Lakeland Florida Real Estate Market Review

The graphs below provide you with some insight in the Lakeland Florida real estate market since 2003 – the rise and the fall of home sales and property values in Lakeland.   Real estate sales started to drop in 2006 as the number of Lakeland homes for sale increased by the month reaching the highest inventory of 2,303 homes for sale in 2006.  During the years 2007 and 2008 the inventory increased as sales tremendously decreased. Supply exceeded the demand by so much that if no other properties came on the market; it would have taken over 2.2 years to absorb all of Lakeland properties listed in the Multiple Listing (MLS).

The Distressed Lakeland Housing Market of 2009

Property values continued to decline as homes were being foreclosed and supply started to decrease from over 3,000 to an average of 2,300.  Sales of homes increased in 2009, a total 1971 properties were sold in Lakeland:

The Lakeland distressed real estate market for last year was at 47% and I suspect the percentage will increase in 2010, due to unemployment rates and declining property values.

Buyers must be aware that appraisers will include foreclosure sales in appraising of the home you are purchasing. Also be advised that the lender decides how the appraisal will be done and they will adjust appraisals to include bank owned properties.  Just recently, my client’s loan was denied because of the appraisal, which did not include sales of bank owned properties within the neighborhood.

For your monthly report of the Lakeland Real Estate market in 2009, please click the links below:

Lakeland Real Estate Market - January 2009

Lakeland Real Estate Market - February 2009

Lakeland Real Estate Market - March 2009

Lakeland Real Estate Market - April 2009

Lakeland Real Estate Market - May 2009

Lakeland Real Estate Market - June 2009

Lakeland Real Estate Market - July 2009

Lakeland Real Estate Market - August 2009

Lakeland Real Estate Market - September 2009

Lakeland Real Estate Market - October 2009

Lakeland Real Esatate Market - November 2009

Lakeland Real Estate Market - December 2009

Lakeland Florida Annual Pancake Festival – February 13^th, 2010

Hungry for sausage and pancake?  Lakeland Kiwanis Clubs is in full preparation for their 50^th annual Pancake Festival on Saturday, February 13^th, 2010. Local volunteers from the Kiwanis Club will be up early to serve all-you-can-eat pancakes, sausage and coffee at the hanger at Tiger Town starting at 7:00 a.m. – 7:00 p.m.

Come out and support Lakeland’s Kiwanis Club community programs.  There will be displays and booths by local merchants along with entertainment in the afternoon. Tickets at door is $5.00 adults; $2.00 children.

Last year, my family enjoyed the good food and we were very impressed of how smooth and efficient the volunteers cooked and served pancakes, sausage and beverages.  The Kiwanis Club of Lakeland started early morning around 7:00 a.m. to serve over 25,000 pancakes along with 100 gallons of syrup, massive amounts of cups of coffee and juices to about 8,000 people here in Lakeland in just one day. As we made it through the reception table towards the tent where volunteers of the Kiwanis Club flipped pancakes, gallons and gallons of pancake batters were brought in to keep the grilles cooking to feed the people graving for pancakes such as myself. There were plenty of stations set up, so waiting for fresh pancakes did not take a long time and off we were to get our tasty sausages.   

Plenty of cooking stations for pancakes and sausages

Coffee and juice bar - Fresh coffee and juices were plentiful as well, even at closing time of 7:00 p.m.

Lakeland Florida Real Estate Update ~ 01/16-01/31/10

Update on the Lakeland real estate market! There are 1903 homes for sale throughout Lakeland, Florida – as of 02/06/10; the number of homes for sale remained constant for the month of January. Newly listed homes for the period of January 15^th through January 31^st increased slightly to 169 Lakeland homes. The average sales price of Lakeland homes listed with area Realtors® decreased to $160,386 from my previous report.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

1 duplex unit with a sales price of $95,800

7 condos listed with an average sales price of $97,243

15 mobile homes listed with an average sales price of $65,793

14 Townhomes/Villas listed with an average sales price of $92,798

132 single family homes with an average price of $182,141

Lakeland’s newest homes listed! The priciest Lakeland real estate is a 1995 home on approximately 6 acres; featuring 5 bedrooms and 6 baths with over 5,100 square feet of living space currently offered for $675,000 located in the Oakmont Acres.  On the contrary, the cheapest Lakeland home newly listed is a bank owned 3 bedrooms 2 baths home listed for $19,900 – just under $19.00 per square foot – located in the Winston Heights subdivision.

