Full Size Map: Lakeland Homes Sold July 2009
The report from Petra Norris at Lakeland Florida Living where you can get the details with all the bells & whistles…
Since February, I have seen a continuous increase in sales activity in the Lakeland Real Estate market. For July the sales of Lakeland homes sold has increased 26% to 188 homes sold for the previous year and more importantly an 11% increase from the previous month.
Moderately increases were recorded for homes sold in Lakeland. A slight gain of 1 ½ % for average sold homes for July to $147,904 ($77.16 per sq.ft.) and a 4% increase for median prices to $130,000 ($75.50 per sq.ft.) when compared to the sales from the previous month.
Compared to last year’s figures, Lakeland real estate still is lagging behind in average and median prices and I suspect will continue at least throughout this year with increased foreclosure filings and bank-owned properties that will influx the Lakeland housing market.
Average Lakeland Sold price for July 2008 – $168,425 – decrease of 12%
Median Lakeland sold price for July 2008 – $150,000 – decrease of 13%
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 1672 homes resulting in 16 month of supply.
Distressed properties – Inventory active and pending 768 homes resulting in an 11 month supply.
This illustrates an absorption rate for supply and demand. A seven month supply would give you a more stabilized market anything above the 7 month threshold would be a buyer’s market as we have seen the past few years. Hence, below the 7 month threshold obviously constitutes a seller’s market as we experienced it in years 2004-2006.
Distressed properties in Lakeland, Florida
For the month of July, distressed homes and bank-owned (REO) properties had a market share of 40% in the Lakeland Real Estate market. There were a total of 75 properties sold in July compared to 37 distressed Lakeland homes sold the year prior – 25% market share, according to Mid-Florida Regional MLS.
24 Distressed Homes Sold – average sold price $128,189 – median sold price $120,000
51 Bank-owned (REO) sold – average sold price $95,416 – median sold price $97,580