Full Size Map January 2009 Lakeland Homes Sold
A quick guide to this week’s listings by Lakeland Realtor Petra Norris:
Lakeland’s average sold prices have fallen to $131,335 ($65.60 per sq.ft.); although only a slight drop of 2 ¼% from the previous month, it is a significant stumble of 24% for the month of January of the previous year. The amount of 113 sold Lakeland homes has also taken a dive of about 16% from the previous month of December 2008.
With over 2500 properties currently for sale and pending, we are experiencing a 24 month of supply for the regular homes and distressed homes.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market.
Common properties only – Inventory active and pending 1892 homes resulting in 39 month of supply.
Distressed properties – Inventory active and pending 618 homes resulting in an 11 month supply.
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales – Of the 113 homes sold last month in Lakeland, 60 distressed homes were sold with an average sales price of $110,930 ($60.07 per sq.ft.) compared to only 15 homes that were sold the previous year, due to Short Sales and/or Foreclosures. Interestingly to note that 51 out of 60 properties were bank-owned (REO) and these homes make up 53% in total sales in Lakeland, Florida.
There are currently 462 homes facing foreclosure.
159 homes are in pending status waiting for bank or lender approval to close.