Buyer opportunities will flourish with continuously decreasing prices! Lakeland’s average sold prices have fallen to $131,335 ($65.60 per sq.ft.); although only a slight drop of 2 ¼% from the previous month, it is a significant stumble of 24% for the month of January of the previous year. The amount of 113 sold Lakeland homes has also taken a dive of about 16% from the previous month of December 2008.
Sellers still facing challenges by chasing the market to pricing the home accordingly of what has been sold. Moreover, competition of the evolving market of distressed homes, more importantly the bank-owned (REO) properties that are dictating the real estate market here in Lakeland with 51 properties sold in January.
With over 2500 properties currently for sale and pending, we are experiencing a 24 month of supply for the regular homes and distressed homes.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.
Common properties only – Inventory active and pending 1892 homes resulting in 39 month of supply.
Distressed properties – Inventory active and pending 618 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.
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – Of the 113 homes sold last month in Lakeland, 60 distressed homes were sold with an average sales price of $110,930 ($60.07 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 60 properties were bank-owned (REO) and these homes make up 53% in total sales in Lakeland, Florida.
There are currently 462 homes facing foreclosure.
159 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.
ARVE Error: need id and providerLet’s take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven – 44 properties sold – average sold price $114,306 – average $68.30 per sq.ft.
Bartow – 7 properties sold – average sold price $78,921 average $50.83 per sq.ft.
Mulberry – 10 properties sold – average sold price $124,289 – average $71.29 per sq.ft.
Auburndale – 9 properties sold – average sold price $139,600 – average $59.22 per sq.ft.
Polk City – 1 property sold – average sold price $75,000 – $52.45 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.
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Lakeland Florida Market Report January 2009 – Challenges and Opportunities for Buyers and Sellers
Petra Norris – CDV TransAtlantic, Inc. – Licensed Florida Real Estate Broker –
PO Box 92050 – Lakeland, FL 33804-2050 –
Telephone (863) 619-6918