Lakeland Real Estate Blog by Petra

Lakeland FL Real Estate Update - Homes Sales for March 2010

Lakeland real estate sales activity continuously increased the past few months and March showed great improvement.   Although there were 235 Lakeland homes sold in March, such number I have not seen since 2007, average and median prices took a double digit steep decline at about 14% from the previous year. Distressed properties are still driving down market values with over 54% of market share. I’m suspecting that as long as we have such high inventory in distress, home prices may still be vulnerable for at least this year.

Lakeland Homes sold in March: 235 - previous month:  152 – previous year March 09: 156 sold

March - average sales price $114,518

Previous month: $111,759 (2.47%) – previous year March 09: $135,224 (-15.31%)

March - median sales price $105,000

Previous month: $96,000 (9.38%) – previous year March 09: $121,750 (13.76%)

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.

Lakeland homes sold that are priced right will sell quickly.  In my analysis of last month activity shows that home owners, who have marketed their properties at the right price, achieve better results in less time.  Here is a breakdown:

• 0-30 days – 93.2% average sold price/list price ratio
• 31-60 days – 97.54% average sold price/list price ratio
• 61-90 days – 95.44% average sold price/list price ratio
• 91-120 days – 94.87% average sold price/list price ratio
• 121+ days – 92.4% average sold price/list price ratio

Distressed properties in Lakeland, Florida

For the month of March, Lakeland’s real estate market of distressed homes had a market share of 54%. There were a total of 126 properties sold in February, according to Mid-Florida Regional MLS.   

Check back soon for March 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 Real Estate Update - Homes Sales for February 2010

In my last month Lakeland Real Estate market report, I asked the question, “Will the roller coaster ride continue in 2010?” Folks, brace for a nose dive! Although there were 152 Lakeland homes sold in February, average and median prices took a double digit steep decline.  Distressed properties are still driving down market values with over 55% of market share.

Lakeland Homes sold in February: 152 - previous month:  145 – previous year February 09: 125 sold

February - average sales price $111,759

Previous month: $126,320 (- 11.53%) – previous year February 09: $132,802 (-15.85%)

February - median sales price $96,000

Previous month: $112,900 (-14.97%) – previous year February 09: $125,000 (23.2%)

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.

Lakeland homes sold that are priced right will sell quickly.  In my analysis of last month activity shows that home owners, who have marketed their properties at the right price, achieve better results in less time.  Here is a breakdown:

• 0-30 days – 96.87% average sold price/list price ratio
• 31-60 days – 95.64% average sold price/list price ratio
• 61-90 days – 92.35% average sold price/list price ratio
• 91-120 days – 97.03% average sold price/list price ratio
• 121+ days – 91.10% average sold price/list price ratio

Distressed properties in Lakeland, Florida

For the month of February, Lakeland’s real estate market of distressed homes had a market share of 56%. There were a total of 85 properties sold in February, according to Mid-Florida Regional MLS.   

Check back soon for February’s 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.

For Lakeland housing report for the month of June, I thought I share it with you in pictures.

Lakeland Homes sold in June: 169 - previous month: 156 – previous year June 08: 148 sold

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

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.

Lakeland Real Estate average and median home prices

Average sales price in June: $145,767 – previous month: $124,689 – previous year June 08: $177,190

Median sales price in June: $125,000 – previous month: $119,500 – previous year June 08: $165,250

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

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

Common properties only – Inventory active and pending 1697 homes resulting in 18 month of supply. Distressed properties – Inventory active and pending 742 homes resulting in a 12 month supply.

Bank-Owned properties continue to influence Lakeland Real Estate

Since the beginning of the year, distressed homes and bank-owned (REO) properties for the Lakeland Real Estate market still play a major role.

Sales activities shows 64 properties sold in June according to Mid-Florida Regional MLS.

26 Distressed Homes Sold - average sold price $132,588 – median sold price $127,500

38 Bank-owned (REO) sold – average sold price $95,229 – median sold price $83,153

For a more detailed report, which includes an interactive map and graphs, please visit by clicking this link to my Lakeland Market Reports

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

Winter Haven - 75 properties sold - average sold price $119,128 - average $64.40 per sq.ft.

Bartow - 17 properties sold - average sold price $79,472 average $52.63 per sq.ft.

Mulberry - 17 properties sold - average sold price $108,108 - average $67.32 per sq.ft.

Auburndale – 17 properties sold - average sold price $115,122 - average $60.36 per sq.ft.

Polk City - 6 properties sold – average sold price $93,448 - $52.25 per sq.ft.

Lake Alfred – 10 properties sold – average sold price $112,829 - $54.84 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.

I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact me 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.

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