Overall Existing Lakeland FL Housing Market - February 2013
There are so many ways to show and predict the real estate market in Lakeland. You can look at month-over-month numbers and year-over-year, and compare it to zip codes, single family homes, condominiums, manufactured homes and square-foot costs to closed sales, you can manipulate it in every way possible to make the stats say just about anything you want them to say. You can say sales prices are going up because homes sold for more this month than they did the same month last year, but that doesn’t take into account the fact that we have fewer homes for sale.
While this chart below shows the Lakeland Fl real estate market as a "buyer's market" with over 7 month of supply, I must caution though that this is most likely due to the high numbers of "pending" contracts.
Overall existing home prices saw a increases in average sales and median prices. Double digit increases from the previous year suggest the housing market in Lakeland FL is back. Small increase is shown when compared to the previous month of January 2013. The current overall housing inventory of actively Lakeland Fl homes for sale continues to decline and stands at 952 (03/21/2013). These are listings currently active and active w/contract. Pending homes in Lakeland currently are at 838 Lakeland properties.
What I bring to you today is the overall existing housing market in Lakeland Florida. This will give you a general idea of what to expect when selling or buying a home in terms of how many homes are for sale, how many are under contract and what has actually sold.
Lakeland Homes sold in February: 228 previous month: 200 – previous year February 2012: 186 sold
February– average sales price $121,467
Previous month: $117,354 (3.50%) – previous year February 12: $109,198 (11.24%)
February – median sales price $105,950
Previous month: $99,000 (7.02%) – previous year February 2012: $93,000 (13.92%)
The graph below represents average and median home 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, town-homes, villas and duplex units.
Distressed properties in Lakeland, Florida
For the month of February, Lakeland’s real estate market of distressed homes had a market share of 49%. There were a total of 111 homes sold in February, according to Mid-Florida Regional MLS. There were 65 bank-owned/REO sold and 46 Lakeland FL short sales sold.
If you are interested in a specific area or neighborhood in Lakeland Florida or the surrounding cities such as Bartow, Winter Haven, Auburndale, Mulberry or Plant City, feel free to contact me at 863-619-6918; email petra[at]petranorris.com or click the search button below.
Authored by Petra Norris
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
