Lakeland Housing Inventory Is Shrinking | Lakeland Local

by Petra Norris on Apr 9, 2012 in housing | 0 comments

Not for Sale

It has been a while since I last reported on the current real estate market in Florida, especially it?s current housing inventory. Back in 2009 when I first started with my weekly inventory update, Lakeland?s housing inventory was over 2,000 homes. In 2010, Lakeland homes for sale slipped to 1800 homes and by mid June 2011 it?s inventory shrunk further to around 1400 homes that were for sale.

Let?s jump to April 2012 and take a look at the current Lakeland FL housing inventory:

1133 Lakeland FL Homes for Sale ? active status (04/05/12)

- 779 homes for sale that are traditional sales

- 269 homes for sale that are short sales

- 85 homes for sale that are bank-owned/foreclosures

66 Lakeland homes currently have a status of ?active with contract?

- 3 homes for sale that are traditional sales

- 61 homes for sale that are short sales

- 2 homes for sale that are bank-owned/foreclosures

708 Lakeland homes currently have a status of ?pending?

- 223 homes that are traditional sales

- 398 homes that are short sales

- 87 homes that are bank-owned/foreclosures.

This reduction of Lakeland housing inventory is a clear indication that we are heading in the right direction of a balanced housing market. However, I do suspect with more foreclosure inventory homes in some communities may continue to drive the housing prices down a bit. Remember real estate is and will remain local, where some markets or communities may improve other areas or neighborhoods may remain the same or even fall just like in 2011.

How come 2011 Lakeland home prices sucked so badly? Our pipeline with homes under contract (pending) at 708 that includes 398 short sales most of them will not close next month, if at all and that is exactly what happened in 2011. Short sales that weren?t approved or mortgages that didn?t get commitment or clear to close, the pending numbers do not represent a fast approaching housing recovery. Moreover, until we see lenders doing their part to accommodate the seller?s delinquent loans ?approving them in a timely manner ? the housing recovery will remain flat.

The bad news is the Lakeland Florida housing market remains flat. And that will most likely be the new normal market for the foreseeable future.

Prices will remain low due to the distressed housing market. Buyers are more savvy, they don?t want to spend more than they can afford. They want instant equity and with foreclosures and short sales selling at deep discounts, the traditional seller has no other choice than to adjust their listing price if they want or need to sell. In addition, buyers have their own struggles with the lender to commit loaning money to them.

I suspect the roller coaster ride will continue throughout 2012 in Lakeland with up and down prices and up and down sales.

image credit: CWMc

??? Tags:??florida, ? ?housing, ? ?Lakeland, ? ?real estate

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