Lakeland Homes Sold March 2010

Lakeland real estate sales activity continuously increased the past few months and March showed great improvement. Although there were 235 Lakeland homes sold in March — a number I have not seen since 2007 — average and median prices took a double digit steep decline at about 14% from the previous year. – Petra Norris

CommunityWalk Map – Lakeland Homes Sold March 2010

Full Size Map: Lakeland Homes Sold March 2010

The report from Petra Norris at Lakeland Florida Living

Lakeland real estate sales activity continuously increased the past few months and March showed great improvement. Although there were 235 Lakeland homes sold in March — a number I have not seen since 2007 — average and median prices took a double digit steep decline at about 14% from the previous year. Distressed properties are still driving down market values with over 54% of market share. I’m suspecting that as long as we have such high inventory in distress, home prices may still be vulnerable for at least this year.

Lakeland Homes sold in March: 235 – previous month: 152 – previous year March 09: 156 sold
March – average sales price $114,518
Previous month: $111,759 (2.47%) – previous year March 09: $135,224 (-15.31%)
March – median sales price $105,000
Previous month: $96,000 (9.38%) – previous year March 09: $121,750 (13.76%)

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 – 93.2% average sold price/list price ratio
31-60 days – 97.54% average sold price/list price ratio
61-90 days – 95.44% average sold price/list price ratio
91-120 days – 94.87% average sold price/list price ratio
121+ days – 92.4% average sold price/list price ratio

Distressed properties in Lakeland, Florida
For the month of March, Lakeland’s real estate market of distressed homes had a market share of 54%. There were a total of 126 properties sold in February, according to Mid-Florida Regional MLS.