Longmeadow Home Sales for 2010

2010 Full Year Highlights

• After a very slow start for 2010 with February, April and May being three of the worst sales months in the past five years, there was a significant rebound in the June through September period.  However, a slowing of sales for the October - December 2010 period resulted in full year results (158) being lower vs. 2009 (168, -4.2%) and similar to 2008 (159, -1%). 
• 2010 sales levels (158) were still much lower than for the corresponding periods in 2006 (189, -16.4%) and 2007 (196, -19.4%). 
• Median sales prices for homes in Longmeadow stabilized during 2010 and ended the year higher. However, median prices at the end of the year were still 10.8% lower than the peak reached in September 2007 ($312,000 vs. $350,000). 
• A large percentage of homes were sold at prices below the official assessment value continuing a trend that has been in place for the past two years (see figure 2). For the year 49% of the homes (86 out of 158) were sold below the current assessed value.  For the final three months (Oct --> Dec) 73% of the homes (22 out of 30) were sold below the current assessed value.  In 2010, 10 homes were sold at greater than $100,000 below assessed value. 
• In 2010 there were 11 foreclosures in Longmeadow according to filings at the Hampden County Register of Deeds.  This compares to 1 foreclosure in 2009 and 1 in 2008.

Selling a house in 2010 was difficult.  Let's hope that the current low mortgage interest rates will continue to provide some stability for the Longmeadow housing market and that 2011 will show an improved real estate market.

Click here to enlarge

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices  and Assessed Values (data obtained from Vision Appraisal website).

Click here to enlarge

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Here is a link to the data for 2006-2010 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO

East Longmeadow FSBO

House for Rent at LongmeadowBiz

LongmeadowBiz.com- Longmeadow's #1 Business and Community website

LongmeadowMA.org- Longmeadow's Newest Website 

A great time to purchase or refinance a home.

David Rosen of Pegasus Investment Group, LLC- a residential home mortgage specialist located in Springfield Massachusetts spoke recently with Lynne Serrenho of Wales Community Television explaining the residential home mortgage business.  In a series of short videos Dave explains the in's and out's of financing a home.  Below is Part I- courtesy of Wales Community Television in which Dave points out that now is a rare opportunity- to lock in very low mortgage rates.  With an abundance of homes available for sale at attractive prices, affordable (low price + low interest rate = low mortgage costs) is also very good.  In this video Dave explains the 3 C's (credit, capacity and collateral) of a good home mortgage for a homeowner and his role to help educate clients.



Dave Rosen- Pegasus Investment Group, LLC

http://www.the-mortgage-guy.biz/

Good news for Longmeadow Real Estate!

Home sales in Longmeadow for August and September continue to show good relative strength compared to surrounding towns in Western Massachusetts. A total of 37 homes were sold in the past two months.

After a very slow start for 2010 with February, April and May being three of the worst sales months in the past five years, a significant rebound in the period from June through September have put YTD sales at about the same level as for 2008 and 2009.

(2008- 123; 2009- 126 and 2010- 127).

However, 2010 YTD sales levels are still much lower than for the corresponding periods in 2006 (157) and 2007 (161).

Median sales prices for homes in Longmeadow increased significantly for both August and September vs. the January - July 2010 period (see figure 3). Median prices for September 2010 are now only 6% lower than the peak reached in September 2007 ($330,800 vs. $350,000).

A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been in place for the past two years (see figure 2). For the August - September 2010 period 51% of the home (19 out of 37) were sold below the current assessed value. This data is almost identical to the results observed for the past year (52%, 86 out 165).



Figure 1
(click here to enlarge)

Below is a chart showing the relationship between recent Longmeadow real estate Sales Prices and Assessed Values (data obtained from Vision Appraisal website).

Figure 2
(click here to enlarge)

Figure 3

(click here to enlarge)

Let's hope that these latest home sales data and the current low mortgage interest rates will continue to provide some stability to the Longmeadow housing market.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz


LongmeadowBiz.com- Longmeadow's #1 Business and Community website
LongmeadowMA.org- Longmeadow's Newest Website