Lakeland FL Real Estate Update – Overall Home Sales for October 2010

Lakeland Fl Real Estate Update – Overall Home Sales for October 2010

Overall Lakeland Florida home sales decreased to $114,532 for the month of October.  The number of Lakeland homes sold was the third lowest this year to 166 homes sold, reasoning the recent foreclosure moratorium.  October market share of distressed homes decreased to 60% from the previous month. Distressed properties continue to be a major factor in determining overall market values for Lakeland FL homes for the remainder of this year and 2011.

Lakeland overall homes sales in October:

166 – previous month:  195 – previous year October 09: 178 sold

October – average sales price $114,532

Previous month: $120,143 (-4.67%) – previous year October 09: $115,971 (-1.24%)

October – median sales price $90,000

Previous month: $100,000 (-10%) – previous year October 09: $108,000 (-16.67%)

The graph below represents average and median home sales for October 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, town homes, villas and duplex units.

What was the average sales price 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 home sales have exceeded.

A stable “healthy housing market has a supply of six month in inventory. Lakeland’s housing market has a total of 2353 Lakeland homes currently for sale and under contract resulting in a 15 months supply, suggesting that the 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 1349 homes resulting in 22 month of supply.

Distressed properties – Inventory active and pending 1004 homes resulting in a 11 month of supply.

Distressed properties in Lakeland, Florida

For the month of October, Lakeland’s real estate market of distressed homes had a market share of 60.24%. There were a total of 100 homes sold in October, according to Mid-Florida Regional MLS.

Check back soon for October’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.

Copyright © 2010 By Petra Norris *Lakeland Fl Real Estate Update – Overall Home Sales for October 2010*

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