Lakeland Real Estate Blog by Petra

Update for the Lakeland FL real estate market! There are 1912 homes for sale throughout Lakeland, Florida – as of 03/09/10. The inventory of Lakeland homes for sale in the past few months hovers around 1900. Newly listed homes for the period of February 16^th through February 28^th decreased to 135 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® increased to $165,281 from my previous report.

The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

4 duplex units with a sales price of $138,425

4 condos listed with an average sales price of $61,325

10 mobile homes listed with an average sales price of $56,310

4Townhomes/Villas listed with an average sales price of $177,587

113 single family homes with an average price of $179,119

Lakeland’s newest homes listed! The priciest home on the market in Lakeland is a 2006 Hulbert custom built estate with pool features 5 bedrooms and 4 2½ baths with over 5,100 square feet of living space. This home is located in the Christina community and is offered at $1,899,000.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2baths home listed for $16,400 – just over $12.00 per square foot – located in the Albert Park subdivision.

For more detailed information of where the homes are located and more, please continue to read by clicking this link

Polk County Existing Home Sales for January 2010

Slow start of the overall Polk County Home Sales in January when comparing sales history for the past year. Although average Polk County home prices have somewhat been stable in recent months, the number of homes sold in Polk County took a nose dive when comparing the number of sales from the past few months. If you are a person that is visual like me, just take a look at the chart below to see what I’m talking about.  Please keep in mind, the figures reflect all homes as indicated below, not just single family homes you see in media reports.

500 existing homes sold – a decrease of 21% from the previous month (636 sold homes) in Polk County – an increase in sales activity of 111 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 1 ¾% from the previous month to $97,950, however remained almost the same from the previous year of $98,000.

Take a look at the city you live in and see what the numbers are for January 2010 for existing home sales – single family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed properties 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

Let me break down January 2010 Polk County existing homes sales into various categories:

• 447 Single family homes, townhomes, villas and ½ duplex – median sold price $103,000 – 148 Average Days to Closing
• 19 Condominiums – median sold price – $65,000 – 149 Average Days on Closing
• 34 Modular, manufactured/mobile homes in park/out of park – median sold price $56,500 – 233 Average Days to Closing

Let’s take a look at the distressed Polk County real estate market!

There were 183 existing homes sold, not categorized as distressed properties, at a median sold price of $130,000 with 206 average days to closing, which counted for almost 37% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 63% of our total sales in Polk County for the month of January.

• 234 sold homes were Bank Owned – median price $79,450 – Average Days to Closing  81
• 83 sold homes were Short Sales – median price $102,000 – Average Days to Closing 247

Update for the Lakeland FL real estate market! There are 1923 homes for sale throughout Lakeland, Florida – as of 02/19/10. While Lakeland homes inventory remains stable, newly listed homes for the period of February 1^st through February 15^th increased by 16.75% to 203 Lakeland homes for sale. The average sales price of Lakeland homes listed with area Realtors® increased to $165,715 from my previous report.

The types of homes and average prices for sale in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

3 duplex units with a sales price of $48,267

6 condos listed with an average sales price of $141,417

18 mobile homes listed with an average sales price of $62,678

5 Townhomes/Villas listed with an average sales price of $107,440

171 single family homes with an average price of $181,178

Lakeland’s newest homes listed! The priciest and also currently the most expensive home on the market in Lakeland is this 2008 McQuillen custom built pool home which features 6 bedrooms and 5 ½ baths with over 6,700 square feet of living space of the main house and is located in the Crescent Woods community. Its current list price is $2,100,000.  On the contrary, the cheapest Lakeland home newly listed is a HUD bank owned 2 bedrooms 1 baths home listed for $15,000 – just under $15.00 per square foot – located in the Valencia Heights subdivision.

For more detailed information of where the homes are located and more, please continue to read by clicking this link

Lakeland Florida Short Sale and Foreclosure Market Report – January 2010

The foreclosure and short sale market has affected all of us here in Lakeland, Florida with the ever decreasing home values in most neighborhoods if not all neighborhoods in our city.  High unemployment rates, influx in foreclosed properties for the foreseeable future and shadow inventory that has yet to hit the real estate market, highlighting the Lakeland distressed housing market for sellers, home buyers and investors is very important in determining their options whether buying or selling.

