Encouraging results for home sales in Longmeadow continued into August following the trends set earlier this summer...
- There were 19 home sales in
August 2012 vs. 13 in the year earlier period- a 46% increase
(see figure 1 below).
- The number of home sales in Longmeadow for the latest May - August period (82) was 44% higher as compared to the same period in 2011 (57) and the highest 4 month total since 2007 (see figure 1 below).
- Median prices showed a steep decline in the Jan - August 2012 period from corresponding results in 2011. The median sales price (6 month trailing average) for August 2012 was $272,000 as compared to $315,500 one year ago (14% lower) and $315,000 for all of 2011. This latest median sales price was 22% lower than the peak reached in September 2007 ($350,000). See figures 2 and 3 below.
- 14 out of 19 homes sold in August (74%) were at prices below the official assessment value. For the first 8 months of 2012, 66% of the home sold (80 out of 121) were at prices below the official assessment value. See figure 3 below.
- Total value of homes sold in July was $5.34 million vs. an assessed value of $5.76 million- a difference of 7.2%. For the first 8 months of 2012 the total value was $37.0 million vs. $40.6 million for the year earlier period- a difference of 8.9%.
- In August 2012 there were only 2 homes sold at a price of $400K or higher.
|Figure 1- Monthly Home Sales- 2006- 2012|
|Figure 2: Median Sales Prices|
Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from the Vision Appraisal website).
|Figure 3: Sales Price vs. Assessment 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