The news has been filled with some very positive commentary about the improving state of the real estate market in Massachusetts. Below are excerpts from the Boston Globe and Bloomberg News- Read the full stories by clicking on the links for additional details.
Home Sales Rise in Massachusetts- Boston Globe, November 25, 2009
“Sales of single-family homes rose by 17.2 percent in October, compared with the same month last year, marking the fourth consecutive month of increases, according to Warren Group, a private company that tracks real estate data. The number of sales, 4,295, marks the highest total for the month of October since 2005.”
“The number of Massachusetts homes on the market on Oct. 31 was down 15 percent, compared with the same time last year, the 19th straight month that inventory had declined, according to the Massachusetts Association of Realtors, which also released data yesterday. Inventory of homes for sale in October was the lowest for that month since 2002, the association said.”
Home mortgage rates are at some of the lowest levels in a long time which should significantly help the recovery in home real estate sales.
Here is a recent story from Bloomberg News…
Mortgage Rates in U.S. Match Record Low Set in April - November 25, 2009
The average 30 year fixed mortgage rate for single family homes was a record low 4.78% while the average 15 year rate was 4.29% Read the full story for additional details.
Hopefully, by next Spring we will see a return to a more normal real estate market.
Sunday, November 29, 2009
Friday, November 20, 2009
The Real Estate Market is Hot!
We are only a week away from the holiday season and typically, this is the time of year where the real estate business starts to wind down a little. This year, things are very different than in years past. In fact, the 2nd half of the year proved to be the busiest our office has seen in three years. As well, we are seeing bidding wars on properties that are priced to market and buyers that continue to come out in droves to take advantage of opportunities in the marketplace.
Many economists feel that this splurge in real estate sales is due to the fact that the extension and expansion of the tax credit has had an enormous impact on the market. This makes good sense if you consider the impact the Cash for Clunkers tax program had on auto sales this summer. Other local economists feel that this spark is due to the fact that unemployment rates in both MA and NH are statistically much lower then the national average so that the number of qualified home buyers in our marketplace is higher as well.
Whatever the case, the real estate market is hot! As the weather cools and the leaves on the trees are almost gone, I look forward to doing my small part in helping buyers and sellers thrive in what appears to be the best market we’ve seen in years.
Sydney Hirsch
Relocation Specialist/ Seniors Real Estate Specialist
Let 24 years of experience work for you!
413-567-5552 (Direct)
413-847-1303 (Cell)
Visit my website at www.sydneyhirsch.com
Many economists feel that this splurge in real estate sales is due to the fact that the extension and expansion of the tax credit has had an enormous impact on the market. This makes good sense if you consider the impact the Cash for Clunkers tax program had on auto sales this summer. Other local economists feel that this spark is due to the fact that unemployment rates in both MA and NH are statistically much lower then the national average so that the number of qualified home buyers in our marketplace is higher as well.
Whatever the case, the real estate market is hot! As the weather cools and the leaves on the trees are almost gone, I look forward to doing my small part in helping buyers and sellers thrive in what appears to be the best market we’ve seen in years.
Sydney Hirsch
Relocation Specialist/ Seniors Real Estate Specialist
Let 24 years of experience work for you!
413-567-5552 (Direct)
413-847-1303 (Cell)
Visit my website at www.sydneyhirsch.com
Tuesday, November 3, 2009
Plastic Fences Make Good Neighbors ?
As I drove through Longmeadow this past week I spotted the many signs of the fall season. In addition to all of the trees still ablaze with remnants of a spectacular season of fall colors, there are the many different methods that abound in Longmeadow for dealing with the leaves after they fall. Longmeadow for many years has not collected leaves at curbside so residents have had to make their own arrangements.
I've always been a little bit frustrated that the leaves from my neighbors' trees and lawns blow onto my lawn (I have no maple trees but have a lot of maple leaves)....
Here is a possible solution that one Longmeadow homeowner is trying this year....
It will be interesting to see how effective adding a 3 ft plastic fence around the perimeter of your property is to reduce the volume of leaves.
Perhaps, next year this will become a new "sign" of fall in Longmeadow
Bagging leaves on some streets is sometimes a contest to see who can bag the most leaves...
Some people rake the leaves to curbside (or into the street) and have them removed.....
