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.
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
Interesting numbers and charts. I will be in Orlando next week and looking forward in seeing a different market than mine. .
Nice job Petra. Very comprehensive report.