Lakeland Florida Real Estate Market Report for November 2008 – Wonder how many Realtors® got paid?

Lakeland Florida Real Estate Market Report for November 2008 - Wonder how many Realtors® got paid?

Hi folks! November proofed to be one of the slowest months since January in sales history for this year with only 105 homes sold in Lakeland. Lakeland has about 135 homes sold average this year. I wonder how many Realtors® received a commission check in November or even this year alone.  Let's take a closer look how long it would take to sell all these homes? According to the Multiple Listing Service (MLS), there are currently over 2600 properties for sale and/or pending (waiting to close). At an average rate of only 135 homes being sold per month, it would take approximately 18 months to absorb Lakeland's entire inventory without putting any new listings on the market. How long has your property been on the market?  Thinking about dropping the price - stop chase the market!

The average sold price for a Lakeland home in November decreased by 16% from the previous year of $184,486 to $160,282.

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 for this report was obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include "For Sale By Owner". 

For more information on the location of these sold properties in Lakeland, price and size of the home click on map picture which leads you to the interactive Community Walk map created by Chuck Welch of Lakeland Local.

Check out the graph here, overall the average list price has decreased below 180,000 since the beginning of this year in Lakeland. The average sold price so far this year amounts to $165,000 in Lakeland.

The graph below will give provide detail information of how many homes sold in Lakeland by Zip Code and by month.

Distressed properties are homes in pre-foreclosure, foreclosure, bank owned, as well as short sales - Of the 105 homes sold last month, 38 homes were sold with an average sales price of $123,287. Only 9 homes were sold the previous year, due to Short Sales and/or Foreclosures.

There are currently 502 homes facing foreclosure.

110 homes are in pending status waiting for bank or lender approval to close.

What is the average price for these types of homes?

In Lakeland, you will find distressed properties in every price category.  The average price currently listed is $142,945. The priciest home currently on the market is listed for $540,000 and the lowest priced home is $22,900.   

Let's take a look at last month sold report for the surrounding cities in Polk County:

Check out Florida Mortgage Blogger Kevin Sandridge blog regarding sales in Winter Haven - 56 properties sold - average sold price $126,969 - average $73.11 per sq.ft.

Bartow - 6 properties sold - average sold price $91,650 - average $59.13 per sq.ft.

Mulberry - 5 properties sold - average sold price $138,328 - average $82.83 per sq.ft.

Auburndale - 10 properties sold - average sold price $294,897 - average $94.29 per sq.ft.

Polk City - 3 properties sold - sold price $109,036 - $62.94 per sq.ft.

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.

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Lakeland Florida Real Estate Market Report for November 2008 - Wonder how many Realtors® got paid?

 Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -

PO Box 92050 - Lakeland, FL 33804-2050 -

Telephone (863) 619-6918