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)
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