Sunday, March 2, 2008

Slow Sales in January/ February

The latest Longmeadow home sales figures for February 2008 are now available and they do not look very good.
[click to enlarge graph]

Comparison of the total sales for January/ February 2008 vs. 2006 and 2007 are shown in the table below:

With a current inventory of ~ 110 Longmeadow homes for sale (MLS + FSBO) , these latest sales figures do not bode very well for sellers. While media pundits prophetize that sales will pick up in late 2008 or early 2009, no one really knows since buyer psychology as well as the health of the national economy will play important roles in a housing turnaround.

While it is still before the emergence of the Spring selling season, emergence of tulips from their winter sleep will likely increase the number of home for sale to at least 130-140.

It looks like median sales prices have retreated recently as shown in the graph below:

[click to enlarge graph]

As commented in an earlier post, this upcoming real estate season should be great time to buy a house given the abundant inventory and softening prices. If you are in the market for a new house check out the available offerings on Longmeadow-FSBO.