- Home sales in Longmeadow in 2011 were lower than 2010 (-7.6% - 146 vs. 158) and also lower (-13.6%) vs. the 6 year average (146 vs. 169)- see figure 1. Sales in 2011 were also the lowest for the past six years.
One positive trend... sales in the last three months of 2011 (October --> December) were significantly higher (+35.5%) vs. the corresponding period in 2010 (42 vs. 31).
With a typical inventory (MLS + FSBO) of ~100-120 homes for sale, the average time to sell a home is ~ 9-10 months.
- Monthly median sales prices were very volatile in 2011 ranging from a low of $263,800 in April to a high of $331,000 in October. After a precipitous drop in the 1Q/2011, median prices improved dramatically and stabilized by the end of the year.
The median sales price for homes in Longmeadow at the end of 2011 was 5.0% higher ($327,500) as compared to that for the December 2010 ($312,000) - see figure 2.
Looking at the annual (vs. monthly) variation in median sales price also showed a positive trend. 2011 was 4.0% higher than 2010 but 7.1% lower vs. the peak in 2006- see figure 3.
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 results showed a similar trend.
- A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been observed for the past 3 years. For 2010 and 2011, ~ 50% of the homes sold were at prices below the official assessment value- see figure 4 below.
Note: Figure 4 uses assessment values as of January 1, 2012.
Selling a home in the current environment continues to be difficult but 2012 is looking better with continuing low interest rates and an improving economy.
|Figure 1- Longmeadow Home Sales (click chart to enlarge)|
|Figure 2- Median Sales Prices (Monthly)|
|Figure 3- Median Sales Prices (Annual)|
|Figure 4- Sales Prices vs. Assessment Value|