Lakeland Florida Short Sale and Foreclosure Market Report – May 2010
For the month of May, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 57%. There were a total of 127 properties sold in May, compared to 148 in April and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,940 Lakeland homes for sale and 514 Lakeland homes under contract (06/21/2010). 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 14.10%
• Short sale properties – Inventory share is 26.20%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
• Average days to Closing for bank-owned properties are 87 days
• Average days to Closing for other distressed properties are 307 days.
29 Short Sale Sold – average sold price $124,514 – median sold price $120,000 98 Bank-owned (REO) sold – average sold price $93,310 – median sold price $82,700
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