Hi Folks! Look at these numbers below – don’t they speak for themselves about today’s Lakeland Real Estate Market? Annual numbers of sold homes have seen a sharp drop since 2005 and last year 2008 did not give me an indication that the statistics will change much in 2009. The annual numbers of sold homes continued to decline by 21% from the previous year.
How long will it take to absorb the current inventory (Absorption Rate)?
Normal Market – Absorption Rate is between 5 and 6 months.
Sellers Market – Absorption Rate is lower (1-4 months)
Buyers Market – Absorption Rate is higher (7+ months)
There is an average of 2,300 homes currently on the market in Lakeland. Taking into consideration last year’s number – 1624 homes sold in Lakeland, Florida; it would take approximately 17 month to sell its present inventory – a true buyers market.
Lakeland’s average sold prices declined by 18% in 2008; predicting a continued decline due to a significant increase in the distressed home sales market.
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Lakeland Florida – Review of the Real Estate Market in recent Years
Petra Norris – Realtor®
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 – Lakeland, FL 33804-2050
Telephone (863) 618-6919