Lakeland's Housing Market - Good News ...Not So Good News
Most folks want to hear the bad news before the good news in hopes that the bad news is still not too bad when comparing the Good and the Bad. However, with Real Estate news, people have lately watched the negative news reports or read the not so good news in the newspaper. Therefore, I will start with the good news first.
Good News - Lakeland's housing market has improved to 145 homes sold in June 2008 from the previous month of 124 homes sold. The average sold price also increased by 14% from the previous month. It also took less time to sell a home in June with an average of 143 days.
Now, the Not So Good News - When statistics being compared, it is compared with the previous year and here comes the bad news. Lakeland had 145 homes sold last month, compared with 193 the previous year. In addition, Lakeland's average home sales price of $169,148 was down almost 15% from 198,592 a year ago. Of the 145 homes sold last month, 33 homes were sold due to Short Sales and/or Foreclosures with an average sales price of $118,371. Only 7 homes were sold the previous year, due to Short Sales and/or Foreclosures.
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 for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include "For Sale By Owner".
Lakeland's current inventory is 2563 of residential homes in active and pending status
Lakeland sold 145 homes in the month of June. It would take about 76 weeks or 19 months to sell the current inventory. Not encouraging at all, however, keep in mind that this number is only an indicator on how long it takes to absorb and therefore, pricing the home you are selling is very crucial. Just take a look above at the average listing price and the average sold price for Lakeland - how long will it take to sell your house?
Let's take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven - 54 properties sold - average sold price $182,676 - average $96.54 per sq.ft.
Bartow - 12 properties sold - average sold price $122,383 - average $66.99 per sq.ft.
Mulberry - 16 properties sold - average sold price $117,835 - average $78.44 per sq.ft.
Auburndale - 17 properties sold - average sold price $138,929 - average $76.82 per sq.ft.
Polk City - 8 properties sold - average sold price $148,113 - average $77.84 per sq.ft.
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com
Copyright © 2008 http://www.petranorris.com| All Rights Reserved |
Lakeland's Housing Market - Good News ...Not So Good News
Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -
PO Box 92050 - Lakeland, FL 33804-2050 - Telephone (863) 619-6918
This blog is solely my point of view
I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.
Good afternoon Petra - Maybe as the sales are better then last month we are slowly climbing out of the bottom.
Good afternoon Petra - Maybe as the sales are better then last month we are slowly climbing out of the bottom.
Hi Pam, that what I was thinking when I did my research and wrote this blog. Thanks for the comment.