Lakeland Real Estate Blog by Petra

Polk County’s overall existing home sales had a record breaking month, which are shown in the numbers in most major cities throughout Polk County. However, prices continue to drift downwards blaming it widely on discounted distressed sales throughout the county from the previous year.

758 existing homes sold – an increase of 21% from the previous month (596 sold homes) in Polk County and an increase in sales activity of 180 Polk County homes sold from the previous year of 578 homes sold.

While overall Polk’s median price for existing homes increased by almost 6% from the previous month to $90,500, the median home price from the previous year is showing a decline by almost 10%. 

Take a look at the city you live in and see what the numbers are for March 2010 for existing home sales - single family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed properties in Polk County.  Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service, it is deemed reliable but not guaranteed. 

City        Average Sold Price    Median Sold Price           # of Homes Sold

Let me break down March 2010 Polk County existing homes sales into various categories:

• 660 Single family homes, townhomes, villas and ½ duplex – median sold price $98,300 – 142 Average Days to Closing
• 40 Condominiums – median sold price - $64,550 – 193 Average Days on Closing
• 58 Modular, manufactured/mobile homes in park/out of park – median sold price $45,000 – 171 Average Days on Closing

Let’s take a look at the distressed Polk County real estate market!

There were 297 existing homes sold, not categorized as distressed properties, at a median sold price of $114,900 with 183 average days to closing, which counted for almost 39% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 61% of our total sales in Polk County for the month of February.

• 355 sold homes were Bank Owned – median price $75,000 – Average Days to Closing  79        
• 105 sold homes were Short Sales – median price $100,000 – Average Days to Closing 273

Polk County Florida Overall Housing Market - February 2010

Polk County’s overall existing home sales increased and it goes along with what has been reported at state and national level with increased sales for February. However, prices continue to drift downwards blaming it widely on discounted distressed sales throughout.

596 existing homes sold – an increase of 19% from the previous month (500 sold homes) in Polk County and an increase in sales activity of 145 Polk County homes sold from the previous year of 451 homes sold.

Overall Polk’s median price for existing homes decreased by 12.5% from the previous month to $85,700 and respectively decreased 15% from the previous year. 

Take a look at the city you live in and see what the numbers are for February 2010 for existing home sales - single family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed properties in Polk County.  Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service, it is deemed reliable but not guaranteed. 

City               Average Sold Price    Median Sold Price    # of Homes Sold

Let me break down February 2010 Polk County existing homes sales into various categories:

• 514 Single family homes, townhomes, villas and ½ duplex – median sold price $99,000 – 147 Average Days to Closing
• 39 Condominiums – median sold price - $51,111 – 187 Average Days on Closing
• 43 Modular, manufactured/mobile homes in park/out of park – median sold price $55,000 – 233 Average Days on Closing

Let’s take a look at the distressed Polk County real estate market!

There were 232 existing homes sold, not categorized as distressed properties, at a median sold price of $111,000 with 200 average days to closing, which counted for almost 39% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 61% of our total sales in Polk County for the month of February.

• 283 sold homes were Bank Owned – median price $75,000 – Average Days to Closing  87
• 81 sold homes were Short Sales – median price $98,000 – Average Days to Closing 274

Appealing your Polk County Property Appraiser’s Market Value Appraisal

To determine market value or as I would say the property assessment value the Polk County Property Appraiser uses to arrive when assessing your Polk County home for property tax purposes. The Polk County Property Appraiser establishes assessed value by knowing the selling price for similar properties and also takes other factors into consideration, such as:

• Comparative Value – homes sold recently in an arm’s length transaction
• Replacement Value – costs to replicate your Polk County home at current material prices and labor costs
• Methods of property use – Rental home

The Polk County Property Appraiser must find value for every piece in Polk County and all appraisals must be completed by January 1^st of each year.

Are you in disagreement with the assessed property value of your Polk County home?

