Sunday, July 19, 2015

1Q/2Q 2015 Longmeadow Home Sales Look Good

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the January - June 2015 period include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

  • The number of Longmeadow home sales for the January - June 2015 was the highest total for the past 10 years.  Comparison of results vs. the year earlier period showed significantly higher results. (95 vs. 87, + 9.2%, see figure 1).  Home sales for 2015 are shaping up to be one of the highest totals in recent years.
  • The June 2015 median sales price (six months trailing average) was 6.3% lower vs. the corresponding June 2014 result ($313,750 vs. $335,000, see figure 2).
  • Over the past 10 years (2006 - 2015) median sales prices in Longmeadow have ranged from a high of $350,000 (October 2007) to a low of $244,000 in May 2012.

    The official median assessed value for all Longmeadow single family residential properties for FY2015 was $284,700.
  • For the January - June 2015 period, only 26% of the homes (25 out of 95) were sold below the official assessed value (see figure 3 below).  This compares to 29% of the homes (61 out of 207) that were sold below the current assessed value in 2014.
Many real estate markets across the country have shown strength in 2015 continuing the strong results from 2014.  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.

Figure 1- Monthly Longmeadow Home Sales

Figure 2- Monthly Longmeadow Median Sales Prices


Figure 3- Home Sales Prices vs. Assessed Value

Here is a link to the data for 2006-2015 Real Estate Transactions that were used to develop the above graphs.