Short Sale & Foreclosure House Prices – Lakeland FL – October 2011

Lakeland FL Short Sale and Foreclosure Market Report – October 2011

For the month of October, the Lakeland real estate market of short sales and bank-owned (REO) properties has increased. There were a total of only 98 distressed homes sold that were in some kind of distress, compared to the 86 homes the previous month and 102 home the previous year.

Current inventory for Lakeland FL foreclosures as of 12/04/11 is at 78, while 63 homes currently are under contract and awaiting closing.

What are the price ranges, buyers and investors are most interested?

Lakeland Foreclosures Market Report

$49,999 or under – 26 homes

$50,000 – $99,999 – 13 homes

$100,000 – $149,999 – 10 homes

$150,000 – $199,999 – 1 homes

$200,000 – $249,999 – 1 home

Current inventory for Lakeland Short Sales as of 10/30/11 is at 372 homes, while 314 homes are under contract and waiting to close.

Lakeland Short Sales Market Report

$49,999 or under – 6 homes

$50,000 – $99,999 – 18 homes

$100,000 – $149,999 – 17 homes

$150,000 – $199,999 – 2 homes

$250,000 – $299,999 – 1 home

$400,000 – $499,999 – 2 homes

 

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

Lakeland FL Short Sales and Foreclosure Market for October 2011 by Petra Norris - Licensed Lakeland FL Real Estate Broker

Average days to Closing for bank-owned properties are 106 days

Average days to Closing for other distressed properties are 253 days.

 

46 Lakeland FL Short Sale properties sold – average soldprice$109,121 – median sold price $98,950.

52 Lakeland FL Foreclosures (REO) sold – average sold price $74,491 – median sold price $51,125.

 

Low Lakeland Florida foreclosure inventory may be the answer for you if you are contemplating short sales and your family and friends telling you that buyers only work the foreclosure.  Don’t be fooled, putting your home on the market as a short sale may be your best option now as buyers are frustrated in the bidding war against investors are willing to look at buying Lakeland short sales.

Don’t let time be against you. Don’t be foreclosed. Call your Lakeland FL Short Sale Agent – Petra Norris at (863) 619-6918 and find out about our options.

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