Lake City, FL is definitely experiencing more short sales, foreclosures, & over REO or Bank owned properties & home sales than even just 1 year ago. Although we still do not seem to be even close to south Florida in terms of a REO dominated market to the levels of a 80-90% range. Locally we are at about 30% of our home sale business is Foreclosures & Short Sales.

152 residential properties sold YTD Jan thru June 13th 2009 in my north FL county (Columbia Count) "rural FL" 49 of those were REO, Foreclosure, Shortsales or approximatly 30% of the Market. Median sales price for all 152 sales YTD was $114,450 or about 80% of original list price for 2009 YTD.

Last Year, 2008 YTD thru 6-13-2008, by comparison there were 186 sales YTD with only maybe 15 or so REO,Foreclosure, or Short Sales being only about 8% of the market. Median sales price for these were $145,000. Selling at 89% of original list price.

Information pulled by Chad Stewart with Westfield Realty Group out of the Lake City North FL MLS. Lake City FL Board of Realtors.
Chad Stewart - Real Estate Blogger author.

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