Lakeland Florida Short Sale and Foreclosure Market Report – July 2010
For the month of June, the Lakeland real estate market of short sales and bank-owned (REO) properties increased its market share from 54% the previous month to 60%. There were a total of 102 properties sold, compared to 117 in June and 71 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.
Currently there are a total of 1,976 Lakeland FL homes for sale and 513 homes under contract (8/20/2010). 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 15.95%
- Short sale properties – Inventory share is 26.67%
- Average days to Closing for bank-owned properties are 99 days
- Average days to Closing for other distressed properties are 261 days.
25 Lakeland Short Sale properties sold - average sold price $123,776 – median sold price $120,000
77 Lakeland Foreclosures (REO) sold – average sold price $68,209 – median sold price $57,500.
77 Lakeland Foreclosures (REO) sold – average sold price $68,209 – median sold price $57,500.
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, great summary of your market area with STILL 40%+ in that distressed category. Still makes it tough for the traditional sellers.