Finally some Good News! Lakeland Florida Real Estate Market Report - September 2008
Hi folks! In recent weeks, we have been watching all kinds of news regarding the financial disaster on Wall Street, the credit market, the never-ending presidential election and on and on..... I want to share some good news in the housing market here in Lakeland, Florida, especially if you are a Seller and waiting for your home to be sold. Although the month of August was not very encouraging for Lakeland home sales, the start of fall in the month of September and the rise in home sales was quite positive.
The 154 homes sold in September not only increased by 16% from the previous month, it also increased by 12% from the previous year. While the average sold price decreased by 14% from September 2007; the average sold price for a home in Lakeland increased by almost 6% last month. The time it took a home to sell was an average of 109 days last month compared to last year's 147.
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". The average sold price in Lakeland Florida for the month of September was $166,370 and as you can see only 4 zip codes reached above average sales price (highlighted) in Lakeland.
For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.
Check out the graph here, the gap continues of the average list price vs. the average sold price for the year 2008. To lower the inventory on hand, the gap must approach towards the average sold price.
The graph below will give provide detail information of how many homes sold in Lakeland by Zip Code and by month.
Lakeland's current inventory reached 2,404 of residential homes in active and 232 homes in pending status.
Distressed properties are homes in pre-foreclosure, foreclosure, bank owned, as well as short sales - Of the 154 homes sold last month, 42 homes were sold with an average sales price of $134,811. Only 9 homes were sold the previous year, due to Short Sales and/or Foreclosures.
There are currently 457 homes facing foreclosure.
78 homes are in pending status waiting for bank or lender approval to close.
What is the average price for these types of homes?
In Lakeland, you will find distressed properties in every price category. The average price currently listed is $155,036. The priciest home currently on the market is listed for $750,000 and the lowest priced home is $19,900.
Let's take a look at last month sold report for the surrounding cities in Polk County:
Winter Haven - 58 properties sold - average sold price $127,738 - average $73.95 per sq.ft.
Bartow - 13 properties sold - average sold price $97,384 - average $67.18 per sq.ft.
Mulberry - 16 properties sold - average sold price $118,997 - average $78.72 per sq.ft.
Auburndale - 16 properties sold - average sold price $158,035 - average $77.95 per sq.ft.
Polk City - 6 properties sold - sold price $154,884 - $94.09 per sq.ft.
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.
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Finally some Good News! Lakeland Florida Real Estate Market Report - September 2008
Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -
PO Box 92050 - Lakeland, FL 33804-2050 -
Telephone (863) 619-6918
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.
This is a great report. I have been in the Mortgage industry for 14 years and really feel that Lakeland/Polk County have some incredible buys for homes. This is still a booming area with a ton of future potential based on the geographic location. Our company has closed quite a few loans in the last couple of months that were super buys. First time home buyers are able to take advantage of the 7500 dollar tax credit if they qualify. My understanding of the Tax Credit is if you are makeing 75000 or less as an individual or 150,000 or less as a married couple and have not owned a residence in the past 3 years you are eligible for the full credit. The credit does have to be repaid and is amortized over the next 15 years as a 0% interest loan. The payback is done with a reduction of your tax refund each year of 500.00 dollars. So if you were going to get a 2500 dollar refund you would get 2000.00. There are other details that you need to read up on with the tax credit regarding selling your home, income ranges, home value requirements, etc for the full credit.
If you have questions or need to get some info on how to get a mortgage I would love to speak with you. Call my cell at 863-255-1074.
Liz