Lakeland Florida Monthly Market Report August 2008
The month of August was not very encouraging for Lakeland when considering the amount of properties sold and average sold price, comparing the data to the past statistics. The amount of units sold decreased further down to 129 from the previous month of 142 homes sold. The average sold price for August was $156,708 in Lakeland alone, which is a decrease of 5% from the previous month. The time it took a home to sell was an average of 162 days.
Do you remember what a home sold for on average in Lakeland in August 2007?
The average sold price for a residential home was $192,467
The total residential properties sold were 199 units.
The average days on market were 141 days.
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 average sold price in Lakeland Florida for the month of August 2008 was $156,708 and as you can see only 5 zip codes reached above average sales price (highlighted) for the month of August.
Lakeland's current inventory reached 2,334 of residential homes in active and 256 homes in pending status.
Distressed properties are homes in pre-foreclosure, foreclosure, bank owned, as well as short sales - Of the 129 homes sold last month, 28 homes were sold with an average sales price of $132,682. Only 11 homes were sold the previous year, due to Short Sales and/or Foreclosures.
Interested in Lakeland properties facing foreclosure or short sales?
There are currently 410 homes facing foreclosure.
83 homes are in pending status waiting for bank or lender approval to close.
What is the average price for these types of homes?
In Lakeland, you will find distressed properties in every price category. The average price currently listed is $158,940. The priciest home currently on the market is listed for $750,000 and the lowest priced home is $24,500.
With well over 2,000 homes on the market in Lakeland alone, what does it take to sell your home? Pricing is the most significant factor to get your home sold. Buyers interested in your Lakeland home are very smart and the internet is there to help search your neighborhood until they find the best priced home. Look around yourself in your neighborhood, which homes have sold recently and which homes are still on the market? Chances are homes priced well above are still lingering around and will be there for many more months. You definitely don't want to chase the market with lowering the price every 30 days.
Let's take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven - 64 properties sold - average sold price $159,606 - average $89.56 per sq.ft.
Bartow - 12 properties sold - average sold price $108,375 - average $72.54 per sq.ft.
Mulberry - 10 properties sold - average sold price $104,091 - average $68.17 per sq.ft.
Auburndale - 7 properties sold - average sold price $159,142 - average $86.68 per sq.ft.
Polk City - 9 properties sold - average sold price $135,944 - average $75.99 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.
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Lakeland Florida Monthly Market Report August 2008
Petra Norris
Licensed Florida Real Estate Broker
CDV TransAtlantic, Inc.
P.O. Box 92050 - Lakeland, FL 33804-2050 - Telephone (863) 618-6919
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
The REALTOR® Code of Ethics - The Most Violated Article
Before I go out on my listing appointment, I prepare a detailed CMA (Comparable Market Analysis) to come up with the best recommendation for the Seller to