Lakeland FL Short Sale and Foreclosure Market Report – August 2011

Lakeland FL Short Sale and Foreclosure Market Report – August 2011

For the month of August, the Lakeland real estate market of short sales and bank-owned (REO) properties have rose well above last month sale. There were a total of only 107 distressed homes sold that were in some kind of distress, compared to the 69 homes the previous month and 110 home the previous year.

Current inventory for Lakeland foreclosures as of 9/26/11 is at 71, while 92 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 – 25 homes

$50,000 – $99,999 – 22 homes

$100,000 – $149,999 – 7 homes

$150,000 – $199,999 – 4 homes

$300,000 – $349,999 – 1 home

$400,000 – $499,999 – 1home

$600,000 – $699,999 – 1 home

Current inventory for Lakeland Short Sales as of 9/26/11 is at 334 homes, while 348 homes are under contract and waiting to close.

Lakeland Short Sales Market Report

$49,999 or under – 16 homes

$50,000 – $99,999 – 16 homes

$100,000 – $149,999 – 8 homes

$150,000 – $199,999 – 2 homes

$200,000 – $249,999 – 1 home

$400,000 – $499,999 – 1 home

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

  • Average days to Closing for bank-owned properties are 122 days
  • Average days to Closing for other distressed properties are 229 days.
  • 44 Lakeland FL Short Sale properties sold – average soldprice$79,302 – median sold price $63,000.
  • 63 Lakeland FL Foreclosures (REO) sold – average sold price $92,839 – median sold price $64,000.
Lakeland Fl Short Sales & Foreclosures Market Report - August 2011

Since January 2011, 544 properties received some sort of default notice, summons and/or complaint filings from the clerk of courts and with only 69 foreclosures on the market this shows that most of Lakeland homeowners trying to get loan modifications or just living in their homes not making a single mortgage payment.

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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