lakeland real estate market

Lakeland FL Short Sale and Foreclosure Housing Report – May 2010

lakeland real estate market

Lakeland Florida Real Estate Update for May 2010

For the month of May, the Lakeland real estate market has shown slight improvement, but compared to previous year, it has been much of the same for when considering sales prices. A total of 221 Lakeland homes were sold in May with average and median prices still declining from the previous year. Distressed properties are still driving down market values with over 57% of market share.

Lakeland Homes sold in May: 221 - previous month: 244 – previous year May 09: 158 sold

May – average sales price $121,337

Previous month: $110,880 (8.62%) – previous year May 09: $124,689 (-2.69%)

May – median sales price $106,000

Previous month: $95,500 (9.90%) – previous year May 09: $119,450 (-12.67%)

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.

A total of 2447 Lakeland homes are for sale and under contract resulting in a 12 months supply.

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 1464 homes resulting in 8 month of supply.

Distressed properties – Inventory active and pending 983 homes resulting in a 8 month of supply.

Distressed properties in Lakeland, Florida

For the month of May, Lakeland’s real estate market of distressed homes had a market share of 57%. There were a total of 127 properties sold in May, according to Mid-Florida Regional MLS.

Check back soon for May’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 real estate market

Lakeland FL Foreclosure and Short Sale Market Report – January 2010

The foreclosure and short sale market has affected all of us here in Lakeland, Florida with the ever decreasing home values in most neighborhoods if not all neighborhoods in our city.  High unemployment rates, influx in foreclosed properties for the foreseeable future and shadow inventory that has yet to hit the real estate market.  Therefore highlighting the Lakeland foreclosures and short sale market for sellers, home buyers and investors is very important in determining their options whether buying or selling.

Starting with this month Lakeland Florida Short Sale and Foreclosure market report, the distressed market report will have its own report.

For the month of January, Lakeland’s real estate market of short sales 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.

Currently there are a total of 1,910 Lakeland homes for sale and 498 Lakeland homes under contract (02/18/2010). By calculating total inventory, homes that are under contract because these properties have not closed is included in my inventory share.

• Bank owned properties – Inventory share is 12.17%
• Short sale properties – Inventory share is 25.42%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

• Average days on market (DOM) for bank-owned properties are 45 days
• Average days to contract for other distressed properties are 136 days.

25 Distressed Homes Sold – average sold price $146,724 – median sold price $139,900

63 Bank-owned (REO) sold – average sold price $88,319 – median sold price $81,000

Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.

If you are interested in Lakeland Foreclosures and Short Sales, feel free to contact me at petra@petranorris.com or click the search button below.

lakeland real estate market

Lakeland Florida Real Estate Market Report for July 2009

Since February, I have seen a continuous increase in sales activity in the Lakeland real estate market. For July the sales of Lakeland homes sold has increased 26% to 188 homes from the previous year and more importantly an 11% increase from the previous month.

Moderate increases were recorded for homes sold in Lakeland, Florida. A slight gain of 1 ½ % for average sold homes for July to $147,904 ($77.16 per sq.ft.) and a 4% increase for median prices to $130,000 ($75.50 per sq.ft.) when compared to the sales from the previous month.

Compared to last year’s figures, Lakeland real estate still is lagging behind in average and median prices and I suspect will continue at least throughout this year with increased foreclosure filings and bank-owned properties that will influx the Lakeland housing market.

Average Lakeland Sold price for July 2008 – $168,425 – decrease of 12%

Median Lakeland sold price for July 2008 – $150,000 – decrease of 13%

Based on recent sales history for the Lakeland Real Estate market, it shows here in this spreadsheet below where the most activity takes place and what types of homes are selling.

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 1672 homes resulting in 16 month of supply.

Distressed properties – Inventory active and pending 768 homes resulting in an 11 month supply.

This illustrates an absorption rate for supply and demand. A seven month supply would give you a more stabilized market anything above the 7 month threshold would be a buyer’s market as we have seen the past few years. Hence, below the 7 month threshold obviously constitutes a seller’s market as we experienced it in years 2004-2006.  

Distressed properties in Lakeland, Florida

For the month of July, distressed homes and bank-owned (REO) properties had a market share of 40% in the Lakeland Real Estate market. There were a total of 75 properties sold in July compared to 37 distressed Lakeland homes sold the year prior – 25% market share, according to Mid-Florida Regional MLS.

24 Distressed Homes Sold – average sold price $128,189 – median sold price $120,000

51 Bank-owned (REO) sold – average sold price $95,416 – median sold price $97,580

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 Codes	Jan	Feb	Mar	Apr	May	Jun	Jul	Total
33801	20	12	15	21	13	16	17	114
33803	11	10	16	18	16	19	26	116
33805	12	11	12	9	5	10	14	73
33809	13	12	16	11	18	17	16	103
33810	25	31	34	31	46	37	40	244
33811	10	16	17	18	18	22	20	121
33812	10	5	8	13	7	9	16	68
33813	9	25	27	28	26	33	35	183
33815	5	3	7	5	7	6	4	37
Grand Total	115	125	152	154	156	169	188	1059

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.

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

Winter Haven – 82 properties sold – average sold price $106,536 – average $61.09 per sq.ft.

Bartow – 17 properties sold – average sold price $92,666 average $52.51 per sq.ft.

Mulberry – 10 properties sold – average sold price $117,631 – average $69.23 per sq.ft.

Auburndale – 15 properties sold – average sold price $125,509 – average $65.31 per sq.ft.

Polk City – 3 properties sold – average sold price $130,000 – $104.14 per sq.ft.

Lake Alfred – 2 properties sold – average sold price $81,500 – $44.25 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 real estate 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