For the month of March, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 54%. There were a total of 126 properties sold in March, compared to 86 in February and 68 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,945 Lakeland homes for sale and 566 Lakeland homes under contract (04/27/2010). 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 13.50%
- Short sale properties – Inventory share is 24.81%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
- Average days to contract for bank-owned properties are 51 days
- Average days to contract for other distressed properties are 179 days.
- 35 Short Sale Sold – average sold price $117,486 – median sold price $106,500
- 91 Bank-owned (REO) sold – average sold price $90,390 – median sold price $80,000
Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.
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