I've always been a little bit frustrated that the leaves from my neighbors' trees and lawns blow onto my lawn (I have no maple trees but have a lot of maple leaves)....Here is a possible solution that one Longmeadow homeowner is trying this year....
It will be interesting to see how effective adding a 3 ft plastic fence around the perimeter of your property is to reduce the volume of leaves. Perhaps, next year this will become a new "sign" of fall in Longmeadow
Latest October 2009 Home Sales for Longmeadow
Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
As the peak selling months and 2009 draw to a close it appears that the number of Longmeadow homes sold in 2009 will be similar to 2008 but ~ 20-25% below the recent peak reached in 2007.
As the peak selling months and 2009 draw to a close it appears that the number of Longmeadow homes sold in 2009 will be similar to 2008 but ~ 20-25% below the recent peak reached in 2007.
There was some good news as the median price seems to be holding significantly above the low reached earlier this year (~ $320,000 vs. $296,000 in February 2009).
Other highlights of the recent sales data include:
- Median home prices in October ($320,000) are up ~8% from the February 2009 low ($296,000) but down 8.6% from the October 2007 peak ($350,000- see figure 2).
- Home sales in the month of October were lower than one year ago (10 vs. 17) and 2009 YTD figures are relatively flat vs. 2008 (136 vs. 140, a 3% decrease- see figure 1).
- A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been in place for greater than one year (see figure 3).
- 2009 YTD data suggest higher priced homes (>$400K) have been more difficult to sell with only 30 out of 136 homes sold were priced above $400,000.
Figure 1
[click chart to enlarge]
Figure 2
[click chart to enlarge]
Figure 3
[click chart to enlarge]
It does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.
Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.
Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Thursday, October 8, 2009
Western Mass Real Estate Stats
Real estate stats are now in for August and are showing that single family home sales in Western Massachusetts rose 16.7 % in August, 2009, from 431 in August 2008, to 503, according to the Realtor Association of Pioneer Valley.
But the median price fell 5.5% from $210,000 to $198,500, continuing a pattern of strong sales and weak prices.
But the median price fell 5.5% from $210,000 to $198,500, continuing a pattern of strong sales and weak prices.
There were 5.9 months of supply on the market at the current rate of sale in August, compared to 7.8 months of supply a year ago. but the average home is spending longer on the market, 187 days as of 2 months ago, up from 168 days in August 2008, also according to statistics released by the Realtor Association.
Sydney Hirsch
Seniors Real Estate Specialist
Relocation Specialist
Let 25 years of experience work for you!
413-567-5552 Direct
413-847-1303 Cell
Saturday, September 12, 2009
Longmeadow Real Estate Continues to Improve
There was good news this month....both home sales and prices in Longmeadow are increasing!!
Median home selling prices in August continued to increase toward the peak reached in October 2007 ($350,000 vs. $335,000 in August). Median home prices in Longmeadow are up 8.1% from August 2008 ($335,000 vs. $310,000).
Home sales in the month of August were significantly higher than one year ago (19 vs. 12) and YTD figures improved to show an increase vs. 2008 (110 vs. 103, a 7% increase).
[click chart to enlarge]
Median home selling prices in August continued to increase toward the peak reached in October 2007 ($350,000 vs. $335,000 in August). Median home prices in Longmeadow are up 8.1% from August 2008 ($335,000 vs. $310,000).
With an increasing number of homes being sold and the accompanying increase in median home sales prices, it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.
Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.
Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Wednesday, August 12, 2009
Longmeadow Sells Property at Public Auction
The Town of Longmeadow, Massachusetts successfully sold the property at 386 Bliss Road at a public auction tonight. There were about 45-50 interested people in attendance with 10 registered bidders. The auction started slowly with an initial bid of $1000 but quickly moved to a much higher price before the serious bids emerged. The winning bid was then entered by Michael Albano, the former Mayor of Springfield at $137,000.
It is expected that the closing on the property will occur by September 14. It certainly appears that the town will recover all of its owed costs (+ extra) and will have transitioned this property out of deliquency and back onto the tax rolls. Congratulations to Mary Pequignot and others who played a role in making this a successful auction. A large portion of the $137,000 will likely be placed in the Longmeadow General Fund for FY2010 budget uses.
Below is a brief video that captures the essence of what happened.... if you have never been to a public auction it is worth viewing....
