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!

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