Lakeland Florida - Is the Real Estate Market out of the Woods yet?
Let me share with you some positive signs in the Lakeland Florida housing market. First of all, since January there has been a constant, but moderate increase in the amount of homes sold and average home sold prices.
While the average sales price of $135,889 ($71.51 per sq.ft.) for March fell 19% from the previous year, it showed a sensible increase of 2 ¼% from the previous month. There was also an increase in properties sold, 152 Lakeland properties were sold in March compared to 125 homes sold the previous month. The last time we have seen about that many homes sold in Lakeland was September 2008 - 157 homes sold to be exact.
What kind of homes are really selling in Lakeland?
It is still the same for the past few month, the distressed homes and more importantly the bank-owned (REO) properties dominate the sales activities here in Lakeland with 68 properties sold in March.
With close to 2485 properties currently for sale and pending, we are experiencing an 18 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 1815 homes resulting in 24 month of supply.
Distressed properties - Inventory active and pending 671 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 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?
Lakeland Market Report for Distressed Homes
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales. These types of homes continue to dominate our real estate market here in Lakeland Florida as well as throughout Polk County, so it is important for you to see what is driving down the home prices, but more importantly our home values.
Of the 152 homes sold last month in Lakeland, 68 distressed homes were sold with an average sales price of $115,009 ($61.87 per sq.ft.) compared to only 25 homes that were sold the previous year, due to Short Sales and/or Foreclosures. A side note for you, 51 out of 68 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.
There are currently 487 homes facing foreclosure.
184 homes are in pending status waiting for bank or lender approval to close.
So, is Lakeland Florida out of the woods yet?
Not so fast! Although buyers starting to jump over the fence, there is still fear, not necessarily about buying a home, but perspective buyers fearing job security and the economy itself. With increased home prices and home sales, the average sold price compared to the list price was only 92% and that was only the first quarter of the year; we still have three quarters left. Until sellers come to the realization that home prices are still in need to being adjusted, the buyers are continuing to sit on the other side of the fence.
Let's take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven - 72 properties sold - average sold price $98,157 - average $58.49 per sq.ft.
Bartow - 13 properties sold - average sold price $114,181 average $61.81 per sq.ft.
Mulberry - 18 properties sold - average sold price $110,513 - average $59.19 per sq.ft.
Auburndale - 20 properties sold - average sold price $111,940 - average $69.38 per sq.ft.
Polk City - 8 properties sold - average sold price $124,687 - $81.99 per sq.ft.
Lake Alfred - 7 properties sold - average sold price $104,428 - $59.02 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 - Is the Real Estate Market out of the Woods yet?
Petra Norris
CDV TransAtlantic, Inc.
- Licensed Florida Real Estate Broker
PO Box 92050 - Lakeland, FL 33804-2050
Telephone (863) 619-6918
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland real estate landscape and all it has to offer.
Who is “Public Works”? Those are the folks in the engineering, constructions & maintenance, solid waste management department, just to name a few, that work for the City of Lakeland. Want to learn more about your city’s Public Works, their local public works projects and their responsibilities then come to Munn Park at its downtown location viewing the displays, win prizes and have fun. As it is with every First Friday of the month, the Downtown Lakeland Partnership hosts this special free event in Lakeland, Florida for the whole family to take part and enjoy. May’s theme is “City of Lakeland Public Works Day”
If you are still sitting over the fence for the prices to drop and wait until a few weeks before the November 30th deadline to buy your home, you may encounter problems with title companies and other parties involved in the transaction. 
