This real estate market report covering not only the Lakeland real estate market, it specifically covers the whole real estate market in Polk County. It was published in the October 3, 2009 edition of Polk Homes of The Ledger. I realize that some of my readers do not subscribe to The Ledger and therefore missed out on my article. So without further ado, here is the unedited version of my article with links to various sites for your information.
The National Association of Realtors® reported a decline in existing home sales in four regions. The seasonally adjusted sales declines were as follows:
- Northeast – existing home sales fell 2.2%
- Midwest – sales dipped by 6.6%
- South – sales decreased by 3.1%
- West – sales declined 2.7%
What do the stats really say? Absolutely nothing! It is like talking about the national weather forecast – there is nothing to write about. Let me examine the real estate statistics reported from the Florida Association of Realtors® (FAR). They report that existing homes sales rose 28% compared to August 2008. Again, nothing more than the Florida weather report – nothing to write about. Often these published statistics lead to more questions, such as how many of these homes were short sales, bank owned properties, or regular sales. None of this is reported nationally and state wide.
I’ve had my share doing market reports for Polk County and Lakeland real estate in the past and always expressed what is exactly selling. Real estate is very local and the housing report, according to the Multiple Listing Service (MLS) for the month of August is as follows:
551 existing home sold – a decrease of 7.7% from the previous month (597 sold homes) in Polk County – an increase in sales activity of 22% from the previous year. Overall Polk’s median price for existing homes declined almost 6.5% from the previous month to $101,000 and dipped 27% from the previous year of $138,950.
At the time of this report, there were a total of 6106 properties for sale and 1748 properties currently under contract that have not closed. Where is the real estate market headed? Real Estate professionals use an absorption rate – though not an exact science, it is based on current and pending inventory and recent sales. Taking all the figures into consideration, we currently have about 15 month of supply – a true buyer’s market.
Let me break it down even further for you. I’m sure you’d like to know how your city was performing in August 2009 for existing home sales – single family homes, condominiums, manufactured homes -including distressed properties in Polk County.
City Average Sold Price Median Sold Price # of Homes Sold
| AUBURNDALE |
137,338 |
117,000 |
13 |
| BARTOW |
85,433 |
51,500 |
12 |
| DAVENPORT |
124,509 |
110,000 |
103 |
| DUNDEE |
73,500 |
73,500 |
2 |
| EAGLE LAKE |
74,500 |
74,500 |
1 |
| FORT MEADE |
29,900 |
29,900 |
1 |
| FROSTPROOF |
73,833 |
80,000 |
3 |
| HAINES CITY |
146,554 |
115,000 |
35 |
| INDIAN LAKE ESTATES |
115,000 |
115,000 |
1 |
| KISSIMMEE |
86,919 |
91,750 |
20 |
| LAKE ALFRED |
97,663 |
98,500 |
8 |
| LAKE WALES |
113,364 |
114,500 |
22 |
| LAKELAND |
136,324 |
130,000 |
166 |
| MULBERRY |
130,492 |
137,950 |
12 |
| POINCIANA |
80,132 |
69,900 |
77 |
| POLK CITY |
49,057 |
49,100 |
7 |
| WAVERLY |
17,500 |
17,500 |
1 |
| WINTER HAVEN |
137,597 |
105,200 |
67 |
Let me share with you what the National Association of Realtors® and Florida Association of Realtors® doesn’t tell you – the distressed market!
Distressed properties, which includes Bank owned, pre-foreclosure, in foreclosure and short sales count for 53% of our total sales in Polk County for the month of August.
223 sold homes were Bank Owned – median price $79,000
70 sold homes were Short Sales – median price $115,000
Last year August 2008, there were 111 properties sold as distressed properties – an increase of 164%
Buying distressed properties can be very time consuming and tedious. Are you looking for a great deal and overwhelmed with an abundance of inventory on the market. Hire a local Realtor®, who knows the local market and is working diligently for you to get the best deal.
The data 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”.