Sunday, October 10, 2010

Good news for Longmeadow Real Estate!

Home sales in Longmeadow for August and September continue to show good relative strength compared to surrounding towns in Western Massachusetts. A total of 37 homes were sold in the past two months.

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 the period from June through September have put YTD sales at about the same level as for 2008 and 2009.

(2008- 123; 2009- 126 and 2010- 127).

However, 2010 YTD sales levels are still much lower than for the corresponding periods in 2006 (157) and 2007 (161).

Median sales prices for homes in Longmeadow increased significantly for both August and September vs. the January - July 2010 period (see figure 3). Median prices for September 2010 are now only 6% lower than the peak reached in September 2007 ($330,800 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 August - September 2010 period 51% of the home (19 out of 37) were sold below the current assessed value. This data is almost identical to the results observed for the past year (52%, 86 out 165).

Figure 1
(click here 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).

Figure 2
(click here to enlarge)

Figure 3
(click here to enlarge)

Let's hope that these latest home sales data and the current low mortgage interest rates will continue to provide some stability to the Longmeadow housing market.

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