Lakeland Florida Short Sale and Foreclosure Market Report – May 2010
For the month of May, Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 57%. There were a total of 127 properties sold in May, compared to 148 in April and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,940 Lakeland homes for sale and 514 Lakeland homes under contract (06/21/2010). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.
• Bank owned properties – Inventory share is 14.10%
• Short sale properties – Inventory share is 26.20%
The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Bank Owned Properties (REO) and Lakeland Short Sales
• Average days to Closing for bank-owned properties are 87 days
• Average days to Closing for other distressed properties are 307 days.
29 Short Sale Sold - average sold price $124,514 – median sold price $120,000
98 Bank-owned (REO) sold – average sold price $93,310 – median sold price $82,700
Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or click the search button below.
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
