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2011 Lakeland Florida Overall Housing Market Review - A Roller Coaster Ride

Every month I have watched, researched and written about the Lakeland FL Housing Market to see how we would compare to the same month in 2010 and even prior years.  Folks asking me how is the housing market, is it getting any better?  Are the prices going up? When will the prices go up?

We started out historically slow in 2011 compared to 2010, but that was done artificially due to the first time homebuyers tax credit which ended officially in April 2010 but if you had a binding contract, closing must have taken place by July 1, 2010.  The roller coaster started to climb with rises in between until we took a dive in June as the Lakeland FL housing market hit a midyear low.  By August we outperformed average sales price compared to the previous year and it looked for a moment that our local housing market had bottomed out. December ended in the bottom four when it comes to overall average sales price, although overall average sales prices were down, the number of transaction rose and that is the only good news I have.

Here are the Lakeland FL housing market numbers:

• In Lakeland FL, a total of 2434 residential properties were sold at an average price of $107,863 in 2011.
• In Lakeland FL, a total of 2305 residential properties were sold at an average price of $116,220 in 2010.
• Overall average prices were down 7%. Overall transactions (number of sales) was up by 6%.

While these are not horrific declines, they do speak to the angst that continues to dominate the housing market. Moreover, with the new wave of foreclosures coming into the Lakeland FL housing market they do point to 2012 that we may continue the roller coaster ride with up and down prices. 

The good news is that the number of transactions improved despite the reduction of foreclosures due to the fraudulent or robo-signing documents that halted the foreclosure process for months resulting foreclosure sales were taken somewhat out of the equation.

 
How come 2011 Lakeland home prices sucked so badly? Our pipeline with homes under contract (pending) at 538 that includes 323 short sales most of them will not close next month, if at all and that is exactly what happened in 2011. Short sales that weren't approved or mortgages that didn't get commitment or clear to close, the pending numbers do not represent a fast approaching housing recovery. Moreover, until we see lenders doing their part to accommodate the seller’s delinquent loans approving them in a timely manner, the housing recovery will remain flat.  

The bad news is the Lakeland Florida housing market remains flat. And that will most likely be the new normal market for the foreseeable future. 

Prices will remain low due to the distressed housing market.  Buyers are more savvy, they don’t want to spend more than they can afford.  They want instant equity and with foreclosures and short sales selling at deep discounts, the traditional seller has no other choice than to adjust their listing price if they want or need to sell.  In addition, buyers have their own struggles with the lender to commit loaning money to them.   

I suspect the roller coaster ride will continue throughout 2012 in Lakeland Florida with up and down prices and up and down sales.

Carillon Lakes in Lakeland Florida was developed over ten years ago and it is a deed restricted community. There are a variety of homes and condominiums situated throughout this lovely neighborhood that was developed in the early 2000. This community provides plenty of activities for its residents as well as for children. The community’s monthly calendar is filled with entertainment like, water aerobics, book buffs, game night, investment clubs and much, much more. The appearance of this community shows pride with manicured lawns and walkways throughout the community and its surrounding lakes.

A short distance to major employers such as Publix Supermarkets corporate office and GEICO Insurance as well as shopping at the Lakeside Village, Target and many restaurants situated along Harden Boulevard makes Carillon Lakes in Lakeland Florida a convenient location.Carillon Lakes in Lakeland FL is conveniently located minutes from Polk Parkway and Interstate 4, Carillon Lakes is a 24hr man-gated community situated southwest Lakeland, Florida and has almost 650 homeowners according to their newsletter. Carillon Lakes community has a lot to offer for families and retirees such as swimming pool, tennis courts, basketball court, fitness center, playground and a club house at the Town Center which can be rented for family gatherings such as birthday parties and other social gatherings.

Polk County FL - Overall Existing Home Prices– November 2011

Overall Average Polk County existing home prices decreased from the previous month to $103,394 by  4% as well as the previous year by 2%.  Overall existing median prices of $89,000 fell slightly by 1% from October 2011. However, compared to the previous year, the median price rose by almost 6%.  Polk County’s overall existing number of home sales in November dropped off a bit to a total of 541, compared to 553 Polk County Homes sold in October 2011.

