While Lakeland Real Estate still posts declining home values with the average sales price of $124,689 ($71.01 per sq.ft.) further diving in May 23% from the previous year for Lakeland homes sold. Last month however, sold prices dropped only 2.66% from the previous month. The good news is that the number of homes sold is steady for the past three months, increasing at a small rate to 156 Lakeland residential real estate sold in May compared to 154 homes sold the previous month.
Analysis of the type of homes being sold shows Lakeland’s primary real estate market is single family homes with median sales price of $125,000. This pricing trend makes Lakeland with it’s centrally location between Tampa and Orlando very affordable when comparing to Florida’s median price of $144,400.
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 1729 homes resulting in 20 month of supply.
Distressed properties – Inventory active and pending 780 homes resulting in an 14 month supply.
Bank-Owned properties continue to influence Lakeland Real Estate
Since the beginning of the year, distressed homes and more importantly the bank-owned (REO) properties still play a major role in the sales activities here in Lakeland with 61 properties sold in May and recorded in our Mid-Florida Regional MLS.
With close to 2448 properties currently for sale and pending, we are experiencing approximately a 17 month of supply for the regular homes and distressed homes. Supply and Demand Theory -I have also noticed that our inventory is slowly shrinking with less than 2000 Lakeland Homes for Sale as of June 29th, 2009. This is good news for Lakeland Real Estate as inventory decreases, the demand will increase.
Of the 156 homes sold last month in Lakeland, 61 distressed homes were sold with an average sales price of $91,289 ($56.38 per sq.ft.) compared to only 27 homes that were sold the previous year, due to Short Sales and/or Foreclosures. To break it down even further, of the 61 distressed homes sold in Lakeland 47 were Bank-owned properties (REOs).
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.
Which zip codes represents the most sales activities since January 2009?
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.
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Let’s take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven – 77 properties sold – average sold price $120,959 – average $63.33 per sq.ft.
Bartow – 12 properties sold – average sold price $119,707 average $71.07 per sq.ft.
Mulberry – 16 properties sold – average sold price $109,089 – average $65.21 per sq.ft.
Auburndale – 20 properties sold – average sold price $105,992 – average $57.67 per sq.ft.
Polk City – 3 properties sold – average sold price $160,166 – $78.62 per sq.ft.
Lake Alfred – 13 properties sold – average sold price $91,758 – $48.94 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.
