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]

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.

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