Lakeland Florida Short Sale and Foreclosure Market Report – December 2010

By
Managing Real Estate Broker with Lakeland Real Estate Group, Inc. BK646565

 

Lakeland Florida Short Sale and Foreclosure Market Report – December 2010

 

For the month of December, the Lakeland real estate market of short sales and bank-owned (REO) properties market share increased to 61.03% from the previous month. There were a total of 119 distressed homes sold, compared to 73 in November and 103 distressed Lakeland homes sold the year prior, according to Mid-Florida Regional MLS.

 

Currently there are a total of 2344 Lakeland FL homes for sale and 470 homes under contract (01/24/2011). By calculating total inventory, homes that are under contract which are included in my inventory share because these properties have not closed in which a buyer could walk away at any given time.

 

  • Bank owned properties – Inventory share is 17.79%
  • Short sale properties – Inventory share is 26.92% 

 

The Graph below compares sold homes in all categories – Traditional Sales (None Distressed), Lakeland Foreclosures (REO) and Lakeland Short Sales.

 

Lakeland Florida Short Sales and Foreclosures

 

 

  • Average days to Closing for bank-owned properties are 109 days
  • Average days to Closing for other distressed properties are 258 days.  

 

 

39 Lakeland FL Short Sale properties sold - average sold price $116,299 – median sold price $96,000

 

80 Lakeland FL Foreclosures (REO) sold – average sold price $87,996 – median sold price $66,338.

 

In my recent blogs I wrote about absorption rate in real estate and how it can affect the homes that are for sale in Lakeland.  I separated the homes by the category of Foreclosures/REO and Short Sales.  The foreclosure inventory moves along well and appears to be balanced with less than six month of supply on hand.  

 

Lakeland Florida Short Sales and Foreclosures

 

 

The homes that are being sold as Lakeland Short Sales is a buyers market with an inventory supply of 23 months.

 

Lakeland Florida Short Sales and Foreclosures

 

 

 

Looking for a great deal on Lakeland Short Sales and Lakeland foreclosures, feel free to contact me at petra@petranorris.com or use the interactive map here below for your convenience.


I hope you found this post useful! If you need help finding or selling your Lakeland, Florida home, please contact Petra Norris - REALTOR(R) at 863-619-6918. If you’re new to Lakeland, I’d especially like to extend a warm welcome. I value my clients and provide them with honest, reliable service. Allow me to introduce you to the Lakeland FL real estate landscape and all it has to offer.

 

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Copyright © 2010 By Petra Norris *Lakeland Florida Short Sale and Foreclosure Market Report – December 2010*

 


 

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Tags:
absorption rate
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Rainmaker
420,159
Robert Schwabe
EXP Realty - Orange Park, FL
Orange Park Real Estate

Petra - It looks like customers are not as interested in the short sales compared to foreclosed and traditional properties that are for sale.

Jan 25, 2011 12:40 AM #1
Rainmaker
709,157
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Robert - This is how it looks - you right!  But not all foreclosures are a great deal and we need to educate buyers about other options :)

Jan 25, 2011 01:57 AM #2
Rainmaker
318,971
Tamara Inzunza
RE/MAX Executives - Alexandria, VA
Close-In Alexandria and Arlington Living

Great market report Petra. Looks like buyers have a lot to choose from and there's a good enough mix of distressed properties as well.

Jan 26, 2011 11:50 AM #3
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Rainmaker
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Petra Norris

Realtor, Lakeland FL Homes for Sale
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