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).
|
Year |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Sold Homes |
2663 |
3116 |
3517 |
3137 |
2059 |
1624 |
1971 |
|
Average List Price |
124,992.00 |
142,289.00 |
179,141.00 |
203,132.00 |
208,766.00 |
173,250.00 |
139,113.00 |
|
Average Sold Price |
120,596.00 |
138,042.00 |
175,547.00 |
197,362.00 |
198,907.00 |
162,788.00 |
130,967.00 |
|
DOM |
108 |
94 |
58 |
79 |
139 |
134 |
153 |
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:
|
Average of List Price |
Average of Sold Price |
Number of Homes Sold |
|
|
Non-Distressed Homes |
165,712 |
154,728 |
1045 |
|
REO/Bank Owned |
96,874 |
93,841 |
673 |
|
Short Sale |
141,613 |
131,586 |
253 |
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
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) 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 FL real estate landscape and all it has to offer.