It is expected that the closing on the property will occur by September 14. It certainly appears that the town will recover all of its owed costs (+ extra) and will have transitioned this property out of deliquency and back onto the tax rolls. Congratulations to Mary Pequignot and others who played a role in making this a successful auction. A large portion of the $137,000 will likely be placed in the Longmeadow General Fund for FY2010 budget uses.
Below is a brief video that captures the essence of what happened.... if you have never been to a public auction it is worth viewing....
Thursday, August 6, 2009
Possible zoning problem with demolition of 386 Bliss Road
The 386 Bliss Road property is zoned RA-1.
The second “new” lot would likely have a market value of $175-200K given the current assessment valuation of land for this section of town.
The town is hoping to recoup their $100K expenses which would be added to the General Fund.
Let’s hope that the town realizes at least that amount during next week’s auction and that this property is re-established as a contributor to Longmeadow’s property tax rolls.
From Article VI- section A of the Longmeadow Zoning Bylaws.
In the Residence A-l Zone no dwelling shall be erected or maintained on a lot having a frontage of less than 125 feet for an interior lot and 140 feet for a corner lot or having an area of less than 18,750 square feet.
Questions
Because the frontage of this lot on Bliss Road is only 71.0 ft (less than the minimum of 140 ft required for a corner lot) …. Would this property be considered non-conforming by the Longmeadow zoning bylaw cited above?
In the Residence A-l Zone no dwelling shall be erected or maintained on a lot having a frontage of less than 125 feet for an interior lot and 140 feet for a corner lot or having an area of less than 18,750 square feet.
Questions
Because the frontage of this lot on Bliss Road is only 71.0 ft (less than the minimum of 140 ft required for a corner lot) …. Would this property be considered non-conforming by the Longmeadow zoning bylaw cited above?
Therefore, if the original structure is demolished as suggested in my previous post as the likely scenario for a new owner…. Would a variance by the Longmeadow ZBA be required for a new structure to be erected on the site? Is it likely that it would be granted?
Here is an interesting idea that might be considered by the abutting property owner….
1. Purchase the 386 Bliss Road property and demolish the building.
2. Combine the two adjacent lots
Here is an interesting idea that might be considered by the abutting property owner….
1. Purchase the 386 Bliss Road property and demolish the building.
2. Combine the two adjacent lots
3. Redivide the lot into two new parcels- each ~ 0.50 acre in size. Build a new dwelling on the second parcel which would appear to meet the existing zoning bylaws (see sketch below).
The second “new” lot would likely have a market value of $175-200K given the current assessment valuation of land for this section of town.
The town is hoping to recoup their $100K expenses which would be added to the General Fund.
Let’s hope that the town realizes at least that amount during next week’s auction and that this property is re-established as a contributor to Longmeadow’s property tax rolls.
Wednesday, August 5, 2009
386 Bliss Road, Longmeadow- Visual Inspection
Here are some inside photos from the inspection tour held at 386 Bliss Road earlier today... This property is scheduled for public auction next week. See previous post for additional details about the auction.
The above photos suggest that the condition of the house is better than it really is.... I didn't go into the basement but reports from others who did suggested that the levels of mold and mildew were very high. In addition, there was evidence of widespread wood rot. My opinion (and I am certainly not an expert in this area) is that the best thing for the both the neighborhood, the new property owner and the town is a complete demolition.
The above photos suggest that the condition of the house is better than it really is.... I didn't go into the basement but reports from others who did suggested that the levels of mold and mildew were very high. In addition, there was evidence of widespread wood rot. My opinion (and I am certainly not an expert in this area) is that the best thing for the both the neighborhood, the new property owner and the town is a complete demolition.July Home Sales for Longmeadow
There was some good news this month....
- The July median sales price (average of trailing 6 months) showed an increase during the past month to $320,000 and was 5.4% higher vs. July 2008.
- The median sales price in July was at the highest level since the peak in October 2007 ($320,000 vs. $350,000) and the continuing trend this year appears to be up.
On the negative side...
- The number of Longmeadow homes sold in the July 2009 period was significantly lower vs. the corresponding period in 2008 (17 vs. 27).
