Lakeland FL Real Estate Update - Homes Sales for April 2010
Overall Lakeland real estate sales activity remained very active and strong last month with a total of 244 Lakeland homes sold in April. Average and median prices are still declining from the previous year. The government’s tax credit program for homebuyers and low mortgage rates surely has impacted strong sales activity. However, it did not translate to higher prices blaming high unemployment rates and stricter mortgage lending guidelines for individuals. In fact, distressed properties are still driving down market values with over 60% of market share. Since the 2006 peak of the Lakeland real estate market, homes sold in 2008 have experienced an overall 33% decline in home prices, making it impossible to refinance mortgages for struggling homeowners. Foreclosures will continue to impact the housing market, in my opinion, throughout the year and well into the next.
April - average sales price $110,880
Previous month: $114,518 (-3.18%) – previous year April 09: $128,170 (-13.49%)
April - median sales price $95,500
Previous month: $105,000 (-9.05%) – previous year April 09: $114,900 (-16.88%)
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.
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 1490 homes resulting in 17 month of supply.
Distressed properties – Inventory active and pending 967 homes resulting in a 7 month of supply.
Distressed properties in Lakeland, Florida
For the month of April, Lakeland’s real estate market of distressed homes had a market share of 60%. There were a total of 148 properties sold in April, according to Mid-Florida Regional MLS.
Check back soon for April’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 email@example.com or click the search button below.