Lakeland FL Overall Real Estate Market July 2010

Lakeland FL Overall Real Estate Market July 2010

Lakeland Real Estate Update – So far for this year overall Lakeland Home prices averaging around $117,000 and July’s average overall home price was $116,042.  However, only 169 Lakeland Homes sold last month, producing the third lowest numbers of Lakeland Homes sold for this year.  Average and median prices declined sharply from the previous year by double digits.  Distressed properties continue to be a major contributor in determining market values for Lakeland FL homes with over 60% of the market share.

Lakeland Homes sold in July: 169 – previous month:  216 – previous year July 09: 189 sold

July – average sales price $116,042

Previous month: $118,182 (-1.81%) – previous year July 09: $148,233 (-21.72%)

July – median sales price $99,000

Previous month: $109,200 (-9.16%) – previous year July 09: $130,000 (-23.85%)

The graph below represents average and median home 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 2492 Lakeland homes are for sale and under contract resulting in a 12 months supply, noticing that our inventory increased suggesting that supply continues to be greater than the demand

Let’s break it down for you to see the supply and demand for traditional homes for sale versus the distressed market in the Lakeland real estate market.

Traditional homes only – Inventory active and pending 1427 homes resulting in 24 month of supply.

Distressed properties – Inventory active and pending 1065 homes resulting in a 11 month of supply.

Distressed properties in Lakeland, Florida

For the month of July, Lakeland’s real estate market of distressed homes had a market share of 60%. There were a total of 102 homes sold in July, according to Mid-Florida Regional MLS.

Check back soon for July’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.

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