Wednesday, October 31, 2012

Polk County Market Update -September 2012

Polk County Market Update - September 2012
Hi Milton,
The average sales price for single family homes in our county has declined steadily since last June when we had a peak for the year, thus far, at $131,735. Last September, the average was $113,193. However, the median sales price has remained more or less stable during the last 3 months at approximately $105,000. Inventory continues to hover around the 4,800 level. The list price has also declined steadily since last June. Finally, the average number of days on the market was the highest so far this year at 185 compared to 165 in August.

Trends At A Glance
12 Month Chart
There were 528 homes sold last September compared to 595 in August which translates to an 11.2% drop. In terms of the breakdown of units sold within a particular price range, there was a significant decrease under the $49,999 price range. There were 76 sales compared to 95 in August. There were also fewer transactions above the $300,000 price range with 8 sales in September compared to 13 in August.
Price Analysis
The most significant change in terms of type of funding occurred with conventional loans as only 103 sales were funded in September compared to 148 last August -a 30% decline. Cash and FHA funded transactions were more or less in line with the figures we saw in August.

Funding Analysis
The number of homes sold in Davenport dropped from 106 in August to 83 in September for a 21.2% decline while the Lakeland figures also took a dive going from 207 to 174 resulting in a 15.9% change.
Sales By City
The number of "traditional" sales, those who are neither Bank Owned nor Short Sales, saw a significant decrease as it went from 288 in August to 249 in September. Bak Owned and Short Sale transactions also saw a decline although less drastic.
Distressed Graph

Please feel free to contact me for specific information about your neighborhood or home. Remember that the real estate market is about neighborhoods and individual houses and no two are the same. I'll be happy to provide you with specific information.

Recent News
Florida real estate market on solid footing, study says
An article based on data release by Florida Realtors states that sales prices for the state have increased while inventory has declined. According to the article, the median sales price last September was up 7.4% from a year ago. Read original article published by Tory Barringer with DSNEWS.com.

Homes selling faster
According to an article by INFORMATION, INC, of Bethesda, MD, homes were listed an average of 95 days nationwide down from 107 days one year ago. The median asking price was reported at $191,500. Florida Realtors data reports the average days on market for the state at 59 days. Read original article.

Resources
$7,500 Down Payment Assistance in Polk County
There are several downpayment programs in Florida for 1st time homebuyers. The Florida Assist Program offers no-interest, no-payment loan which only needs to be paid if the home is sold or refinanced. Please contact me for more information.

100% Financing Still Possible!
Actually, it is! The United States Department of Agriculture (USDA) provides or ensures 100% financing in qualified areas of our county. Not only is this a good loan product for those wanting or needing to get into a home with zero downpayment, but it also does not require mortgage insurance! This means a lower monthly payment! Mortgage insurance payments on a $100,000 loan, for example, could be in the vicinity of $80/month. Recently, I have been seen more $100 downpayment homes being offered by HUD also. Please contact me if you'd like contact information for mortgage lenders.
Know someone having difficulties making their mortgage payment?
Not taking any action is an option...perhaps not the best one. Education & good information can make the difference between a successful outcome and a quick financial recovery or long term financial challenges. Below are some helpful resources:


 
Milton De La Cruz
Certified Distressed Property Expert (CDPE)
Certified Real Estate Owned Specialist (REOS)
Lakeland Homes & Realty, LLC
Lakeland, FL 33813
Ph (863) 248-7260
Fax (877) 580-4068
To view past News Letters, please visit www.miltondelacruz.com
"Solving The Foreclosure Crisis, One Homeowner At A Time"