- 2009 YTD Longmeadow home sales were equivalent to 2008 YTD (91) and significantly lower vs. 2006 and 2007 periods (91 vs. 125- 2006 and 118- 2007).
- There appeared to be a resurgence in home sales during the first four months of 2009 (January - April) ... possibly due to low mortgage rates... but the home sales for the past four months (April - July) were at the lowest levels in the past 4 years.
- 46 out of 91 (52%) homes sold in 2009 were at less than the official Town of Longmeadow assessed value (see figure 2) continuing a trend that has been seen for the past two years.
- The median sales price for July 2009 (average of trailing 6 months) is still 8.6% lower vs. the peak reached in October 2007 ($320,000 vs. $350,000).
Earlier this year it appeared that home sales in Longmeadow in 2009 were on track to be improved vs. 2008 but the recent increases in home mortgage interest rates appear to be slowing down this resurgence. However, with increasing median home sales prices it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.
[click chart to enlarge]
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). ~50% of the homes sold in 2009 YTD were purchased at prices less than the official assessment value.
The chart below shows that the median sales price (6 month trailing average) for July 2009 continued to increase to $320,000 (5.4% higher than July 2008) but it is still 8.6% lower vs. peak of $350,000 reached in October 2007.
Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Saturday, July 25, 2009
Longmeadow to Sell Property at Auction
The Town of Longmeadow will auction off property at 386 Bliss Road on Wednesday, August 12 at 7 PM. The auction will take place at the Longmeadow Community House. The last public auction of property in Longmeadow took place in November 2003.
According to Mary D. Pequignot, Longmeadow Treasurer/ Collector, the town acquired this property earlier this year through a tax title foreclosure. There is an estimated $100,000 owed to the town including delinquent property taxes, outstanding water and sewer bills and associated legal fees. The key objectives of the public auction is to recover these costs and to re-establish this property on the tax rolls.
As can be seen in the photos below the house has not been maintained for many years and is in pretty poor condition. There have been people living in the house until earlier this year when the occupant was evicted. The house has not been cleaned and will be sold on an “as is” basis.
The current value of this property is listed on Longmeadow's assessment records at $231,000 with the 0.50 acre of land listed at $190,000. It would appear that best outcome for Longmeadow and the surrounding neighbors would be for the winner bidder to demolish this house which is currently a significant neighborhood eyesore and to build a new one. This property is situated on a corner lot (corner of Bliss Road/ Oakland Drive) in a desirable location close to local schools (Blueberry Hill Elementary School/ Williams Middle School and Longmeadow HS) and Bliss Park.
[click above image to view active viewing window]
There will be an open house on Wednesday, August 5 from 10 am – 12 noon for interested parties. For those interested in participating in the open house or public auction please read the official press release on the Longmeadow Community Bulletin Board.
Given the current real estate market, the winner bidder for this property could get a real bargain.
I hope to be able to post videos of the open house and the public auction, so if you are interested, please bookmark this blog and plan to come back to read future posts.
Thursday, July 2, 2009
Sales are slowing in Longmeadow
However, there was some good news this month....
- The number of Longmeadow home sales in the January - June 2009 period were significantly higher vs. the corresponding period in 2008 (74 vs. 64). See figure 1 below.
- The median sales price in May and June was at the highest level since the peak in October 2007 ($318,500 vs. $350,000) and the continuing trend this year appears to be up. See figure 2 below.
On the negative side...
- There appeared to be a resurgence in home sales during the first four months of 2009 that I wrote about in a posting in early May... possibly due to low mortgage rates... but home sales for the past two months (May/ June) were at the lowest levels in the past 4 years (see figure 1).
- The median sales price (average of past 6 months) showed an increase during the past two months to $318,500 but it is still 9.0% lower vs. the peak reached in October 2007 ($318,500 vs. $350,000)- (see figure 2).
- 15 out 29 (52%) homes in May/ June were sold at less than the official Town of Longmeadow assessed value (see figure 3). This is very similar to the trend for January - June 2009 with 39 out of 74 (53%) homes selling below the assessed value.
Figure 1- Home Sales, Longmeadow, MA
[click chart to enlarge]
[click chart to enlarge]
Figure 2- Median Sales Price, Longmeadow, MA[click chart to enlarge]
Figure 3- Sales Price vs. Assessment Value, Longmeadow, MA[click chart to enlarge]
For the first 6 months of 2009, there were only 5 properties (out of 74 total, 6.8%) sold at prices > $500,000 although there are 27 properties (out of 114, 23.7%) currently listed with MLS. This is probably not surprising given the current difficulties in getting large mortgages.
