July’s upbeat sales report now contrasts dramatically with poor results in August suggesting that the rebound in Longmeadow real estate sales is still some time away.
[click chart to enlarge]
The above barchart shows that the number of Longmeadow home sales from January through August 2008 was much lower (-30.0%) vs. results for the corresponding periods in 2007 and 2006 (103 transactions in 2008 vs. 147 in 2007 and 140 in 2006).
In particular August home sales results were significantly lower vs. July 2008 (12 vs 27) as well as compared to August 2007 results (12 vs. 29). Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow has increased to ~ 10-11 months.
The only bright spot with these latest results is the continuing stability and slight increase in the median sales price for the past four months (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market. The chart below shows that the median sales price (6 month trailing average) for homes sold during the past four months have stabilized at ~ $305,000 but it is ~ 13% lower than the peak value ($350,000) reached in September 2007.
Here is a link to the data for 2006-2007-2008 Real Estate Transactions that were used to develop the above graphs.