Lakeland FL Housing Market – Sales Increasing – May 2012
Overall Existing Lakeland FL home prices and sales continues to show improvement in May. Average and median prices remained the same compared to the previous month, however the number of sales showed a slight increase. Compared to previous year that is were you’ll see a great improvement. Even though the overall housing market shows eight months of housing supply, the housing inventory of Lakeland continues to decline. The current existing housing inventory stands at 1176 (07/11/12).
Distressed properties continue to be a major contributor in determining market values for Lakeland FL homes, May market share of distressed homes, however, had decreased to 43% which is an indication that buyers are more willing to stick with Lakeland FL short sales as banks are willing to approve short sales in a shorter time frame.
Lakeland Homes sold in May: 245 previous month: 225 – previous year May 11: 238 sold
May – average sales price $121,092
Previous month: $121,094 (0%) – previous year May 11: $109,940 (10.14%)
May – median sales price $109,900
Previous month: $101,590 (8.18%) – previous year May 11: $89,995 (22.12%)
The graph below represents average and median home prices in Lakeland for various categories. When our media provides us with a real estate market reports, generally these reports outline only Single Family Homes and Condominiums. Lakeland Florida has a variety of homes, such as manufactured homes, town-homes, villas and duplex units.
Distressed properties in Lakeland, Florida
For the month of May Lakeland’s real estate market of distressed homes had a market share of 43%. There were a total of 105 homes sold in May, according to Mid-Florida Regional MLS.
If you are interested in a specific area or neighborhood in Lakeland Florida or the surrounding cities such as Bartow, Winter Haven, Auburndale, Mulberry or Plant City, feel free to contact me at 863-619-6918; email petra[at]petranorris.com or click the search button below.