Monday, August 2, 2010

July 2010 Longmeadow Homes Sales

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.

Highlights

Some great news!
  • Home sales in Longmeadow for June and July 2010 have been the highest back-to-back months since 2006. A total of 48 homes were sold in the last two months with some of the volume in June attributable to the expiration of the $8K credit for new home buyers at the end of June.
  • After a very slow start for 2010 with February, April and May being three of the worst sales months in the past five years, a significant rebound in June and July have put YTD sales at the same level as for 2008 and 2009. (2008- 91; 2009- 91 and 2010- 90). However, sales levels are still much lower than for the corresponding periods in 2006 (125) and 2007 (118).
  • In July median sales prices for homes in Longmeadow continued to hold and show stability. For the past 7 months median sales prices have held at ~ $300,000 (see figure 3). However, median prices in July 2010 were still 14% lower than the peak reached in September 2007 ($302,500 vs. $350,000).
  • 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 the past two years (see figure 2). For the June- July 2010 period ~ 35% of the home (17 out of 48) were sold below the current assessed value- with some homes selling more than $200,000 below assessment values.
Figure 1- (click chart to enlarge)

Figure 2- (click chart to enlarge)

Figure 3- (click chart to enlarge)
Let's hope that the June/ July sales data reported above and the current low mortgage interest rates discussed by David Rosen- The Mortgage Guy- in a post earlier today continue to provide stability and improvement for the Longmeadow real estate market.

Longmeadow FSBO
East Longmeadow FSBO

House for Rent at LongmeadowBiz


LongmeadowBiz.com- Longmeadow's #1 Business and Community website

1 comment:

Gabe Sanders said...

We had an excellent July also here on the Treasure Coast. Has slowed down some what since then. But, it's normal for us this time of year.