Let’s take a look at the overall picture for Polk County, Lakeland and the surrounding cities within Polk County, FL. There are currently over 7940 properties for sale in Polk County. Currently, 709 listings are pending (under contract); hence buyers and sellers are waiting to close escrow.

For the month of May, according to the Mid Florida Regional MLS the numbers for Polk County homes sold dropped to 449 from 570 properties sold the previous year. The average sold price for Polk County for May 08 was $169,029 compared to $198,980 in May 2007, a decrease by almost 18%.

Folks, have we bottomed out in my market area here in Lakeland? Lakeland has around 2370 properties for sale and the average listing price in Lakeland is currently $235,512, which amounts to $126.96 per square feet for an 1855 square feet home. The average sold price for the month of May 08 was $148,017 compared to last year’s number for May of $186,604; a decline of 26% with and average 174 days on the market. Doesn’t this look like we are at 2004 sold prices again?

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”.

Let’s see, how long would it take to absorb Lakeland’s current inventory of 2622 active and pending listings?

Lakeland sold 124 homes in the month of May. It would take about 91 weeks or 23 months to sell the current inventory. Not encouraging at all, however, keep in mind that this number is only an indicator on how long it takes to absorb and therefore, pricing the home you are selling is very crucial. Just take a look above at the average listing price and the average sold price for Lakeland – how long will it take to sell your house?

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

Winter Haven - 71 properties sold - average sold price $172,885 – average $99.19 per sq.ft.

Bartow – 11 properties sold – average sold price $96,706 – average $71.32 per sq.ft.

Mulberry – 15 properties sold – average sold price $205,660 – average $110.45 per sq.ft.

Auburndale – 17 properties sold – average sold price $142,874 – average $85.86 per sq.ft.

If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com

Copyright © 2008 http://www.petranorris.com| All Rights Reserved |

Have we bottomed out here in Lakeland, FL?

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

PO Box 92050 – Lakeland, FL 33804-2050 – Telephone (863) 619-6918

This blog is solely my point of view

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 1^st 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

Copyright © 2008 http://www.petranorris.com| All Rights Reserved

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

Below you will find my weekly report to give you an inside on what is happening in the Residential Real Estate Market for Lakeland, FL by zip code.

There are currently 2385 properties for sale, which is a decrease of 19 listings reported the previous week. Last week’s average sales price decreased modestly as well as the average sold price had an insignificant increase compared to my prior report Lakeland Residential Weekly Market Report 2/25/08 - 3/03/08.

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”.

If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com

Copyright © 2008 http://www.petranorris.com| All Rights Reserved

Petra Norris - CDV TransAtlantic, Inc. - Licensed Florida Real Estate Broker
This blog is solely my point of view

As I bring to you my weekly market update for Lakeland, I must emphasize there are a currently over 2400 residential properties for sale in Lakeland. There are 234 homes currently pending to close, which is an increase of 20 homes from my last week’s report, however there were 5 properties less sold. The average days on market increased from 117 to 156. The average sold price decreased by $7877 approximately 5% from my last week’s report. If you are interested in a specific area or neighborhood, feel free to contact me at petra@petranorris.com

While I think nobody posted any Real Estate Market Statistics for Lakeland, I believe it is my duty to inform my clients and the public interested about the current market condition in Lakeland, FL - “GOOD and BAD”. Below you will find my weekly report that I will be posting every week to give you an inside on what is happening in the Residential Real Estate Market in Lakeland, FL.  My weekly report is obtained by the Mid-Florida Regional MLS, it is deemed reliable but not guaranteed. This report does not include “For Sale By Owner”. Dont’ you agree that your clients need to know about the current market condition in their area and not always hear it from the media?