Monday, September 2, 2013

Home Sales and Prices are Increasing in Longmeadow

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the January - August 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 - August 2013 were slightly higher vs. the year earlier period (125 vs. 121, + 3.3 %- see figure 1 below).

  • Median prices for July and August 2013 were significantly higher vs. the year earlier period.

    The median sales price (6 month trailing average) for August 2013 was $325,000 as compared to $272,000 one year ago (19.5% higher, see figure 2 below) and $267,000 for all of 2012 (21.7% higher).  Current median prices are the highest since January 2012.

  • This latest median sales price for August 2013 ($325,000) was 7.1% lower vs. the peak reached in September 2007 ($350,000) (see figure 2 below).

  • For the January - August 2013 period, 48% of the homes (60 out of 125) 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.
Historically low mortgage interest rates and attractive prices continue to help the Longmeadow real estate market gain momentum.

Many real estate markets across the country have shown strength in 2013 continuing the hopeful signs from 2012.  Recently, an rapid increase in mortgage rates have elevated concerns for the continuation of the housing recovery. 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
[click chart to enlarge]

Figure 2
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
Here is a link to the data for 2006-2013 Real Estate Transactions that were used to develop the above graphs. Longmeadow's #1 Business and Community website Longmeadow's Newest Community Website