Lakeland Real Estate Market Report for June 2010

Welcome to the Lakeland Real Estate Market Report for June 2010

For the month of June, the overall Lakeland Real Estate market has declined slightly, but compared to previous year, it has been much of the same for when considering sales prices. A total of 216 Lakeland homes were sold in June with average and median prices sharply declining from the previous year. Distressed properties continue to be the driving force impacting and driving down market values for Lakeland FL homes with over 54% of market share. 

Lakeland Homes sold in June: 216 - previous month:  221 – previous year June 09: 171 sold
June – average sales price $118,182

Previous month: $121,337 (-2.67%) – previous year June 09: $145,770 (-18.93%)

June – median sales price $109,200
Previous month: $106,000 (3.02%) – previous year June 09: $125,000 (-12.64%)

The graph below represents average and median prices in Lakeland for various categories. When our media provides us with a 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 2515 Lakeland homes are for sale and under contract resulting in a 12 months supply, noticing that our inventory increased suggesting that supply continues to be greater than the demand

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 1451 homes resulting in 15 month of supply.
Distressed properties – Inventory active and pending 1065 homes resulting in a 9 month of supply.

Distressed properties in Lakeland, Florida

For the month of June, Lakeland’s real estate market of distressed homes had a market share of 54%. There were a total of 117 properties sold in June, according to Mid-Florida Regional MLS.

Check back soon for June’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.

Authored by Petra Norris 

 

Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.

 

(863) 619-6918

 

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