Longmeadow Real Estate Sales at Lowest Level in 6 years

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts. These latest results from January - September 2011 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

January - September / 2011 Highlights

• Home sales in Longmeadow for the first nine months of 2011 were lower (-18.9%) vs. the previous year (103 vs. 127) and also lower (-25.9%) vs. the 6 year average (103 vs. 139) and significantly lower (-36%) vs. the first nine months of 2007 (161). See figure 1 below.
  
  
• The latest median sales price for homes in Longmeadow for the 3Q/2011 was slightly higher ($315,000) as compared to that for the 2Q/ 2011 ($310,000) but 4.8% lower vs. September 2010 ($330,800).
  
  The current median price is still lower (-10%) than the peak reached in September 2007 ($350,000).
  
  For the past 4 years home sales prices have shown a seasonal cycle with prices strengthening during the summer months when demand for homes typically increases. 2011 results showed a similar trend. See figure 2 below.
  
  
• A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has been observed for the past 2½ years. For all of 2010, ~ 50% of the homes sold were at prices below the official assessment value. For the first nine months of 2011 the percentage of home sold at prices below the official assessment value was 55% (57 out of 103). See figure 3 below.
  
  
• At the current sales rate, the number of homes sold in Longmeadow for 2011 will likely turn out to be the lowest for past 6 years. With a current inventory (MLS + FSBO) of ~130 homes for sale, the average time to sell a home is now approaching 12 months.
  
  Selling a home in the current environment continues to be very difficult.
  

 Figure 1- click here to enlarge chart

Figure 2- Click here to enlarge chart

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

 

Figure 3- Click here to enlarge chart  

Here is a link to the data for 2006-2011 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

Worst Housing Drop Since Depression

CHICOPEE, Mass. (WWLP) - The American dream of owning a home is now starting to be put on the back burner. The U.S. housing market is feeling its biggest drop since the Great Depression.

New numbers from the Census bureau show that the homeownership rate in this country fell to 65% last year. Experts believe that these numbers seem to indicate that the U.S. may never have another housing boom peak like the one seen during the mid-decade.

So what's the reason behind this drop in Americans owning a home? Many blame the tighter-credit rates, prolonged job losses and reduced government involvement.

Who makes up for this drop? Unemployed young adults in their twenties are more likely to delay their first-time home purchase, by living at home with mom and dad. Middle-aged adults, ages 35-64, used to make-up the highest ownership rate, but that group was hit with mortgage foreclosures and bankruptcy after the housing market bust back in 2006. Those ages 65 and older now have the highest ownership rate nationwide.

There is some good news if you are looking to purchase or refinance a home. That is because the average mortgage rate has hit its lowest level ever. The average rate on a 30-year fixed mortgage fell to 3.94% last week.

Housing drop worst since Depression: wwlp.com

Longmeadow Home Sales- 1Q-2Q/ 2011

Shown below are a series of charts summarizing the latest single family home sales in Longmeadow, Massachusetts.  These latest results from January - June 2011 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

1Q-2Q/ 2011 Highlights

• Home sales in Longmeadow for the first six months of 2011 were lower (-9.6%) vs. the previous year (66 vs. 73) and also lower (-15.9%) vs. the 6 year average (78.5) and significantly lower (-34%) vs. the first six months of 2007 (100).
• Median sales prices for homes in Longmeadow rebounded significantly in the 2Q/2011  (--> $310,000) and were significantly higher than earlier this year.  However, median prices are still lower (-11.4%) than the peak reached in September 2007 ($350,000). For the past 4 years home sales prices have shown a seasonal cycle with prices strengthening during the summer months when demand for homes typically increases.  2011 appears to be showing the same effect.

• A large percentage of homes continue to be sold at prices below the official assessment value continuing a trend that has occurred for the past 2 years.  For all of 2010, ~ 50% of the homes sold were at prices below the official assessment value.  For the first six months of 2011 the percentage of homes sold at prices below the official assessment value was 59% (39 out of 66).

Selling a home in Longmeadow continues to be difficult.  Let's hope that the latest results is signaling a bottom in home prices that will result in some much needed and long anticipated price stability.

 

[click here to enlarge chart]

Figure 1
________________________________________

[click here to enlarge chart] 

Figure 2
________________________________________

[click here to enlarge chart]
Figure 3

  

Here is a link to the data for 2006-2011 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