Home sales in Longmeadow, Massachusetts in 2009 are on track to be higher than 2008 but the recent increase in mortgage interest rates may be slowing down this resurgence. However, it does appear that a bottom may be forming in the Longmeadow real estate market (as well as the rest of the US). This bottoming process combined with a economic recovery may lead to a more normally functioning real estate market in 2010. Let's hope so!
Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Saturday, May 9, 2009
Some continued good news this month....
Here is the good news...
- The first bargraph below shows that the number of Longmeadow home sales in the January - April 2009 period were significantly higher (up 45%) vs. the corresponding period in 2008 (45 vs. 31).
- April 2009 sales were up 88% from April 2008 (15 vs. 8)
- Longmeadow home sales in April 2009 (15) were at the highest level during the past four years and equal to results for April 2007.
On the negative side...
- Sales for the January - April 2009 period were still significantly lower vs. results for the corresponding January - April periods in 2007 (45 vs. 56).
- The median sales price (average of past 6 months) showed an increase this month to $303,500 but it is still 13.3% lower vs. the peak reached in October 2007 ($303,500 vs. $350,000).
Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts.
[click chart to enlarge]
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). The trend of a significant number of homes selling at prices below current assessment value continued in April (6 out of 15). 
The chart below shows that the median sales price (6 month trailing average) in April 2009 increased to $303,500 but it is still 13.3% lower vs. peak of $350,000 reached in October 2007.
Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs. The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
The latest results continue to show that dramatically lower mortgage interest rates, lower home prices (translate --> more affordable) and the upcoming prime home selling/ buying season may be combining to generate a bottom in the real estate market- both in Longmeadow and across the United States.....
Let's hope so!
Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Saturday, April 11, 2009
Some improvement in March sales
Here's the good news.....
The bargraph below shows that the number of Longmeadow home sales in January-March 2009 period were significantly higher vs. the corresponding period in 2008 (30 vs. 23). However, sales for the January- March 2009 period were still significantly lower vs. results for the corresponding January - March periods in 2007 and 2006 (30 transactions in 2009 vs. 37 in 2007 and 41 in 2006).
[click chart to enlarge]
Now the bad news....
The median sales price continues to decrease and is 19.3% lower vs. the peak reached in October 2007 ($282,500 vs. $350,000).
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website). The trend of a significant number of homes selling at prices below current assessment value continued in March (18 out of 30 for the January - March 2009 time period).
Hopefully, with dramatically lower mortgage interest rates and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Saturday, March 7, 2009
Longmeadow Home Sales Are Hanging Tough!
Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. The bargraph below shows that the number of Longmeadow home sales in January-February 2009 period were significantly higher vs. the corresponding period in 2008 (20 vs. 15).
However, sales for the 2009 January/February period were significantly lower vs. results for the corresponding January-February periods in 2007 and 2006 (20 transactions in 2009 vs. 26 in 2007 and 28 in 2006).
[click to enlarge chart]
The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
The median sales price has remained relatively constant for the past 11 months but is still 17.0% lower vs. the peak reached in October 2007 ($290,500 vs. $350,000).
[click to enlarge chart]
However, sales for the 2009 January/February period were significantly lower vs. results for the corresponding January-February periods in 2007 and 2006 (20 transactions in 2009 vs. 26 in 2007 and 28 in 2006).
[click to enlarge chart]
The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
The median sales price has remained relatively constant for the past 11 months but is still 17.0% lower vs. the peak reached in October 2007 ($290,500 vs. $350,000).
[click to enlarge chart]
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website).
The trend of a significant number of homes selling at prices below current assessment value continued in February (12 out of 20 for the Jan-Feb 2009 time period).
[click to enlarge chart]Hopefully, with dramatically lower mortgage interest rates and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.
Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
Sunday, February 1, 2009
Longmeadow home sales are still low compared to prior years
The bargraph below shows that the number of Longmeadow home sales in January 2009 were higher than January 2008 (10 vs. 7) but significantly lower than results for the corresponding January periods in 2007 and 2006 (10 transactions in 2009 vs. 15 in 2007 and 20 in 2006).