While not a requirement, you are encouraged to have your assessed property value reviewed by going to the Polk County Property Appraiser’s office and discuss the matter with them in person, by phone or email.  Be sure to bring all documents to proof your opinion.  If the Property Appraiser’s office is unable to arrive at an agreement with you.  Keep in mind, while you are discussing your valuation assessment with the Property Appraiser’s office, it certainly  does not stop the expiration date of the deadlines.

You must file a “petition” in order to appeal before you can be heard by the Value Adjustment Board.  Written applications must be filed with the Clerk of the Board of County Commissioners.

Timely Filing of Petition: Petitions related to valuation issues may be filed at any time during the taxable year on or before the 25th day following the mailing of the notice of proposed property taxes.

For more information please visit: http://www.polkpa.org/AssessmentInfo/Default.aspx

Bartow Office

255 N. Wilson Ave Phone: 863-534-4777

Bartow, FL 33830 Fax: 863-534-4753

Hours: 8:30am-5:00pm (M-F)

Lakeland Office

912 E. Parker St. Phone: 863-413-2549

Lakeland, FL 33801 Fax: 863-413-2550

Hours: 8:30am-5:00pm (M-F)

Winter Haven Office

3425 Lake Alfred Rd. Phone: 863-401-2424

3 Gill Jones Plaza Fax: 863-401-2428

Winter Haven, FL 33881 Hours: 8:00am-5:00pm (M-F)

Serving buyers and sellers throughout Polk County including cities of Lakeland, Auburndale, Polk City, Bartow, Winter Haven, Kathleen, Highland City, and Mulberry.

Polk County Existing Home Sales for January 2010

Slow start of the overall Polk County Home Sales in January when comparing sales history for the past year. Although average Polk County home prices have somewhat been stable in recent months, the number of homes sold in Polk County took a nose dive when comparing the number of sales from the past few months. If you are a person that is visual like me, just take a look at the chart below to see what I’m talking about.  Please keep in mind, the figures reflect all homes as indicated below, not just single family homes you see in media reports.

500 existing homes sold – a decrease of 21% from the previous month (636 sold homes) in Polk County – an increase in sales activity of 111 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 1 ¾% from the previous month to $97,950, however remained almost the same from the previous year of $98,000.

Take a look at the city you live in and see what the numbers are for January 2010 for existing home sales – single family homes, condominiums, manufactured homes, duplex, villas, and townhomes -including distressed properties in Polk County. Please take note only sales recorded by Realtors® are taken into account. The source for this data is Mid-Florida Regional MLS Service, it is deemed reliable but not guaranteed.

City                        Average Sold Price          Median Sold Price    # of Homes Sold

Let me break down January 2010 Polk County existing homes sales into various categories:

• 447 Single family homes, townhomes, villas and ½ duplex – median sold price $103,000 – 148 Average Days to Closing
• 19 Condominiums – median sold price – $65,000 – 149 Average Days on Closing
• 34 Modular, manufactured/mobile homes in park/out of park – median sold price $56,500 – 233 Average Days to Closing

Let’s take a look at the distressed Polk County real estate market!

There were 183 existing homes sold, not categorized as distressed properties, at a median sold price of $130,000 with 206 average days to closing, which counted for almost 37% of our total sales. The distressed properties however; which includes Bank owned, pre-foreclosure, in foreclosure and short sales counted for 63% of our total sales in Polk County for the month of January.

• 234 sold homes were Bank Owned – median price $79,450 – Average Days to Closing  81
• 83 sold homes were Short Sales – median price $102,000 – Average Days to Closing 247

Polk County Existing Home Sales for December 2009

Overall Polk County Home Sales rose and prices fell in 2009 from the previous year. Is this true in your neck of the woods? I’m sure you heard about that this is a buyer’s market in the news and media outlets, but is it really? Real Estate still remains very local and real estate statistics in each town or even in each neighborhood/community could differentiate by a great margin resulting in a seller’s market. Therefore consulting with a local Realtor® with market knowledge and experience is essential to your home buying or home selling needs.

