Sandpiper Golf & Country Club Home prices for the past twelve months shows that sellers realize to sell their homes, they must price them competitively to achieve a balanced market. Within the past 12-month the real estate market continues to show that this 55+ community is a buyer’s market even though home prices have increased for the past three months.
Sales activity has picked up for Lakeland real estate market with increasing sales since March 2009 recording 169 Lakeland homes sold in June. An increase from 156 homes sold the previous month and more importantly a 14% increase from the previous year.
While the average sales price increased to $145,767 ($75.38 per sq.ft) from the previous month of $124,689 ($71.01 per sq.ft.). Lakeland real estate prices continue to drop for June at 18% from the previous year. Now you probably wondering why the average price increased by almost 17% for Lakeland – this mainly resulted because for the 2nd time this year a property over $1 million was sold. Such a sale will increase the average sales prices in this market when looking at average sales prices.
This is the reason why you need to look at all numbers average sold as well as median sold prices.
While there was also an increase of 4.5% posted from $119,500 the previous month to $125,000 recorded in June 2009, it is more realistic since the highest and the lowest sold property are taken out of the equation. You always want to get both sides of the numbers to get the true picture.
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 1697 homes resulting in 18 month of supply.
Distressed properties – Inventory active and pending 742 homes resulting in a 12 month supply.
Bank-Owned properties continue to influence Lakeland Real Estate
Since the beginning of the year, distressed homes and bank-owned (REO) properties for the Lakeland Real Estate market still playing a major role. Sales activities shows 64 properties sold in June according to Mid-Florida Regional MLS.
26 Distressed Homes Sold – average sold price $132,588 – median sold price $127,500
38 Bank-owned (REO) sold – average sold price $95,229 – median sold price $83,153
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 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 – 75 properties sold – average sold price $119,128 – average $64.40 per sq.ft.
Bartow – 17 properties sold – average sold price $79,472 average $52.63 per sq.ft.
Mulberry – 17 properties sold – average sold price $108,108 – average $67.32 per sq.ft.
Auburndale – 17 properties sold – average sold price $115,122 – average $60.36 per sq.ft.
Polk City – 6 properties sold – average sold price $93,448 – $52.25 per sq.ft.
Lake Alfred – 10 properties sold – average sold price $112,829 – $54.84 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.
Foreclosed properties continue to impact the Lakeland real estate market. Lakeland’s average sales price of $128,093 ($69.22 per sq.ft.) for April slumped 25% from the previous year, prices dropped also 5 ¾ % from the previous month. A slight increase in properties sold of 154 Lakeland properties were sold in April compared to 152 homes sold the previous month.
Bank-Owned properties are the “Name of the Game”
The distressed homes and more importantly the bank-owned (REO) properties dominate the sales activities here in Lakeland with 88 properties sold in April and continuously over 50% of the total sales since the beginning of the year recorded accordingly in Mid-Florida Regional MLS.
With close to 2467 properties currently for sale and pending, we are experiencing approximately a 15 month of supply for the regular homes and distressed homes.
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales. These types of homes continue to control 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 154 homes sold last month in Lakeland, 88 distressed homes were sold with an average sales price of $108,900 ($58.91 per sq.ft.) compared to only 30 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Bank-owned properties are the “name of the game” with 62 out of 88 properties was bank-owned (REO).
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 1602 homes resulting in 27 month of supply.
Distressed properties – Inventory active and pending 865 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 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 – 102 properties sold – average sold price $101,120 – average $59.75 per sq.ft.
Bartow – 12 properties sold – average sold price $112,366 average $64.14 per sq.ft.
Mulberry – 16 properties sold – average sold price $115,658 – average $65.81 per sq.ft.
Auburndale – 13 properties sold – average sold price $148,161 – average $79.02 per sq.ft.
Polk City – 3 properties sold – average sold price $56,300 – $51.40 per sq.ft.
Lake Alfred – 7 properties sold – average sold price $104,785- $54.99 per sq.ft.
If you are interested in a specific area or neighborhood, feel free to call me at (863) 61906918 or click the button below to start your Lakeland real estate search!
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.
Prices kept on falling at its lowest in December! Well folks, care for the numbers….Lakeland’s average sold prices dropped to $134,365, a 30% stumble from the previous year. This is the lowest I’ve seen so far closing out this eventful year of foreclosure crisis, wall street and main street crisis, mortgage mess and bail outs.
The average square foot of the sold homes for December was $76.03 per sq. ft., compared to the listing price of $81.36 per sq. ft. in Lakeland which is within the approximate numbers of our neighboring cities, such as Winter Haven, Auburndale, Bartow, Mulberry, and Polk City.
Although real estate agents have a tendency to say that December is one of the slowest months of the year. Home sales by the numbers however have increased by 15% – 135 homes sold from the previous month in Lakeland. An increase of 15% in number of home sales though it is an average number.
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”.
Hi Folks! Look at these numbers below – don’t they speak for themselves about today’s Lakeland real estate Market? Annual numbers of sold homes have seen a sharp drop since 2005 and last year 2008 did not give me an indication that the statistics will change much in 2009. The annual numbers of sold homes continued to decline by 21% from the previous year.
How long will it take to absorb the current inventory (Absorption Rate)?
Normal Market – Absorption Rate is between 5 and 6 months.
Sellers Market – Absorption Rate is lower (1-4 months)
Buyers Market – Absorption Rate is higher (7+ months)
There is an average of 2,300 homes currently on the market in Lakeland. Taking into consideration last year’s number – 1624 homes sold in Lakeland, Florida; it would take approximately 17 month to sell its present inventory – a true buyers market.
