Has the Lakeland Housing Market Bottomed Out?

CommunityWalk Map – Lakeland Homes Sold February 2009

Full Size Map Lakeland Homes Sold February 2009

The report from Petra Norris at Lakeland Real Estate Blog

While the average sales price of $132,801 ($69.50 per sq.ft) for February dropped 22% from the previous year, it showed a slight increase of 1% over the previous month. There was also an increase in properties sold, 125 Lakeland properties were sold in February compared to 113 homes sold the previous month. Over the past three months, the average sold price for a Lakeland home was $132,800.

What do you think, has the market in Lakeland, Florida bottomed out?

With the recent declining inventory and the latest sold data information within the past few months, there are definitely signs showing that this market has bottomed out. Caution, however, must be taken into consideration since almost half of the sold homes were “Bank-owned” properties which generally drive the property values of the homes down.

What is selling in Lakeland?

Within the past few months and February proofed to be no different, the distressed homes and more importantly the bank-owned (REO) properties dominated the sales activities here in Lakeland with 62 properties sold in February.

With over 2500 properties currently for sale and pending, we are experiencing a 21 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 1877 homes resulting in 31 month of supply.
Distressed properties – Inventory active and pending 649 homes resulting in an 11 month supply.

Of the 125 homes sold last month in Lakeland, 62 distressed homes were sold with an average sales price of $103,137($58.82 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 62 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.

2 thoughts on “Has the Lakeland Housing Market Bottomed Out?

  1. I still think the correction has a long way to go, in Lakeland and across Florida.

    Jobs are becoming more scarce. So many businesses are continuing to fail. I don’t think we’ll hit a bottom for at least 6-10 more months, if even that soon.

  2. I still think the correction has a long way to go, in Lakeland and across Florida.

    Jobs are becoming more scarce. So many businesses are continuing to fail. I don’t think we’ll hit a bottom for at least 6-10 more months, if even that soon.

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