Lakeland Real Estate Blog by Petra

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.

Lakeland Florida Housing Market Report for April 2009 - Bank-Owned Properties are the Name of the Game

Distressed Properties continue to influence the Lakeland Florida housing market. Lakeland's average sales price of $128,093 ($69.22 per sq.ft.) for April slumped 25% from the previous year, prices dropped also 5 ¾ % from the previous month.  A slight increase in properties sold of 154 Lakeland properties were sold in April compared to 152 homes sold the previous month.

Bank-Owned properties are the "Name of the Game"

The distressed homes and more importantly the bank-owned (REO) properties dominate the sales activities here in Lakeland with 88 properties sold in April and continuously over 50% of the total sales since the beginning of the year recorded in our Mid-Florida Regional MLS.

With close to 2467 properties currently for sale and pending, we are experiencing approximately a 15 month of supply for the regular homes and distressed homes.

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales. These types of homes continue to control 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 154 homes sold last month in Lakeland, 88 distressed homes were sold with an average sales price of $108,900 ($58.91 per sq.ft.) compared to only 30 homes that were sold the previous year, due to Short Sales and/or Foreclosures.  Bank-owned properties are the "name of the game" with 62 out of 88 properties was bank-owned (REO).

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 1602 homes resulting in 27 month of supply.

Distressed properties - Inventory active and pending 865 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?

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.

Let's take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven - 102 properties sold - average sold price $101,120 - average $59.75 per sq.ft.

Bartow - 12 properties sold - average sold price $112,366 average $64.14 per sq.ft.

Mulberry - 16 properties sold - average sold price $115,658 - average $65.81 per sq.ft.

Auburndale - 13 properties sold - average sold price $148,161 - average $79.02 per sq.ft.

Polk City - 3 properties sold - average sold price $56,300 - $51.40 per sq.ft.

Lake Alfred - 7 properties sold - average sold price $104,785- $54.99 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.

Copyright © 2009 http://www.petranorris.com| All Rights Reserved|

Lakeland Florida Housing Market Report for April 2009 - Bank-Owned Properties are the Name of the Game

Petra Norris

  CDV TransAtlantic, Inc.

- Licensed Florida Real Estate Broker

PO Box 92050 - Lakeland, FL 33804-2050

Telephone (863) 619-6918

Lakeland Florida Housing Report for February - Has it Bottom Out?

The housing market in Lakeland Florida still showed difficulties. But there are some promising signs that showed some improvement, so keep reading….

While the average sales price of $132,801 ($69.50 per sq.ft) for February dropped to 22% from the previous year, it showed a slight increase of 1% from the previous month. There was also an increase in properties sold, 125 Lakeland properties were sold in February compared to 113 homes sold the previous month. Over the past three month, the average sold price for a Lakeland home was $132,800.

What do you think has the market in Lakeland, Florida bottom out?

With the recent declining inventory and the latest sold data information within the past few months, there are definitely signs showing that this market has bottom out. Caution, however, must be taken into consideration since almost half of the sold homes were “Bank-owned” properties which generally drive the property values of the homes down.

What is selling in Lakeland?

Within the past few months and February proofed to be no different, the distressed homes and more importantly the bank-owned (REO) properties dominated the sales activities here in Lakeland with 62 properties sold in February.

With over 2500 properties currently for sale and pending, we are experiencing a 21 month of supply for the regular homes and distressed homes.

Let’s break it down for you to see the supply and demand here in Lakeland for common properties for sale versus the distressed market.

Common properties only – Inventory active and pending 1877 homes resulting in 31 month of supply.

Distressed properties – Inventory active and pending 649 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 for this report was 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?

Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – While foreclosure filings are up throughout the State of Florida, there are over 1100 Lakeland homes facing foreclosure. Only 490 Lakeland properties being marketed with area Realtors®, which leads me to believe that a lot of folks simply ignoring the fact or don’t know who they can turn to in this difficult time asking for advice and help. Folks if you are late with your mortgage payments, having difficulties making mortgage payments or have been notified by the lender via Lis Pendens, it is not too late. If you have lost your job, faced some kind of hardship Short Sale may be your solution.

Of the 125 homes sold last month in Lakeland, 62 distressed homes were sold with an average sales price of $103,137($58.82 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 62 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.

There are currently 490 homes facing foreclosure.

161 homes are in pending status waiting for bank or lender approval to close.

Let's take a look at last month sold report for the surrounding cities in Polk County:

Winter Haven - 57 properties sold - average sold price $117,026 - average $61.97 per sq.ft.

Bartow - 7 properties sold - average sold price $93,928 average $70.79 per sq.ft.

Mulberry - 11 properties sold - average sold price $96,124 - average $61.14 per sq.ft.

Auburndale - 17 properties sold - average sold price $83,032 - average $55.69 per sq.ft.

Polk City - 5 properties sold - average sold price $86,960 - $59.37 per sq.ft.

Lake Alfred - 5 properties sold - average sold price $130,540 - $64.80 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.

Copyright © 2009 http://www.petranorris.com| All Rights Reserved|

Lakeland Florida Housing Report for February - Has it Bottom Out?

Petra Norris

CDV TransAtlantic, Inc.

Licensed Florida Real Estate Broker

PO Box 92050 – Lakeland, FL 33804-2050

Telephone (863) 619-6918