[click chart to enlarge]
The median sales price in January did not change vs. the preceding months but was significantly lower (-13.8%) than one year ago ($294,950 vs. $342,250- see chart below).
[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, with dramatically lower mortgage interest rates (near historical lows) and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.
[click chart to enlarge]
The median sales price in January did not change vs. the preceding months but was significantly lower (-13.8%) than one year ago ($294,950 vs. $342,250- see chart below).
[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, with dramatically lower mortgage interest rates (near historical lows) and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.
Friday, January 16, 2009
Longmeadow Foreclosures are Increasing- Part III
In a previous report on this subject....
"The reported increase in the number of foreclosures in Longmeadow for FY2008 (ending June 30, 2008) was a very low percentage of the total number of homes (8 out of 5500 = 0.15%) and should not be a concern to Longmeadow homeowners worried about their property values."
Upon checking recently with the Hampden County Register of Deeds website- (this is a free public access database with search capability), there were reported a total of 7 Longmeadow homes foreclosed during the calendar year 2008- which is still a very low percentage (0.13%) of the total number and much lower than the national average. And there was only 1 Longmeadow foreclosure in the last six months of 2008.
This positive piece of information probably needs to be tempered by the fact that there significant number of homes this year that were sold significantly below current assessed values and which probably reflect distressed sales- either short sales or other circumstances.
For some additional information on "short sales" see blog posting by Nyles Courchesne- an experienced local real estate attorney involved with such transactions.
As reported in a recent Real Estate Buzz posting Longmeadow Real Estate sales in 2008 did take a downturn....
"The reported increase in the number of foreclosures in Longmeadow for FY2008 (ending June 30, 2008) was a very low percentage of the total number of homes (8 out of 5500 = 0.15%) and should not be a concern to Longmeadow homeowners worried about their property values."
Upon checking recently with the Hampden County Register of Deeds website- (this is a free public access database with search capability), there were reported a total of 7 Longmeadow homes foreclosed during the calendar year 2008- which is still a very low percentage (0.13%) of the total number and much lower than the national average. And there was only 1 Longmeadow foreclosure in the last six months of 2008.
This positive piece of information probably needs to be tempered by the fact that there significant number of homes this year that were sold significantly below current assessed values and which probably reflect distressed sales- either short sales or other circumstances.
For some additional information on "short sales" see blog posting by Nyles Courchesne- an experienced local real estate attorney involved with such transactions.
As reported in a recent Real Estate Buzz posting Longmeadow Real Estate sales in 2008 did take a downturn....
- Home sales from January through December 2008 were significantly lower (-19.7%) vs. results for the corresponding period in 2007.
- Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500).
These declines in sales and median prices are similar to the national average reported by the National Association of Realtors.
Friday, January 2, 2009
A disappointing end to 2008
Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
[click to view larger chart]
Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500). This decline in the median sales price is similar to the national average reported by the National association Realtors.
Hopefully, the recent sharp declines in home mortgage rates and the new programs by the US Treasury to purchase mortgage backed securities will help stabilize the home real estate market and provide an opportunity for improved results in 2009.
If you are interested in reducing the price of your house by 4-6% to make it more attractive to potential buyers without financial impact to you, try selling your house without the assistance of a realtor by using Longmeadow FSBO.
The bargraph below shows that the number of Longmeadow home sales from January through December 2008 were significantly lower (-19.7%) vs. results for the corresponding period in 2007 (159 transactions in 2008 vs. 198 in 2007 and 189 in 2006).
[click to view larger chart]
Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500). This decline in the median sales price is similar to the national average reported by the National association Realtors.
Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.
Hopefully, the recent sharp declines in home mortgage rates and the new programs by the US Treasury to purchase mortgage backed securities will help stabilize the home real estate market and provide an opportunity for improved results in 2009.
If you are interested in reducing the price of your house by 4-6% to make it more attractive to potential buyers without financial impact to you, try selling your house without the assistance of a realtor by using Longmeadow FSBO.
If your house is vacant because you have not been able to sell it, consider renting it to minimize the maintenance costs (heat, higher home insurance for a vacant house.....). Our House for Rent at LongmeadowBiz has been pretty successful in locating potential tenants.
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