Tuesday, July 5, 2011

Longmeadow Home Sales- 1Q-2Q/ 2011

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts.  These latest results from January - June 2011 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

1Q-2Q/ 2011 Highlights
  • Home sales in Longmeadow for the first six months of 2011 were lower (-9.6%) vs. the previous year (66 vs. 73) and also lower (-15.9%) vs. the 6 year average (78.5) and significantly lower (-34%) vs. the first six months of 2007 (100).
  • Median sales prices for homes in Longmeadow rebounded significantly in the 2Q/2011  (--> $310,000) and were significantly higher than earlier this year.  However, median prices are still lower (-11.4%) than the peak reached in September 2007 ($350,000). For the past 4 years home sales prices have shown a seasonal cycle with prices strengthening during the summer months when demand for homes typically increases.  2011 appears to be showing the same effect.
  • 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 years.  For all of 2010, ~ 50% of the homes sold were at prices below the official assessment value.  For the first six months of 2011 the percentage of homes sold at prices below the official assessment value was 59% (39 out of 66).
Selling a home in Longmeadow continues to be difficult.  Let's hope that the latest results is signaling a bottom in home prices that will result in some much needed and long anticipated price stability.

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Figure 1
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Figure 2

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Figure 3
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