Lakeland Florida Short Sale and Foreclosure Home Prices – August 2010
For the month of August, the Lakeland real estate market of short sales and bank-owned (REO) properties market share decreased to 57.75% from the previous month. There were a total of 108 properties sold, compared to 102 in July and 75 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS. Home prices for Lakeland Short Sales continue to decline as their counter parts of traditional home sales, while average Lakeland Foreclosure prices have increased by almost 20% from the previous month.
Currently there are a total of 2,001 Lakeland FL homes for sale and 487 homes under contract (9/20/2010). 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 17.48%
Short sale properties – Inventory share is 26.77%
Average days to Closing for bank-owned properties are 106 days
Average days to Closing for other distressed properties are 250 days.
90 Lakeland foreclosures (REO) sold – average sold price $85,085 – median sold price $73,725.