Friday, January 2, 2015

2014 Longmeadow Home Sales Look Good!

  • Longmeadow home sales for the 12 months (January - December 2014) was the highest total for the past 9 years.  Comparison of results vs. the year earlier period showed significantly higher results (207 vs. 184, + 12.5%, see figure 1).
  • Monthly median sales prices in 2014 showed continued improvement vs. levels earlier this year with a December 2014 median sales price (6 month trailing average) of $323,890 vs. $282,500, +14.7% in early 2014 (see figure 2). This year end result was only 7.5% lower vs. the peak of $350,000 observed in October 2007.

    The monthly median sales price for December 2014 (6 month trailing average) was higher vs. the year earlier period ($323,890 vs. $300,500, +7.8%).

    The 2014 annual median sales price (12 month trailing average) was $327,075- a 6.4% increase from 2013 (see figure 3).  During the past three years (2011 - 2014) the annual median sales price has increased by $60,000 or 22.5%.
  • For the January - December 2014 period, only 29% of the homes (61 out of 207) were sold below the assessment value (see figure 4 below).  This compares to 47% of the homes (86 out of 184) were sold below the current assessment value in 2013.

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 significant rise in mortgage interest rates will likely lead to higher consumer confidence and a strong year for Longmeadow real estate sales in 2015.

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the full year January - December 2014 period include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.
Figure 1 [click to enlarge chart]

Figure 2
Figure 3
Figure 4

Here is a link to the data for 2006-2014 Real Estate Transactions that were used to develop the above graphs.
Longmeadow official FY2015 property value data from the Vision website showed the following for Residential Single Family Homes:
FY2015 Median Assessed Value - $284,700
FY2015 Average Assessed Value - $326,700

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