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.

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