Lakeland Florida Short Sale and Foreclosure Market Report – October 2010
For the month of October, the Lakeland real estate market of short sales and bank-owned (REO) properties market share decreased to 60% from the previous month, reasoning the recent foreclosure moratorium. There were a total of 100 distressed homes sold, compared to 130 in September and 92 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1882 Lakeland FL homes for sale and 462 homes under contract (11/27/2010). 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 14.46%
Short sale properties – Inventory share is 28.11%
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 103 days
Average days to Closing for other distressed properties are 208 days.
29 Lakeland FL Short Sale properties sold – average sold price $100,000 – median sold price $106,000
71 Lakeland FL Foreclosures (REO) sold – average sold price $75,753 – median sold price $71,990.
You can see from the graph below, zip code 33810 had the most distressed sales (foreclosures and short sales) in Lakeland, FL.
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