Bank Owned Property Sales Data in Lakeland Showed Good Signs

Bank owned property sales have been improving in Lakeland, Florida, based on sales data from the My Florida Regional Multiple Listing Service and the National Association of Realtors.

In January this year, total sales of existing homes in Polk County, where the city of Lakeland is located, increased to 287 units, up by 17 percent from the 245 units sold in January 2009. The number, however, was lower than the 376 units sold in December 2009.

The $109,300 home sales price median for pre-owned houses sold in January also showed a positive sign – a drop of only one percent from the January 2009 price median. The negligible year-over-year decline showed a marked improvement from the 20-percent drop experienced by the Polk County market in 2009.

According to Lakeland real estate firm owner Tony Fridovich, home prices may have already reached their bottom, although the rising trend of prices can still change. He explained that short sales and foreclosure sales still dominate the market, but a rising percentage of medium- and high-priced houses have been selling.

Fridovich reported that bank owned property sales and short sales accounted for almost 70 percent of total home sales in January. He also said that foreclosure properties have been entering the market in droves, but they are being quickly snapped up by first time home buyers and investors. He said that most properties have been staying on the market for only one month to two months.

Polk County also showed strong home sales performance in 2009 and during the month of December. Its sales total of 4,290 existing homes in 2009 was the highest it has posted since 2006, when the county sold more than 5,600 units. In December, it sold 376 previously owned houses, contributing a significant percentage to the strong annual performance. More than 50 percent of 2009 home sales were foreclosure sales.

Statewide, total sales of previously owned homes in January this year also surged by 28 percent, according to reports from the Florida Association of Realtors. The statewide sales price median, however, declined sharply to $130,900, a plunge of 14 percent.

Nationwide, sales of existing homes marked an annual increase of 11.5 percent, but the sales price median held steady at $164,700.

According to Lawrence Yun, head economist of the National Association of Realtors, the numbers of properties listed for bank owned property sales are dropping and leading to steadier price levels.

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