Tuesday, July 1, 2014

Longmeadow Home Sales Are Improving

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for January - June 2014 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 the 6 months of January - June 2014 were higher vs. the year earlier period (88 vs. 80, + 10%, see figure 1).  Home sales for the 2Q (April - June) were even stronger vs. the year earlier period (62 vs 44, + 41%).

  • Median sales prices in 2014 showed a strong improvement from lower levels late last year and into early 2014 with a June median sales price (6 month trailing average) of $337,500 (see figure 2). This is only 3.6% lower than the peak of $350,000 observed in September 2007.

    The median sales price for June 2014 (6 month trailing average) was higher vs. the year earlier period ($337, 500 vs. $317,500, +6.3%).

  • For the January - June 2014 period, only 33% of the homes (29 out of 88) were sold below the assessment value (see figure 3 below). For all of 2013, 47% of the homes (86 out of 184) were sold below the current assessment value.
Many real estate markets across the country have shown strength in 2014 continuing the hopeful signs from 2013.  A continuation of the improvement in employment and sustained economic recovery without a signficant rise in mortgage interest rates will likely lead to higher consumer confidence and a continuing improvement of home sales for the remainder of the year.

Figure 1- Home Sales
(click chart to enlarge)

Figure 2- Median Prices

Figure 3- Sales Price vs. Assessed Value
Here is a link to the data for 2006-2014 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO

House for Rent at LongmeadowBiz

- Longmeadow's #1 Business and Community website
Longmeadow's Community Website