Encouraging results for home sales in Longmeadow continued into July...
- There were 22 home sales in
July 2012 vs. 15 in the year earlier period- a 47% increase
(see figure 1 below).
- The number of home sales in Longmeadow for the May - July period (63) was 43% higher as compared to the same period in 2011 (44) and the highest 3 month total since 2006 (see figure 1 below).
However, further examination of the recent data shows the continuation of some troubling trends…
- Median prices showed a steep decline in the Jan -
July 2012 period from corresponding results in 2011.
The median sales price (6 month trailing average) for July 2012 was
compared to $320,000
one year ago (17% lower)
and $315,000 for
all of 2011. This latest median sales price was
24% lower than the
peak reached in September 2007 ($350,000). See
figures 2 and 3 below.
- ~65% of the homes sold (66 out of 102) for 2012 YTD were at prices
below the official assessment value- see figure 3
below. For the past 3 years a large percentage of homes (~50%)
were sold at prices below the official assessment value.
- Total value of homes sold in July was $7.03 million vs. an
assessed value of $7.35 million- a difference of 4.3%. For
the first 7 months of 2012 the total value was $31.6
million vs. $34.8 million for the year
earlier period- a difference of 9.1%.
- In July 2012 there was only 1 home sold at a price of $400K or higher.
Figure 1 [click chart to enlarge]
Figure 2- Median Sales Prices
Figure 3- Sales Price vs. Assessed Value
Here is a link to the data for 2006-2012 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