A look back in history of Polk County’s overall existing median home prices compared to November 2011 median price of $89,000:

November 2005 - median price $185,000 (-51.89%) - 723 homes sold

November 2006 – median price $187,000 (-52.41%) – 573 homes sold

November 2007 – median price $168,000 (-47.02%) – 377 homes sold

November 2008 – median price $126,992 (-29.92%) – 371 homes sold

November 2009 – median price $104,500 (-14.83%) – 593 homes sold

November 2010 – median price $84,000 (5.95%) – 498 homes sold

Take a look at the city you live in and see what the numbers are for November 2011 for existing home sales - single-family homes, condominiums, manufactured homes, duplex, villas, and town homes -including distressed homes in Polk County.  Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service; it is deemed reliable but not guaranteed. 

City         Average Sold Price              Median Sold Price              # of Homes Sold

What did Polk County Home Buyers buy?

109 home buyers bought at a price range of $49,999 and below

206 home buyers bought at a price range of $50,000 - $99,999

125 home buyers bought at a price range of $100,000 - $149,999

57 home buyers bought at a price range of $150,000 - $199,999

23 home buyers bought at a price range of $200,000 - $249,999

13 home buyers bought at a price range of $250,000 - $299,999

4 home buyers bought at a price range of $300,000 - $349,999

1 home buyers bought at a price range of $350,000 - $399,999

1 home buyers bought at a price range of $400,000 - $499,999

0 home buyers bought at a price range of $500,000 - $599,999

2 home buyers bought at a price range of $600,000 - $699,999

Most of Polk County home buyers paid cash, in fact almost 55% of all home buyers in Polk County paid cash.

Let me break down November 2011 Polk County existing homes sales into various categories:

• 450 Single family homes - median price $98,000 – 171 Average Days to Closing
• 30 Town homes, villas and duplex units – median price $73,000 – 134 Average Days to Closing
• 26 Condominiums – median sold price - $42,250 – 146 Average Days on Closing
• 35 Modular, manufactured/mobile homes in park/out of park – median sold price $39,500 – 159 Average Days on Closing

Overall Polk County’s Foreclosure and Short Sales Prices – November 2011!

There were 276 existing Polk County homes sold, not categorized as distressed properties, at a median sold price of $115,500 with 169 average days to closing.  Traditional sales (equity sales) counted for almost 51% of our total sales.

The distressed properties which includes Bank owned, pre-foreclosure, in foreclosure and short sales fell slightly in Polk County  as it accounted for 49% of our total sales for the month of November.

130 sold homes were foreclosures/REO Bank Owned – median price $59,000 – Average Days to Closing 87.

135 sold homes were Short Sales – median price $84,000 – Average Days to Closing 240.

Carillon Lakes in Lakeland FL is conveniently located minutes from Polk Parkway and Interstate 4, Carillon Lakes is a 24hr man-gated community situated southwest Lakeland, Florida and has almost 650 homeowners according to their newsletter. Carillon Lakes community has a lot to offer for families and retirees such as swimming pool, tennis courts, basketball court, fitness center, playground and a club house at the Town Center which can be rented for family gatherings such as birthday parties and other social gatherings.

Carillon Lakes was developed over ten years ago and it is a deed restricted community. There are a variety of homes and condominiums situated throughout this lovely neighborhood that was developed in the early 2000. This community provides plenty of activities for its residents as well as for children. The community’s monthly calendar is filled with entertainment like, water aerobics, book buffs, game night, investment clubs and much, much more. The appearance of this community shows pride with manicured lawns and walkways throughout the community and its surrounding lakes.

A short distance to major employers such as Publix Supermarkets corporate office and GEICO Insurance as well as shopping at the Lakeside Village, Target and many restaurants situated along Harden Boulevard makes Carillon Lakes in Lakeland Florida a convenient location.