For a more detailed report such as homes listed by zip codes and distressed properties please continue to read by clicking this link

First Friday in Lakeland Florida – Local Event “Dancing in the Streets” – February 5th, 2010 12th, 2010

UPDATE:  The weather was not co-operating yesterday for Lakeland's First Friday event.  I was downtown yesterday, only to find out that the event was postponed due to rain for next Friday (February 12th, 2010).

Valentine’s Day is just around the corner and what

better theme Downtown Lakeland Partnership could have chosen other than “Dancing in the Streets” for its First Friday event in Lakeland Florida on February 5^th, 2010. The event starts at 6:00 p.m. It is recommended that folks arrive early to enjoy dining at local restaurants and shopping at downtown’s stores, galleries and boutiques.

Put on your dancing shoes and bring your Sweetheart. Flowers by Edith has a special price for corsage and boutonniere orders in advance. To wine and dine may I suggest the Antiquarian, the Terrace Hotel, or Harry’s Seafood Bar & Grill, then take a stroll around Munn Park enjoy the sites of the Classic Car Show on Tennessee Avenue, beautiful Lake Mirror and the botanical Hollis Garden.  

“Dancing in the Streets” performances brought to you by:

• Sapphires Dance Studio – salsa and swing
• Samira’s Belly Dancers
• Florida Dance Theatre – various style of dancing
• Lakeland Montessori School – chorus and dance performance in Munn Park @ 6:00 p.m.
• Special performance of the night Rae’s Retro “Dirty Dancing” in remembrance Patrick Swayze “I’ve had the Time of my Life”

Take the dance floor with your sweetie and dance the night away on Kentucky Avenue – can you give your Sweetheart the “infamous” lift?

There are so many other activities for the whole family to enjoy. So, c’mon down to Lakeland’s Munn Park and enjoy an evening of arts and entertainment.

Have you ever had Fried Oreo Cookies? Most people eat Oreo cookies with milk, I was at the Lakeland Pig Fest and noticed a sign "Fried Oreo Cookie". Interesting concept and worth a try.

I took the picture just before consuming this delicous treat at the annual Pig Fest in Lakeland Florida.

Polk County Existing Home Sales for December 2009

Overall Polk County Home Sales rose and prices fell in 2009 from the previous year. Is this true in your neck of the woods? I’m sure you heard about that this is a buyer’s market in the news and media outlets, but is it really? Real Estate still remains very local and real estate statistics in each town or even in each neighborhood/community could differentiate by a great margin resulting in a seller’s market. Therefore consulting with a local Realtor® with market knowledge and experience is essential to your home buying or home selling needs.

636 existing homes sold – an increase of 7.98% from the previous month (589 sold homes) in Polk County – an increase in sales activity of 185 Polk County homes sold from the previous year. Overall Polk’s median price for existing homes decreased by 4.59% from the previous month to $99,700 and declined 18% from the previous year of $122,000.

For a more detailed report such as homes listed by cities throughout Polk County and distressed properties please continue to read by clicking this link

Lakeland Florida Real Estate Update - 01/01/10-01/15/10

Update for the Lakeland real estate market! Currently, there are 1903 homes for sale throughout Lakeland – as of 01/28/10. Newly listed homes for the period of January 01^st through January 15th jumped to 166 Lakeland homes recently listed. The average sales price of Lakeland homes listed with area Realtors® for decreased to $162,992 from my previous report.

The types of homes and average prices just listed in Lakeland, Florida according to the Multiple Listing Services (MLS) are as follows:

2 duplex units with an average sales price of $82,000

4 condos listed with an average sales price of $105,425

15 mobile homes listed with an average sales price of $71,400

2 Townhomes/Villas listed with an average sales price of $67,400

143 single family homes with an average price of $176,679

For a more detailed report such as homes listed by zip codes and distressed properties please continue to read by clicking this link

Lakeland Fl Free Entertainment – Annual Tiger Town Pig Festival January 29-30 2010

Hi folks!  It is time for our annual Tiger Town Pig Festival next to Joker Marchant Stadium in Lakeland Florida.  At this free event, yes free and even parking is free, you will find the best barbeque around – every taste buds will be mesmerized by the variety of finger lickin’ barbeque with all sorts of variety.

In its 14^th year, Lakeland Pig Fest is well known for its barbeque competition enticing professional barbeque teams to travel to our beautiful city and compete in four categories: Ribs, Chicken, Pork and Brisket. Of course they are interested in the $10,000 in prize money and the $1000.00 Big Green Egg Prize Package.

Gates open on Friday, January 29, 2010 at 5:00 p.m. with live music on the mainstage performed by Bitter Edge followed by Damon Fowler.