636 existing homes sold – an increase of 7.98% from the previous month (589 sold homes) in Polk County – an increase in sales activity of 185 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 4.59% from the previous month to $99,700 and declined 18% from the previous year of $122,000.

For a more detailed report such as homes listed by cities throughout Polk County and distressed properties please continue to read by clicking this link

Beat the rush and file your Polk County property tax homestead exemption on your home early, because – believe it or not - March 1^st, 2010 deadline is fast approaching.

If you took residency on your newly purchased home after January 1, 2009, which includes mobile home if the land the mobile home sits on is owned by the same owner.  You surely want to file for a 2010 property tax exemption, also known as homestead exemption.  In addition, you may qualify for an additional $25,000 homestead under Amendment 1 which began with 2008 tax year for a total of $50,000. 

Have you owned a home previously in Florida? You may be eligible for “Save our Home”.  Saving money these days is on everybody’s mind – there are other ways of qualifying for additional savings:

Amendment 7, which was voted by Florida voters on November 7, 2006 and is intended to be an additional discount on taxes owed after all other ad valorem tax exemptions are computed for eligible veterans 65 years and older.

Senior exemption, widow, disability, veterans and total exemption – if qualified you may be eligible to save up to $5,000. Widow or widower must provide a copy of their late spouse’s death certificate. Disability exemptions applicants must provide an attest from a certified Florida physician.  Veteran exemptions applicants must show proof of percentage (minimum 10%) of service-connected disability from the U.S. Department of Veterans Affairs.

First-time homebuyers filing for homestead exemption must apply in person and bring their recorded deed and proof of residency, such as Florida drivers’ license, Florida voter registration, Florida vehicle registration or resident alien card. Applicants filing for any exemption are required to present their Social Security cards.

Where to file?

Bartow Office

255 N. Wilson Ave Phone: 863-534-4777

Bartow, FL 33830 Fax: 863-534-4753

Hours: 8:30am-5:00pm (M-F)

Lakeland Office

912 E. Parker St. Phone: 863-413-2549

Lakeland, FL 33801 Fax: 863-413-2550

Hours: 8:30am-5:00pm (M-F)

Winter Haven Office

3425 Lake Alfred Rd. Phone: 863-401-2424

3 Gill Jones Plaza Fax: 863-401-2428

Winter Haven, FL 33881 Hours: 8:00am-5:00pm (M-F)

Web site: http://www.polkpa.org

The Florida Association of Realtors® reports that existing home sales rose 61% in November from the previous year, showing for the past 15 months that overall real estate sales in the State of Florida have increased.  While much credit is given for the extended and expanded homebuyers tax credit for the increased sales activity in the past, the decline in home values and sales prices resulting from the increased sales of distressed properties and foreclosures.

Florida’s median sales price for existing homes last month continued downwardly to $139,000 for a 12% ($158,200) decrease from the previous year and less than 1% ($140,300) from the previous month.

The Polk County’s overall housing prices improved slightly.

589 existing homes sold – a slight decrease of 3.6% from the previous month (612 sold homes) in Polk County – an increase in sales activity of 220 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes increased from the previous month to $104,900; however, dipped 17% from the previous year of $127,000. 

Take a look at the city you live in or want to move to and see what the numbers are for November 2009 for existing home sales - single family homes, condominiums, manufactured homes -including distressed properties in Polk County.

City                                                  Average Sold Price             Median Sold Price        # of Homes Sold

Let’s take a look at the distressed Polk County real estate market!

Distressed properties, which includes Bank owned, pre-foreclosure, in foreclosure and short sales count for 57% of our total sales in Polk County for the month of November.

• 250 sold homes were Bank Owned – median price $75,000 – Days on Market 26
• 80 sold homes were Short Sales – median price $115,500 – Days on Market 111

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”.

For all of your Polk County home search, click on the search picture below: