Longmeadow Home Sales Slow in January

The latest results for home sales in Longmeadow for January 2008 (7) are now available and the results show much lower numbers vs. January 2007 (15) and January 2006 (20). Below is a chart with the monthly results for Longmeadow home sales for the past two years.

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Median home prices in January continued to show improvement and recovery toward mid-2006 levels.

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Given the lower sales results for January, it is likely that there will likely be some near term pressure on home prices in Longmeadow as new properties are listed for the upcoming spring-summer selling season. There are currently 91 MLS properties being offered for sale. Typical mid-selling season numbers are 110 - 120 MLS listings + ~ 10-15 FSBO listings.

Now that the Federal Reserve has reduced interest rates by another 0.50% this past week, lower mortgage rates are likely in the near future.

With home prices likely to be flat or down slightly and homes for sale in most price ranges, the upcoming spring selling season promises to be a great time to buy a home in Longmeadow.