Lakeland Florida Short Sale and Foreclosure Market Report – June 2010
For the month of June, the Lakeland real estate market of short sales and bank-owned (REO) properties had a market share of 54%. There were a total of 117 properties sold in June, compared to 127 in May and 61 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 2,011 Lakeland homes for sale and 495 Lakeland homes under contract (07/24/2010). 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 15.88%
- Short sale properties – Inventory share is 26.50%
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 86 days
- Average days to Closing for other distressed properties are 296 days.
31 Lakeland Short Sale homes sold - average sold price $111,594 – median sold price $110,000
86 Lakeland Bank-owned (REO) homes sold – average sold price $86,130 – median sold price $80,000.
86 Lakeland Bank-owned (REO) homes sold – average sold price $86,130 – median sold price $80,000.
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.
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
Petra nice work summarizing what it going on in the distressed property market for your area!