Lakeland Florida Real Estate Market Report for July 2009

Since February, I have seen a continuous increase in sales activity in the Lakeland Real Estate market. For July the sales of Lakeland homes sold has increased 26% to 188 homes from the previous year and more importantly an 11% increase from the previous month.

Moderate increases were recorded for homes sold in Lakeland, Florida. A slight gain of 1 ½ % for average sold homes for July to $147,904 ($77.16 per sq.ft.) and a 4% increase for median prices to $130,000 ($75.50 per sq.ft.) when compared to the sales from the previous month.

Compared to last year’s figures, Lakeland real estate still is lagging behind in average and median prices and I suspect will continue at least throughout this year with increased foreclosure filings and bank-owned properties that will influx the Lakeland housing market.

Average Lakeland Sold price for July 2008 – $168,425 – decrease of 12%

Median Lakeland sold price for July 2008 – $150,000 – decrease of 13%

LakelandAverSoldGraphYTDJul09

Based on recent sales history for the Lakeland Real Estate market, it shows here in this spreadsheet below where the most activity takes place and what types of homes are selling.

LakelandSoldDataAvg_MedianSPJuly09

Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market in the Lakeland real estate market.

Common properties only – Inventory active and pending 1672 homes resulting in 16 month of supply.

Distressed properties – Inventory active and pending 768 homes resulting in an 11 month supply.

This illustrates an absorption rate for supply and demand. A seven month supply would give you a more stabilized market anything above the 7 month threshold would be a buyer’s market as we have seen the past few years. Hence, below the 7 month threshold obviously constitutes a seller’s market as we experienced it in years 2004-2006.  

Distressed properties in Lakeland, Florida

For the month of July, distressed homes and bank-owned (REO) properties had a market share of 40% in the Lakeland Real Estate market. There were a total of 75 properties sold in July compared to 37 distressed Lakeland homes sold the year prior – 25% market share, according to Mid-Florida Regional MLS.

24 Distressed Homes Sold – average sold price $128,189 – median sold price $120,000

51 Bank-owned (REO) sold – average sold price $95,416 – median sold price $97,580

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 and graphs for this report were 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.

LakelandSoldDatabyZipCodeJuly09

Which zip codes represents the most sales activities since January 2009?

Zip Codes Jan Feb Mar Apr May Jun Jul Total
33801

20

12

15

21

13

16

17

114

33803

11

10

16

18

16

19

26

116

33805

12

11

12

9

5

10

14

73

33809

13

12

16

11

18

17

16

103

33810

25

31

34

31

46

37

40

244

33811

10

16

17

18

18

22

20

121

33812

10

5

8

13

7

9

16

68

33813

9

25

27

28

26

33

35

183

33815

5

3

7

5

7

6

4

37

Grand Total

115

125

152

154

156

169

188

1059

For more information on the location of these sold homes 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.

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Let’s take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven – 82 properties sold – average sold price $106,536 – average $61.09 per sq.ft.

Bartow – 17 properties sold – average sold price $92,666 average $52.51 per sq.ft.

Mulberry – 10 properties sold – average sold price $117,631 – average $69.23 per sq.ft.

Auburndale – 15 properties sold – average sold price $125,509 – average $65.31 per sq.ft.

Polk City – 3 properties sold – average sold price $130,000 – $104.14 per sq.ft.

Lake Alfred – 2 properties sold – average sold price $81,500 – $44.25 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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