Starting with this month Lakeland Florida Short Sale and Foreclosure market report, the distressed market report will have its own report. 

For the month of January, Lakeland’s real estate market of short sales and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 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 498 Lakeland homes under contract (02/18/2010). By calculating total inventory, homes that are under contract because these properties have not closed is included in my inventory share.

• Bank owned properties – Inventory share is 12.17%
• Short sale properties – Inventory share is 25.42%

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales

• Average days on market (DOM) for bank-owned properties are 45 days
• Average days to contract for other distressed properties are 136 days.

25 Distressed Homes Sold - average sold price $146,724 – median sold price $139,900

63 Bank-owned (REO) sold – average sold price $88,319 – median sold price $81,000

Distressed sales are scattered in all parts of Lakeland Florida as you can see from this graph below.

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.

Overall Lakeland Florida Real Estate Housing for January 2010

Last year’s overall Lakeland Florida Real Estate market was somewhat of a roller coaster ride with home prices up and down throughout the year.  Will the roller coaster ride continue in 2010? From the graph below you can see that Lakeland home prices have increased since October 2009 by almost 9%.

Lakeland Homes sold in January: 145 - previous month:  194 – previous year January 09: 115 sold

January - average sales price $126,320

Previous month: $123,866 (+ 2%) – previous year January 09: $130,334 (-3.08%)

January - median sales price $112,900

Previous month: $113,950 (-0.92%) – previous year January 09: $96,000 (17.60%)

The graph below represents average and median prices in Lakeland for various categories.  When our media provides us with a real estate market reports, generally these reports outline only Single Family Homes and Condominiums. Lakeland Florida has a variety of homes, such as manufactured homes, townhomes, villas and duplex units. 

What are the various average prices in each Lakeland zip code?

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. 

Distressed properties in Lakeland, Florida

For the month of January, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 60%. There were a total of 88 properties sold in January compared to 60 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.   After further evaluation of my Lakeland Real Estate Market and to my readers who follow the distressed market report closely deserve clarity.  Starting out with January’s Real Estate Report, the distressed market report will have its own report.  Please check back soon for your detailed Lakeland Florida Real Estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.

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.

Lakeland Florida Real Estate Market Review

The graphs below provide you with some insight in the Lakeland Florida real estate market since 2003 – the rise and the fall of home sales and property values in Lakeland.   Real estate sales started to drop in 2006 as the number of Lakeland homes for sale increased by the month reaching the highest inventory of 2,303 homes for sale in 2006.  During the years 2007 and 2008 the inventory increased as sales tremendously decreased. Supply exceeded the demand by so much that if no other properties came on the market; it would have taken over 2.2 years to absorb all of Lakeland properties listed in the Multiple Listing (MLS).

The Distressed Lakeland Housing Market of 2009

Property values continued to decline as homes were being foreclosed and supply started to decrease from over 3,000 to an average of 2,300.  Sales of homes increased in 2009, a total 1971 properties were sold in Lakeland:

The Lakeland distressed real estate market for last year was at 47% and I suspect the percentage will increase in 2010, due to unemployment rates and declining property values.

Buyers must be aware that appraisers will include foreclosure sales in appraising of the home you are purchasing. Also be advised that the lender decides how the appraisal will be done and they will adjust appraisals to include bank owned properties.  Just recently, my client’s loan was denied because of the appraisal, which did not include sales of bank owned properties within the neighborhood.

