Lakeland Fl Homes for Sale – Short Sale and Foreclosure Market Report for November 2010
For the month of November, the Lakeland real estate market of short sales and bank-owned (REO) homes sold decreased to 54.89% from the previous month, reasoning the recent foreclosure moratorium. There were a total of 100 distressed homes sold, compared to 100 in October and 94 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1937 Lakeland FL homes for sale and 442 homes under contract (12/23/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.
Bank owned properties – Inventory share is 17.86%
Short sale properties – Inventory share is 26.57%
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 114 days
Average days to Closing for short sale properties are 258 days.
15 Lakeland FL Short Sale properties sold – average sold price $136,087 – median sold price $120,000
58 Lakeland FL Foreclosures (REO) sold – average sold price $80,716 – median sold price $65,600.
You can see from the graph below, zip code 33810 had the most foreclosed properties in Lakeland, FL sold.
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