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The report from Petra Norris at Lakeland Real Estate Blog…
Let me share with you some positive signs in the Lakeland Florida housing market. First of all, since January there has been a constant, but moderate increase in the amount of homes sold and average home sold prices.
While the average sales price of $135,889 ($71.51 per sq.ft.) for March fell 19% from the previous year, it showed a sensible increase of 2 ¼% from the previous month. There was also an increase in properties sold, 152 Lakeland properties were sold in March compared to 125 homes sold the previous month. The last time we have seen about that many homes sold in Lakeland was September 2008 – 157 homes sold to be exact.
What is selling in Lakeland?
It is still the same for the past few month; the distressed homes and more importantly the bank-owned (REO) properties dominate the sales activities here in Lakeland with 68 properties sold in March.
With close to 2485 properties currently for sale and pending, we are experiencing an 18 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 1815 homes resulting in 24 month of supply.
Distressed properties – Inventory active and pending 671 homes resulting in an 11 month supply.
Lakeland Market Report for Distressed Homes
Distressed properties are homes in pre-foreclosure, foreclosure, bank-owned, as well as short sales. These types of homes continue to dominate our real estate market here in Lakeland Florida as well as throughout Polk County, so it is important for you to see what is driving down the home prices, but more importantly our home values.
Of the 152 homes sold last month in Lakeland, 68 distressed homes were sold with an average sales price of $115,009 ($61.87 per sq.ft.) compared to only 25 homes that were sold the previous year, due to Short Sales and/or Foreclosures. A side note for you, 51 out of 68 properties were bank-owned (REO) and these homes make up almost 50% in total sales in Lakeland, Florida.
There are currently 487 homes facing foreclosure.
184 homes are in pending status waiting for bank or lender approval to close.