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
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