The bargraph below shows that the number of Longmeadow home sales from January through November 2008 were significantly lower (-19.5%) vs. results for the corresponding periods in 2007 and 2006 (149 transactions in 2008 vs. 185 in 2007 and 183 in 2006).
[click chart to enlarge]
A bright spot in the latest data is that home sales results for the latest five months (July through November 2008) were equivalent to the same period in 2007 and only slightly lower than that for 2006 (85 transactions vs. 85 and 89).
Median prices remained stable in November (see chart below). However, the current median price ($306,000) is still significantly lower (-12.9%) than the peak reached in September 2007 ($350,000).
[click chart to enlarge]
Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.
Hopefully, all of the recent activity in Washington about reducing mortgage rates and helping stem the large increases in foreclosures will finally bring a bottom to this difficult real estate market.
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