The quick note from Realtor Petra Norris:
Hi folks! The month of October has shown that 136 homes were sold in Lakeland at an average price with a continuous decline to just under $150,000. When comparing the data to last year, we have seen that the average sold price of a home decreased by 24% from $184,486 to $149,333. Folks, these are prices we have seen in 2004 here in Lakeland, Florida alone.
Lakeland’s current inventory reached 2,426 of residential homes in active and 247 homes in pending status.
Distressed properties are homes in pre-foreclosure, foreclosure, bank owned, as well as short sales – Of the 136 homes sold last month, 52 homes were sold with an average sales price of $118,382. Only 10 homes were sold the previous year, due to Short Sales and/or Foreclosures.
There are currently 468 homes facing foreclosure.
117 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 $148,632. The priciest home currently on the market is listed for $750,000 and the lowest priced home is $19,000.