The gates open on Saturday, January 30th at 10:00 a.m. for some barbeque braggin’ rights competition. 

On both days there is plenty of entertainment for the whole family to enjoy including: NASCAR Simulators, Interactive Children’s area, Live Music, Tasting Opportunities and some world class barbeque.

A tad bit of history lesson! It started all in 1994 when a small group of local businessmen attended the Blue Ridge Mountain town of Tyron, N.C. to watch a barbeque championship. From then on, a festival committee was established and Lakeland’s Pig Festival welcomed its first barbeque competitors in 1997. Since then, professional teams and backyard teams travel great distances to compete separate in now five different categories in Ribs (loin and spare), Pork (shoulder and butt), Chicken, Brisket (beef) and Sauce. The Kansas City Barbeque Society (KCBS) Professional Competition and Judging School considers Lakeland’s Pig Fest to be one of the finest events sanctioned by KCBS.  Lakeland’s annual  Pig Fest held at Joker Marchant Stadium has since then grown to over 300 Barbeque Teams competing for prize money and attendance growing quickly each year.   

The Junior League of Greater Lakeland became in 2005 the lead organizer for this great event and they do an outstanding job providing volunteers to see that this free event is run smoothly. The event in itself is free, such as the concerts – as you walk towards the gate, let me suggest you buy “Pig Dollars” near the entrance for food and drinks and also some for your kids, since I’m sure they want to take part in arts & crafts, climbing and jumping. Don’t worry if you run out of the “Pig Dollars or “Pig Bucks”, there are various locations throughout the area for you to buy more.

Loan Modification Program failed miserable in Florida

Florida Homeowners hold on to their property with a needle and a thread, hoping for a loan modification under The Making Homes Affordable program.  According to the Florida Realtor’s website, only 8,405 in Florida get mortgage modification. This is simply pathetic and a nightmare!

Here are some basic rules to qualify:

• The property must be owner occupied with the owner still living in the home
• The borrower must have sufficient income to support the new mortgage debt
• The first mortgage may not exceed 105% of the current market value of the property. For example if the property is worth $200,000, the borrower must owe $210,000 or less.
• The borrower/homeowner monthly housing expenses (PITIA), defined as principal, interest, taxes, insurance and association dues must be more than 31% of gross monthly income.

These are the reason, in my opinion, why this loan modification program was doomed from the beginning:

1. Property values in Florida declined at a staggering rate of 30%, 60% and even 80% in some areas, since the housing boom of 2005. Making it impossible to qualify based on current market values/mortgage ratio.
2. High unemployment rates in Florida
3. Homeowner must have income to qualify for this program.
4. Bureaucracy

Short Sales do close in Florida and if you are looking for more information about Short Sales, I invite you to visit www.shortsalesuperstars.com a forum for homeowners and real estate agents that deal with short sales on a daily basis and where I am a member.

Lakeland Real Estate Housing for December 2009

Lakeland ended the year on a high note in sales. With 194 homes sold overall, the month of December proved to be the best month for 2009.  

Lakeland Homes sold in December: 194 - previous month:  174 – previous year December 08: 136 sold

Which zip codes represents the most sales activities since January 2009?

While home prices are at 2004 level and still showing signs of downward market adjustments, the adjustments for December compared to last years figures are no longer in double digits.  I suspect in the coming month that we see the market will stabilize. Distressed properties continue to influence market values for Lakeland Real Estate.

December - average sales price $123,865

Previous month: $122,590 (+ 1%) – previous year December 08: $134,370(-7.82%)

December - median sales price $113,950

Previous month: $119,000 (-4.24%) – previous year December 08: $125,420 (-9.15%)

The graph below represents average and median prices in Lakeland for various categories.

What are the various average prices in each Lakeland zip code?

Take a look at my spreadsheet below. I’ve separated the report by zip code instead of school zones; it gives you a more accurate report in my opinion. The data and graphs for this report were obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. The numbers highlighted in pink represents the zip codes where average sold prices have exceeded.

Distressed properties in Lakeland, Florida

For the month of December, Lakeland’s real estate market of distressed homes and bank-owned (REO) properties had a market share of 53%. There were a total of 103 properties sold in December compared to 36 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

• Average days on market (DOM) for bank-owned properties are 49 days
• Average days on market (DOM) for other distressed properties are 146 days.

28 Distressed Homes Sold - average sold price $118,425 – median sold price $122,000

75 Bank-owned (REO) sold – average sold price $94,819 – median sold price $80,000

If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com or click the search button below.