Real Estate Buzz at LongmeadowBiz: 1/9/11

Saturday, January 15, 2011

Longmeadow Home Sales for 2010

2010 Full Year Highlights

After a very slow start for 2010 with February, April and May being three of the worst sales months in the past five years, there was a significant rebound in the June through September period. However, a slowing of sales for the October - December 2010 period resulted in full year results (158) being lower vs. 2009 (168, -4.2%) and similar to 2008 (159, -1%).
2010 sales levels (158) were still much lower than for the corresponding periods in 2006 (189, -16.4%) and 2007 (196, -19.4%).
Median sales prices for homes in Longmeadow stabilized during 2010 and ended the year higher. However, median prices at the end of the year were still 10.8% lower than the peak reached in September 2007 ($312,000 vs. $350,000).
A large percentage of homes were 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 year 49% of the homes (86 out of 158) were sold below the current assessed value. For the final three months (Oct --> Dec) 73% of the homes (22 out of 30) were sold below the current assessed value. In 2010, 10 homes were sold at greater than $100,000 below assessed value.
In 2010 there were 11 foreclosures in Longmeadow according to filings at the Hampden County Register of Deeds. This compares to 1 foreclosure in 2009 and 1 in 2008.

Selling a house in 2010 was difficult. Let's hope that the current low mortgage interest rates will continue to provide some stability for the Longmeadow housing market and that 2011 will show an improved real estate market.

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).