Lakeland Florida Short Sale and Foreclosure Market Report – December 2010
For the month of December, the Lakeland real estate market of short sales and bank-owned (REO) properties market share increased to 61.03% from the previous month. There were a total of 119 distressed homes sold, compared to 73 in November and 103 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 2344 Lakeland FL homes for sale and 470 homes under contract (01/24/2011). 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 17.79%
- Short sale properties – Inventory share is 26.92%
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 109 days
- Average days to Closing for other distressed properties are 258 days.
39 Lakeland FL Short Sale properties sold – average sold price $116,299 – median sold price $96,000
80 Lakeland FL Foreclosures (REO) sold – average sold price $87,996 – median sold price $66,338.
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 Short Sales is a buyers market with an inventory supply of 23 months.