Lakeland FL Real Estate Update - Home Sales for May 2010

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. 

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%)

The graph below represents average and median prices in Lakeland for various categories. When our media provides us with the Lakeland real estate market reports, generally these reports outline only Single Family Homes and Condominiums. Lakeland Florida has a variety of homes, such as manufactured homes, townhomes, villas and duplex units.

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.

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.

Check back soon for May’s detailed Lakeland Florida Real Estate report that highlights bank-owned properties (REOs) and Lakeland Short Sales.

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.