Tuesday, March 5, 2013

January/ February 2013 Home Sales

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the January - February 2013 period include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.


Longmeadow home sales for January/ February 2013 were improved vs. the year earlier period continuing the favorable trend from 2012.
  • There were 24 home sales in January/ February 2013 vs. 12 in the year earlier period- a 100% increase (see figure 1 below).
  • In addition, home sales for Jan/Feb 2013 (24) were the highest total for this period since the current housing downturn began in 2007 (28).
  • Median prices appear to have stabilized at ~ $275,000 for the past 7 months after reaching a low point in May 2012 at ~ $244,000.  The median sales price (6 month trailing average) for February 2013 was $275,000 as compared to $284,500 one year ago (3.3% lower- see figure 2 below) and $267,000 for all of 2012 (3.0% higher).
Further examination of the recent data shows the continuation of some troubling trends…      
  • This latest median sales price for February 2013 ($275,000) was still 21.4% lower than the peak reached in September 2007 ($350,000) (see figure 2 below).
  • In January/ February 2013, 50% of the homes (12 out of 24) were sold below the assessment value (see figure 3 below). For all of 2012, 64% of the homes (121 out of 190) were sold below the current assessment value.
  • Foreclosure sales continued into the Jan/Feb 2013 period with 4 out of 24 transactions involving bank owned properties.
Historically low mortgage interest rates and attractive prices continue to help the Longmeadow real estate market gain some momentum with the number of sales in early 2013 being the highest since 2007.

Many r
eal estate markets across the country have shown strength in early 2013 continuing the hopeful signs from 2012.  The real estate market needs increased employment and continued economic recovery which will lead to improved consumer confidence and a more positive environment for home sales.
Figure 1- Longmeadow Home Sales

Figure 2- Median Sales Prices

Figure 3- Home Sales Price vs Assessment Value

Here is a link to the data for 2006-2013 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 Community Website