Has the Lakeland Florida’s Housing Market Bottom Out?

The housing market in Lakeland Florida still showed difficulties. But there are some promising signs that showed some improvement, so keep reading….

While the average sales price of $132,801 ($69.50 per sq.ft) for February dropped to 22% from the previous year, it showed a slight increase of 1% from the previous month. There was also an increase in properties sold, 125 Lakeland properties were sold in February compared to 113 homes sold the previous month. Over the past three month, the average sold price for a Lakeland home was $132,800.

What do you think has the market in Lakeland, Florida bottom out?

With the recent declining inventory and the latest sold data information within the past few months, there are definitely signs showing that this market has bottom out. Caution, however, must be taken into consideration since almost half of the sold homes were “Bank-owned” properties which generally drive the property values of the homes down.

What is selling in Lakeland?

Within the past few months and February proofed to be no different, the distressed homes and more importantly the bank-owned (REO) properties dominated the sales activities here in Lakeland with 62 properties sold in February.

With over 2500 properties currently for sale and pending, we are experiencing a 21 month of supply for the regular homes and distressed homes.

Let’s break it down for you to see the supply and demand here in Lakeland for common properties for sale versus the distressed market.

Common properties only – Inventory active and pending 1877 homes resulting in 31 month of supply.

Distressed properties – Inventory active and pending 649 homes resulting in an 11 month supply.

Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.

Which zip codes represents the most sales activities since January 2009?

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – While foreclosure filings are up throughout the State of Florida, there are over 1100 Lakeland homes facing foreclosure. Only 490 Lakeland properties being marketed with area Realtors®, which leads me to believe that a lot of folks simply ignoring the fact or don’t know who they can turn to in this difficult time asking for advice and help. Folks if you are late with your mortgage payments, having difficulties making mortgage payments or have been notified by the lender via Lis Pendens, it is not too late. If you have lost your job, faced some kind of hardship Short Sale may be your solution.

Of the 125 homes sold last month in Lakeland, 62 distressed homes were sold with an average sales price of $103,137($58.82 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 62 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.

There are currently 490 homes facing foreclosure.

161 homes are in pending status waiting for bank or lender approval to close.

For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

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Let’s take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven – 57 properties sold – average sold price $117,026 – average $61.97 per sq.ft.

Bartow – 7 properties sold – average sold price $93,928 average $70.79 per sq.ft.

Mulberry – 11 properties sold – average sold price $96,124 – average $61.14 per sq.ft.

Auburndale – 17 properties sold – average sold price $83,032 – average $55.69 per sq.ft.

Polk City – 5 properties sold – average sold price $86,960 – $59.37 per sq.ft.

Lake Alfred – 5 properties sold – average sold price $130,540 – $64.80 per sq.ft.

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.