Lakeland Homes Sold February 2010

In my last month Lakeland Real Estate market report, I asked the question, “Will the roller coaster ride continue in 2010?” Folks, brace for a nose dive! Although there were 152 Lakeland homes sold in February, average and median prices took a double digit steep decline. Distressed properties are still driving down market values with over 55% of market share. — Petra Norris

CommunityWalk Map – Lakeland Homes Sold February 2010

Full Size Map: Lakeland Homes Sold February 2010

The report from Petra Norris at Lakeland Florida Living

In my last month Lakeland Real Estate market report, I asked the question, “Will the roller coaster ride continue in 2010?” Folks, brace for a nose dive! Although there were 152 Lakeland homes sold in February, average and median prices took a double digit steep decline. Distressed properties are still driving down market values with over 55% of market share.

Lakeland Homes sold in February: 152 – previous month: 145 – previous year February 09: 125 sold
February – average sales price $111,759
Previous month: $126,320 (- 11.53%) – previous year February 09: $132,802 (-15.85%)
February – median sales price $96,000
Previous month: $112,900 (-14.97%) – previous year February 09: $125,000 (23.2%)

Lakeland homes sold that are priced right will sell quickly. In my analysis of last month activity shows that home owners, who have marketed their properties at the right price, achieve better results in less time. Here is a breakdown:

00-30 days – 96.87% average sold price/list price ratio
31-60 days – 95.64% average sold price/list price ratio
61-90 days – 92.35% average sold price/list price ratio
91-120 days – 97.03% average sold price/list price ratio
121+ days – 91.10% average sold price/list price ratio

Distressed properties in Lakeland, Florida

For the month of February, Lakeland’s real estate market of distressed homes had a market share of 56%. There were a total of 85 properties sold in February, according to Mid-Florida Regional MLS.