Slight Improvement in May Home Sales

For the month of May, the Lakeland Real Estate market has shown slight improvement, but compared to previous year, it has been much of the same for when considering sales prices. A total of 221 Lakeland homes were sold in May with average and median prices still declining from the previous year. Distressed properties are still driving down market values with over 57% of market share. — Petra Norris

CommunityWalk Map – Lakeland Homes Sold May 2010

Full Size Map: Lakeland Homes Sold May 2010

The report from Petra Norris at Lakeland Florida Living

Lakeland Homes sold in May: 221 – previous month: 244 – previous year May 09: 158 sold

May – average sales price $121,337
Previous month: $110,880 (8.62%) – previous year May 09: $124,689 (-2.69%)
May – median sales price $106,000
Previous month: $95,500 (9.90%) – previous year May 09: $119,450 (-12.67%)

A total of 2447 Lakeland homes are for sale and under contract resulting in a 12 months supply.

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 1464 homes resulting in 8 month of supply.
Distressed properties – Inventory active and pending 983 homes resulting in a 8 month of supply.

Distressed properties in Lakeland, Florida
For the month of May, Lakeland’s real estate market of distressed homes had a market share of 57%. There were a total of 127 properties sold in May, according to Mid-Florida Regional MLS.