Monday, January 2, 2012

2011 Longmeadow Home Sales

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

2011 Highlights
  • 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
Here is a link to the data for 2006-2011 Real Estate Transactions that were used to develop the above graphs. Longmeadow's #1 Business and Community website Longmeadow's Newest Website