2011 Longmeadow Home Sales

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts.  These latest results from January - December 2011 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

2011 Highlights

• Home sales in Longmeadow in 2011 were lower than 2010 (-7.6% - 146 vs. 158) and also lower (-13.6%) vs. the 6 year average (146 vs. 169)- see figure 1.  Sales in 2011 were also the lowest for the past six years.
  
  One positive trend... sales in the last three months of 2011 (October --> December) were significantly higher (+35.5%) vs. the corresponding period in 2010 (42 vs. 31).
  
  With a typical inventory (MLS + FSBO) of ~100-120 homes for sale, the average time to sell a home is ~ 9-10 months.
  
  
• Monthly median sales prices were very volatile in 2011 ranging from a low of $263,800 in April to a high of $331,000 in October.  After a precipitous drop in the 1Q/2011, median prices improved dramatically and stabilized by the end of the year. 
  
  The median sales price for homes in Longmeadow at the end of 2011 was 5.0% higher ($327,500) as compared to that for the December 2010 ($312,000) - see figure 2.
  
  Looking at the annual (vs. monthly) variation in median sales price also showed a positive trend.  2011 was 4.0% higher than 2010 but 7.1% lower vs. the peak in 2006- see figure 3.
  
  For the past 4 years home sales prices have shown a seasonal cycle with prices strengthening during the summer months when demand for homes typically increases.  2011 results showed a similar trend.
  
  
• A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been observed for the past 3 years.  For 2010 and 2011, ~ 50% of the homes sold were at prices below the official assessment value- see figure 4 below.
  
  Note: Figure 4 uses assessment values as of January 1, 2012.

Selling a home in the current environment continues to be difficult but 2012 is looking better with continuing low interest rates and an improving economy. 

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Figure 1- Longmeadow Home Sales (click chart to enlarge)

Figure 2- Median Sales Prices (Monthly)

Figure 3- Median Sales Prices (Annual)

Figure 4- Sales Prices vs. Assessment Value

Here is a link to the data for 2006-2011 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO

East Longmeadow FSBO

House for Rent at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

LongmeadowMA.org- Longmeadow's Newest Website

Zillow CEO on Housing

Interesting interview with Zillow's CEO on the status of US home real estate ...
Highlights:

1. Nationwide, there has been a 29% decrease in home values since the peak.  Zillow expects another 3-5% decrease over the next year with prices then stabilizing for the next few years.
   
2. 30% of homeowners with mortgages are "upside-down" meaning that their mortgage is greater than the value of their home.  No real problem with this situation if you and/or your spouse have stable employment.  Loss of a job and the inability to meet mortgage payments can quickly put the homeowner in jeopardy of a home foreclosure.

Longmeadow Real Estate Sales at Lowest Level in 6 years

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts. These latest results from January - September 2011 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

January - September / 2011 Highlights

• Home sales in Longmeadow for the first nine months of 2011 were lower (-18.9%) vs. the previous year (103 vs. 127) and also lower (-25.9%) vs. the 6 year average (103 vs. 139) and significantly lower (-36%) vs. the first nine months of 2007 (161). See figure 1 below.
  
  
• The latest median sales price for homes in Longmeadow for the 3Q/2011 was slightly higher ($315,000) as compared to that for the 2Q/ 2011 ($310,000) but 4.8% lower vs. September 2010 ($330,800).
  
  The current median price is still lower (-10%) than the peak reached in September 2007 ($350,000).
  
  For the past 4 years home sales prices have shown a seasonal cycle with prices strengthening during the summer months when demand for homes typically increases. 2011 results showed a similar trend. See figure 2 below.
  
  
• A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been observed for the past 2½ years. For all of 2010, ~ 50% of the homes sold were at prices below the official assessment value. For the first nine months of 2011 the percentage of home sold at prices below the official assessment value was 55% (57 out of 103). See figure 3 below.
  
  
• At the current sales rate, the number of homes sold in Longmeadow for 2011 will likely turn out to be the lowest for past 6 years. With a current inventory (MLS + FSBO) of ~130 homes for sale, the average time to sell a home is now approaching 12 months.
  
  Selling a home in the current environment continues to be very difficult.
  

 Figure 1- click here to enlarge chart

Figure 2- Click here to enlarge chart

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from the Vision Appraisal website).

 

Figure 3- Click here to enlarge chart  

Here is a link to the data for 2006-2011 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO

East Longmeadow FSBO

House for Rent at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

LongmeadowMA.org- Longmeadow's Newest Website