Monday, January 4, 2016

2015 Homes Sales were the Highest in 10 Years

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the full year 2015 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 2015 were the highest total during the past 10 years.  Comparision of 2015 results vs. the year earlier period (2014) showed significantly higher results (219 vs. 207, + 5.8%, see figure 1).
  • The December 2015 monthly median sales price was 6.1% lower vs. December 2014 ($304,250 vs. $323,890, see figure 2).

    Over the past 10 years (2006 - 2015) the annual median sales price in Longmeadow has ranged from a high of $339,000 (2006) to a low of $267,000 in 2012 (see figure 3).  The 2015 annual median sales price was 4.5% lower vs. the corresponding result for 2014 ($312,250 vs. $327,075).

    The official Town of Longmeadow FY2016 mean assessed value for all Longmeadow single family residential properties was $327,848.  The corresponding median assessed value was $285,100.
  • For 2015, only 26.1% of the homes (57 out of 219) were sold below the official assessed value (see figure 4 below).  This compares to 29% of the homes (61 out of 207) that were sold below the current assessed value in 2014.   Previous years have shown up to 65% of homes sold below assessed value. This change is likely due to stability in home sales prices in recent years with the lagging official assessed values better reflecting current market sales prices.
Many real estate markets across the country showed continued strength and stability 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 2016.
Figure 1
[click chart to enlarge]

Figure 2[click chart to enlarge]
Figure 3[click chart to enlarge]
Figure 4[click chart to enlarge]
Here is a link to the data for 2006-2015 Real Estate Transactions that were used to develop the above graphs.  Other resources for local information are listing below: