- The full year 2009 results show that the number of houses sold in Longmeadow was 3.8% higher than corresponding 2008 results (165 vs. 159) but home sales were still significantly lower than recorded for prior years (2006- 189, 13% lower and 2007- 198, 17% lower).
- During the second half of 2009 median sales prices for homes continued to show improvement from the lows observed in early 2009. Median prices at year end were 15.2% higher than December 2008.
- The number of houses sold in the last two months of 2009 was significantly higher than each of the previous three years: 2009: 29 2008: 19 2007: 19 2006: 17
- A large percentage of homes continue to be sold at prices below the official assessment values continuing a trend that has been in place for the past two years.
- For all of 2009 ~ 55% of the home (90 out of 165) were sold below the current assessed values.
- Full year 2009 results showed that higher priced homes (>$400K) may be more difficult to sell in the current environment with only 39 out of 165 homes (24%) sold priced above $400,000. (Currently there are 24 homes out of 60 listings (40%) on MLS that are priced above $400K.)
[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).
During November- December 2009 time frame ~45% of the homes sold (13 out of 29) were at prices less than the official assessment value. For all of 2009 55% of the homes (90 out of 165) were sold below the official assessment value.
Note: The latest November/ December home sales results are compared to the new FY2010 assessed values.
During the second half of 2009 median sales prices for homes continued to show improvement from the lows observed in early 2009. Median prices at year end were 15.2% higher than December 2008.
Despite these mixed results 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.
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