Full Size Map Lakeland Homes Sold June 2009
The report from Petra Norris at Lakeland Florida Living…
Sales activity has picked up for Lakeland’s Real Estate market with increasing sales since March 2009 recording 169 Lakeland homes sold in June. An increase from 156 homes sold the previous month and more importantly a 14% increase from the previous year.
While the average sales price increased to $145,767 ($75.38 per sq.ft) from the previous month of $124,689 ($71.01 per sq.ft.). Lakeland real estate prices continue to drop for June at 18% from the previous year. Now you probably wondering why the average price increased by almost 17% for Lakeland – this mainly resulted because for the 2nd time this year a property over $1 million was sold. Such a sale will increase the average sales prices in this market when looking at average sales prices.
This is the reason why you need to look at all numbers – average sold as well as median sold prices.
While there was also an increase of 4.5% posted from $119,500 the previous month to $125,000 recorded in June 2009, it is more realistic since the highest and the lowest sold property are taken out of the equation. You always want to get both sides of the numbers to get the true picture.
Let’s break it down for you to see the supply and demand for common properties for sale versus the distressed market in the Lakeland real estate market.
Common properties only – Inventory active and pending 1697 homes resulting in 18 month of supply.
Distressed properties – Inventory active and pending 742 homes resulting in a 12 month supply.
Bank-Owned properties continue to influence Lakeland Real Estate
Since the beginning of the year, distressed homes and bank-owned (REO) properties for the Lakeland Real Estate market still playing a major role. Sales activities shows 64 properties sold in June according to Mid-Florida Regional MLS.
26 Distressed Homes Sold – average sold price $132,588 – median sold price $127,500
38 Bank-owned (REO) sold – average sold price $95,229 – median sold price $83,153