For the month of April, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 148 properties sold in April, compared to 126 in March and 82 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,910 Lakeland homes for sale and 547 Lakeland homes under contract (05/27/2010). 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 13.76%
- Short sale properties – Inventory share is 25.68%
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 56 days
- Average days to contract for other distressed properties are 192 days.
35 Short Sale Sold – average sold price $128,294 – median sold price $135,000 113 Bank-owned (REO) sold – average sold price $82,026 – median sold price $61,000
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