The first quarter was not a particularly good one for Longmeadow home sellers. While the number of sales were pretty good, the median sales price showed a large decline. Below are the highlights:
- 1Q/ 2011 home sales in Longmeadow were improved vs. 1Q/2010 (27 vs. 25) but lower (-11.4%) vs. the 6 year average and significantly lower (-34%) vs. 1Q/2007.
- The median sales price for homes sold in Longmeadow dropped significantly in the 1Q/ 2011 to the lowest level in ~ 4 years ($274,500). The median sales price was 7.1% lower than one year ago (- $21,000). and 21.6% lower than the peak in 2007 ($350,000).
- A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has occurred for the past 2 - 3 years. For all of 2010, ~ 50% of the homes sold were at prices below the current assessment price.
However, since October 2010 the percentage of homes sold at prices below the current assessment value has increased to ~ 75% (42 out of 57). In the 1Q/2011, 20 out of 27 homes (74%) were sold below the assessment value.
In the 1Q/2011, there were 5 homes sold at prices greater than $100K below the assessment value.
Selling a house in Longmeadow continues to be difficult. Let's hope that low mortgage interest rates will provide some stability for the Longmeadow housing market and that 2011 will show an improved real estate market.
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website).
Here is a link to the data for 2006-2011 Real Estate Transactions that were used to develop the above graphs.
LongmeadowBiz.com- Longmeadow's #1 Business and Community website
LongmeadowMA.org- Longmeadow's Newest Website