**Exploring February's Lakeland Real Estate Trends**
As February rolled in, so did a wave of excitement in the real estate scene! The number of existing-home sales soared, encompassing various types of homes like single-family homes, townhomes, condos, and co-ops. It's like the real estate market woke up from its winter slumber, ready to embrace the spring selling season with open arms. And guess what? Lakeland and its neighboring regions, including the West, South, and Midwest, witnessed the most significant surge in sales.
Lawrence Yun, the Chief Economist at NAR, shed some light on this positive trend. He attributed it to the increase in housing supply, which has been keeping up with the growing demand. Lakeland's population growth and job opportunities have been major factors driving folks to seek homes here. However, Yun reminded us that the timing of home purchases depends on factors such as mortgage rates and the availability of inventory.
Now, let's talk numbers. While home prices might be on the rise, with the median existing-home price in Lakeland hitting $384,500—a nearly 6% bump from last year, there's some good news too. Inventory conditions have improved! By the end of February, housing inventory saw a notable uptick compared to January, boasting a 10.3% increase from the previous year. Plus, properties stayed on the market for an average of 38 days in February, giving buyers more breathing room to explore their options.
Here's a fun fact: cash is king in the real estate game! Cash sales hit a decade high, making up 33% of transactions in February. Who's behind these cash deals, you ask? Well, individual investors and second-home buyers take the crown, representing 21% of total purchases—a significant jump from last year.
**Regional Insights: What's Happening Around Lakeland?**
Now, let's zoom in on different regions to get a better picture of February's real estate vibes:
- **Northeast:** Home sales here remained steady compared to January, but there was a slight dip of 7.7% from the previous year. Despite this, the Northeast saw the steepest rise in home prices, with the median price hitting $420,600—an 11.5% jump from February 2023.
- **Midwest:** February brought good news to the Midwest, with home sales spiking by 8.4% from January, reaching an annual rate of 1.03 million. However, sales were down by 3.7% compared to the previous year. The median price in the Midwest stood at $277,600, marking a 6.8% increase from February 2023.
- **South:** The South witnessed a robust surge in existing-home sales, climbing by 9.8% from January, although they dipped by 2.9% from the previous year. With an annual rate of 2.02 million, the median price in the South reached $354,200—a 4.1% uptick from last year.
- **West:** It was a double-digit delight in the Western region, with home sales soaring by 16.4% compared to January. Despite this, sales were down by 1.2% from the prior year. The median price in the West hit $593,000, showing a 9.1% increase from a year ago.
In a nutshell, Lakeland's real estate market is thriving! With inventory conditions improving and sales activity on the rise, it's an exciting time for buyers and sellers alike. If you've been waiting to buy please note the increase in prices - now's the time to buy! If you're thinking about diving into the Lakeland real estate scene, reach out to Darcy Deeds, your go-to Lakeland real estate expert, for guidance and support.
**For more information or assistance with navigating the Lakeland real estate market, contact Darcy Deeds, your trusted Lakeland real estate expert, today.**
Link to Lakeland Real Estate Expert: [DarcyDeedsTrustedRealtor.com](DarcyDeedsTrustedRealtor.com)
