lakeland FL Overall Real Estate Market July 2010
Lakeland real estate Update – So far for this year overall Lakeland Home prices averaging around $117,000 and July’s average overall home price was $116,042. However, only 169 Lakeland Homes sold last month, producing the third lowest numbers of Lakeland Homes sold for this year. Average and median prices declined sharply from the previous year by double digits. Distressed properties continue to be a major contributor in determining market values for Lakeland FL homes with over 60% of the market share.
Lakeland Homes sold in July: 169 – previous month: 216 – previous year July 09: 189 sold
July – average sales price $116,042
Previous month: $118,182 (-1.81%) – previous year July 09: $148,233 (-21.72%)
July – median sales price $99,000
Previous month: $109,200 (-9.16%) – previous year July 09: $130,000 (-23.85%)
The graph below represents average and median home 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.
A total of 2492 Lakeland homes are for sale and under contract resulting in a 12 months supply, noticing that our inventory increased suggesting that 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 1427 homes resulting in 24 month of supply.
Distressed properties – Inventory active and pending 1065 homes resulting in a 11 month of supply.
Distressed properties in Lakeland, Florida
For the month of July, Lakeland’s real estate market of distressed homes had a market share of 60%. There were a total of 102 homes sold in July, according to Mid-Florida Regional MLS.
Check back soon for July’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.
I’m going on record here with the statement that I believe Lakeland real estate prices will go up this fall. I say this based on trends I’ve been following of late – not the least of which were this past Tuesday’s housing numbers – which blew away economists expectations.
Per the National Association of Realtors®, the Pending Home Sales Index posted its 6th consecutive monthly gain for July. This is landmark stuff, folks. In fact, looking back from this past January, the Pending Home Sales Index is now at its highest levels in more than 2 years.
Pending Home Sales – Defined
Lakeland real estate deals that are classified as “pending home sales” are homes that are under contract to sell, but have not yet closed. Though these homes have not actually sold, tracking them does allow us to see that nearly 80% of homes under contract close within 2 months - with many more closing in months 3 and 4.
Lakeland home buyers — take note. When the Pending Home Sales Index rises, it means that market activity has picked up. This can lead to any one, or a combination, of the following:
- Multiple home offers and/or bidding scenarios
- Loss of the “buyer” advantage
- Increased home sales prices with fewer seller concessions – for example, sellers will be less apt to pitch in to cover closing costs
So, consider this your Lakeland Home Buyer Pricing Alert. If you’re considering a home purchase within the next several months, expect the recent uptick in Pending Home Sales to lead to an uptick in closed sales, too. This, I believe, will lead to higher home prices as well. We’re already seeing it – per Case-Shiller – as prices are on the upswing.
