Lakeland Homes Sold April 2010

Overall Lakeland real estate sales activity remained very active and strong last month with a total of 244 Lakeland homes sold in April. Average and median prices are still declining from the previous year. The government’s tax credit program for homebuyers and low mortgage rates surely has impacted strong sales activity. However, it did not translate to higher prices with the blame going to high unemployment rates and stricter mortgage lending guidelines for individuals. — Petra Norris

CommunityWalk Map – Lakeland Homes Sold April 2010

Full Size Map: Lakeland Homes Sold April 2010

The report from Petra Norris at Lakeland Florida Living

Overall Lakeland real estate sales activity remained very active and strong last month with a total of 244 Lakeland homes sold in April. Average and median prices are still declining from the previous year. The government’s tax credit program for homebuyers and low mortgage rates surely has impacted strong sales activity. However, it did not translate to higher prices with the blame going to high unemployment rates and stricter mortgage lending guidelines for individuals. In fact, distressed properties are still driving down market values with over 60% of market share. Since the 2006 peak of the Lakeland real estate market, homes sold in 2008 have experienced an overall 33% decline in home prices, making it impossible to refinance mortgages for struggling homeowners. Foreclosures will continue to impact the housing market, in my opinion, throughout the year and well into the next.

Lakeland Homes sold in April: 244 – previous month: 235 – previous year April 09: 155 sold

April – average sales price $110,880 — Previous month: $114,518 (-3.18%) – previous year April 09: $128,170 (-13.49%)

April – median sales price $95,500 — Previous month: $105,000 (-9.05%) – previous year April 09: $114,900 (-16.88%)

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 1490 homes resulting in 17 month of supply.
Distressed properties – Inventory active and pending 967 homes resulting in a 7 month of supply.

Distressed properties in Lakeland, Florida: For the month of April, Lakeland’s real estate market of distressed homes had a market share of 60%. There were a total of 148 properties sold in April, according to Mid-Florida Regional MLS.