For your monthly report of the Lakeland Real Estate market in 2009, please click the links below:

Lakeland Real Estate Market - January 2009

Lakeland Real Estate Market - February 2009

Lakeland Real Estate Market - March 2009

Lakeland Real Estate Market - April 2009

Lakeland Real Estate Market - May 2009

Lakeland Real Estate Market - June 2009

Lakeland Real Estate Market - July 2009

Lakeland Real Estate Market - August 2009

Lakeland Real Estate Market - September 2009

Lakeland Real Estate Market - October 2009

Lakeland Real Esatate Market - November 2009

Lakeland Real Estate Market - December 2009

Lakeland Florida Real Estate Update ~ 01/16-01/31/10

Update on the Lakeland real estate market! There are 1903 homes for sale throughout Lakeland, Florida – as of 02/06/10; the number of homes for sale remained constant for the month of January. Newly listed homes for the period of January 15^th through January 31^st increased slightly to 169 Lakeland homes. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

1 duplex unit with a sales price of $95,800

7 condos listed with an average sales price of $97,243

15 mobile homes listed with an average sales price of $65,793

14 Townhomes/Villas listed with an average sales price of $92,798

132 single family homes with an average price of $182,141

Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1995 home on approximately 6 acres; featuring 5 bedrooms and 6 baths with over 5,100 square feet of living space currently offered for $675,000 located in the Oakmont Acres.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $19,900 – just under $19.00 per square foot – located in the Winston Heights subdivision.

For a more detailed report such as homes listed by zip codes and distressed properties please continue to read by clicking this link

Polk County Existing Home Sales for December 2009

Overall Polk County Home Sales rose and prices fell in 2009 from the previous year. Is this true in your neck of the woods? I’m sure you heard about that this is a buyer’s market in the news and media outlets, but is it really? Real Estate still remains very local and real estate statistics in each town or even in each neighborhood/community could differentiate by a great margin resulting in a seller’s market. Therefore consulting with a local Realtor® with market knowledge and experience is essential to your home buying or home selling needs.

636 existing homes sold – an increase of 7.98% from the previous month (589 sold homes) in Polk County – an increase in sales activity of 185 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 4.59% from the previous month to $99,700 and declined 18% from the previous year of $122,000.

For a more detailed report such as homes listed by cities throughout Polk County and distressed properties please continue to read by clicking this link

Lakeland Florida Real Estate Update - 01/01/10-01/15/10

Update for the Lakeland real estate market! Currently, there are 1903 homes for sale throughout Lakeland – as of 01/28/10. Newly listed homes for the period of January 01^st through January 15th jumped to 166 Lakeland homes recently listed. The average sales price of Lakeland homes listed with area Realtors® for decreased to $162,992 from my previous report.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

2 duplex units with an average sales price of $82,000

4 condos listed with an average sales price of $105,425

15 mobile homes listed with an average sales price of $71,400

2 Townhomes/Villas listed with an average sales price of $67,400

143 single family homes with an average price of $176,679

For a more detailed report such as homes listed by zip codes and distressed properties please continue to read by clicking this link

Lakeland Real Estate Housing for December 2009

Lakeland ended the year on a high note in sales. With 194 homes sold overall, the month of December proved to be the best month for 2009.  

Lakeland Homes sold in December: 194 - previous month:  174 – previous year December 08: 136 sold

Which zip codes represents the most sales activities since January 2009?

While home prices are at 2004 level and still showing signs of downward market adjustments, the adjustments for December compared to last years figures are no longer in double digits.  I suspect in the coming month that we see the market will stabilize. Distressed properties continue to influence market values for Lakeland Real Estate.

December - average sales price $123,865

Previous month: $122,590 (+ 1%) – previous year December 08: $134,370(-7.82%)

December - median sales price $113,950

Previous month: $119,000 (-4.24%) – previous year December 08: $125,420 (-9.15%)

The graph below represents average and median prices in Lakeland for various categories.

What are the various average prices in each Lakeland zip code?

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.

Distressed properties in Lakeland, Florida

For the month of December, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 103 properties sold in December compared to 36 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

• Average days on market (DOM) for bank-owned properties are 49 days
• Average days on market (DOM) for other distressed properties are 146 days.

28 Distressed Homes Sold - average sold price $118,425 – median sold price $122,000

75 Bank-owned (REO) sold – average sold price $94,819 – median sold price $80,000

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.