Friday, October 24, 2008

September Home Sales in Longmeadow

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts for the month of September 2008. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website. The bargraph below shows that the number of Longmeadow home sales from January through September 2008 were significantly lower (-23.6%) vs. results for the corresponding periods in 2007 and 2006 (123 transactions in 2008 vs. 161 in 2007 and 157 in 2006). These results are not surprising given the current national housing and mortgage crisis.

[click to view larger chart]

However, there is some good news in the latest results!

September 2008 home sales results were significantly higher vs. August 2008 (20 vs 12) as well as one year ago results (20 vs. 14). In addition, home sales for the past 2 out of 3 months were higher than the comparable period last year.

Another bright spot with these latest results is the continuing stability and significant increase in the median sales price since May 2008 (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market.

[click to view larger chart]

Current sales prices are ~ 4.5% lower than one year ago.

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

If you are looking to sell your home, consider using our Longmeadow-FSBO service as part of your plan.... or if you have decided to wait until prices have stabilized and the real estate market has improved, try renting your empty home at LongmeadowBiz- House for Rent. If you are looking for a new home (to purchase or rent) check both of these webpages for some great values.