Lakeland Real Estate Update: Short Sale and Foreclosure Market Report February 2010

Lakeland Florida Short Sale and Foreclosure Housing Report for February 2010

For the month of February, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 56%. There were a total of 86 properties sold in February, compared to 88 in January and 63 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

Currently there are a total of 1,946 Lakeland homes for sale and 543 Lakeland homes under contract (03/22/2010). By calculating total inventory, homes that are under contract 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 14.34%
  • Short sale properties – Inventory share is 24.69%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

  • Average days to contract for bank-owned properties are 53 days
  • Average days to contract for other distressed properties are 219 days.

15 Short Sale Sold – average sold price $110,213 – median sold price $75,000

71 Bank-owned (REO) sold – average sold price $81,017 – median sold price $70,000

Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.

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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