Full size map: November 2008 Lakeland Homes Sold
The report from Lakeland Realtor Petra Norris
Hi folks! November proofed to be one of the slowest months since January in sales history for this year with only 105 homes sold in Lakeland. Lakeland has about 135 homes sold average this year. I wonder how many Realtors® received a commission check in November or even this year alone. Let’s take a closer look how long it would take to sell all these homes? According to the Multiple Listing Service (MLS), there are currently over 2600 properties for sale and/or pending (waiting to close). At an average rate of only 135 homes being sold per month, it would take approximately 18 months to absorb Lakeland’s entire inventory without putting any new listings on the market. How long has your property been on the market? Thinking about dropping the price – stop chase the market!
The average sold price for a Lakeland home in November decreased by 16% from the previous year of $184,486 to $160,282.
Distressed properties are homes in pre-foreclosure, foreclosure, bank owned, as well as short sales – Of the 105 homes sold last month, 38 homes were sold with an average sales price of $123,287. Only 9 homes were sold the previous year, due to Short Sales and/or Foreclosures.
There are currently 502 homes facing foreclosure.
110 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 $142,945. The priciest home currently on the market is listed for $540,000 and the lowest priced home is $22,900.