The first five months of 2010 showed very low home sales levels with February, April and May 2010 being the three of the worst sales months in the past 5 years. Only 5 homes were sold in February. However, June showed one of the best months in the past five years with 31 homes being sold. This rebound in June home sales may have been due in large part to the $8000 home buyers credit for sales transactions closing by June 30.
With the large number of sales in June Longmeadow's January - June 2010 sales results were only slightly lower than the comparable period last year (see figure 1) but much lower (-27%) as compared to 2007- the last good year for home sales in Longmeadow.
1Q-2Q/2010: 73 1Q-2Q/2009: 74 1Q-2Q/2008: 64
1Q-2Q/2007: 100 1Q-2Q/2006: 94
[click to enlarge chart]
During the 1Q-2Q/2010 median sales prices for homes in Longmeadow appeared to stabilize at ~ $300,000 (see figure 3). However, median prices in June 2010 were still 14% lower than the peak reached in September 2007 ($301,250 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 1Q-2Q/2010 ~ 40% of the home (29 out of 73) were sold below the current assessed value- with some homes selling more than $100,000 below assessment values.
Let's hope that the June sales data and the current low mortgage interest rates will continue to provide some stability to the Longmeadow housing market.
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