Is it time to buy or is it time to sell in Lakeland, Florida - you decide!
April 14, 2008
It has been an interesting First Quarter this year. From January through March, there were 394 residential homes sold in Lakeland, Florida compared to last year’s first quarter total of 522 home sold - a decrease of 128 properties or if you will 32.50%. The average sold price for this quarter was $170,499 (average sq. ft. $101.73) compared to $198,774 (average sq. ft. $120.54) a decrease of 17% for the 1st quarter in 2008. Are you looking to buy?
Folks, as every week for the past weeks you will find my weekly report below to offer you with an inside on what is happening in the Residential Real Estate Market for Lakeland, FL. This report is by zip code and is in my opinion more accurate than measuring by school zones, since school zone changes are in progress and Realtors® not always input the school zones into the Multiple Listing.
There are currently 2403 properties for sale, which is an increase of 15 listings reported the previous week. Last week’s average sales price decreased modestly. However, the average sold price increased by 5% compared to my prior report of the Lakeland Residential Weekly Market Report 3/24/08-3/31/08. My weekly report is obtained from the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”.
How long will it take to absorb the current inventory? According to the Mid-Florida Regional MLS, there are currently 2628 active and pending listings available in Lakeland. The definition of Pending is that it has not sold as of today and/or the Pending listing has not been updated to Sold status in the Multiple Listing. Realtors® sold 156 properties in Lakeland last month. Since the absorption rate is not an exact science it may influence your decision to put your home on the market. Based on my calculation, the truth of the matter is that the absorption rate for Lakeland is 73 weeks. Are you thinking about selling?
If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com
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Is it time to buy or is it time to sell in Lakeland, Florida - you decide!
Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker -
PO Box 92050 - Lakeland, FL 33804-2050 - Telephone (863) 618-6919
This blog is solely my point of view
Look, a lot of people can’t leave their homes if they want to because they’re upside down or nearly zero equity and they’ll need to show up at closing with $20-40K which they don’t have. So they can’t drop prices even if they want to. The ARMs are already kicking in and this will continue for the next 1-3 years. The fed’s temporarily saved things, but there’s a floor to how much rates can stay low, and they’ll still jump after the 3 or 5 year period is up. When this happens the defaults will continue, particularly in a blue collar hand-to-mouth area like Lakeland.
I’d wait two years longer unless it’s a total steal or you just like the home for the sake of housing as opposed to as a dual housing-investment choice.