For the month of January, the Lakeland real estate market of short sales and bank-owned (REO) propertiesthat were sold increased to 67.46% from the previous month. There were a total of 114 distressed homes sold, compared to 119 in December and 87 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1760 Lakeland Florida homes for sale and 557 homes under contract (02/25/2011). In order to get true market share, I calculated the total inventory; active and homes that are under contract (pending). I include the homes under contract because at any given time a home buyer could walk away from a contract.
Bank owned properties – Inventory share is 15.88%
Short sale properties – Inventory share is 27.54%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.
Average days to Closing for bank-owned properties are 112 days
Average days to Closing for other distressed properties are 253 days.
35 Lakeland FL Short Sale properties sold – average sold price $115,917 – median sold price $99,500
79 Lakeland FL Foreclosures (REO) sold – average sold price $68,749 – median sold price $52,500.
In my recent blogs I wrote about absorption rate in real estate and how it can affect the homes that are for sale in Lakeland. I separated the homes by the category of Foreclosures/REO and Short Sales. The foreclosure inventory moves along well and appears to be balanced with less than six month of supply on hand.
The homes that are being sold as Lakeland FL Short Sales is a buyers market with an inventory supply of 21 months.
Looking for a great deal on Lakeland FL Short Sales and Lakeland FL foreclosures, feel free to contact me at petra@petranorris.com or use the interactive map here below for your convenience.
Copyright © 2010 By Petra Norris *Lakeland FL Short Sale and Foreclosure Housing Prices – January 2011*