Have we bottomed out here in Lakeland, FL?

Posted On June 28, 2008

Filed under Market Report
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Comments Dropped 3 responses

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”.

 

Lakeland\'s Residential Real Estate for May 2008

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

 

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3 Responses to “Have we bottomed out here in Lakeland, FL?”

  1. Chris Moran

    Nice writing style. Looking forward to reading more from you.

    Chris Moran

  2. tecben

    Not looking to good.

  3. Lakeland’s Real Estate Market - pretty or not? « Lakeland Real Estate Blog by Petra Norris

    […] News – Lakeland’s housing market has improved to 145 homes sold in June 2008 from the previous month of 124 homes sold. The average sold price also increased by 14% from the previous month. It also took less time to […]

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