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

 

1Q/2010 Longmeadow Home Sales are disappointing!

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

1Q/2010 Highlights

2010 has started out very slowly with January - March home sales down 16.6% from 1Q/2009 and down 39.0% from 1Q/2007. Longmeadow's 1Q/ 2010 sales results seem to be in contrast with other parts of the northeastern US that recently have been showing improving sales volumes. The number of homes sold in the first three months of 2010 were significantly lower than the corresponding period last year and much lower than the last good year for home sales (2007). Only 5 homes were sold in February 2010.

1Q/2010: 25
1Q/2009: 30
1Q/2008: 23
1Q/2007: 41

[click to enlarge chart]

During the 1Q/2010 median sales prices for homes in Longmeadow continued a downward trend after showing some recovery in mid-2009. Median prices in March 2010 were 15.7% lower than the peak reached in September 2007 ($295,500 vs. 350,000).

A large percentage of homes continue to be sold at prices below the official assessment values continuing a trend that has been in place for the past two years. For the 1Q/2010 ~ 45% of the home (12 out of 25) were sold below the current assessed value- with some homes selling over $100,000 below official assessment values.
Let's hope that the warm weather, low interest rates and improving economy will reinvigorate the Longmeadow housing market.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz

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

Longmeadow 2009 Home Sales

Below are the 2009 real estate sales results for Longmeadow, Massachusetts...

• The full year 2009 results show that the number of houses sold in Longmeadow was 3.8% higher than corresponding 2008 results (165 vs. 159) but home sales were still significantly lower than recorded for prior years (2006- 189, 13% lower and 2007- 198, 17% lower).
  
  
• During the second half of 2009 median sales prices for homes continued to show improvement from the lows observed in early 2009. Median prices at year end were 15.2% higher than December 2008.
  
  
• The number of houses sold in the last two months of 2009 was significantly higher than each of the previous three years: 2009: 29 2008: 19 2007: 19 2006: 17

Some less favorable trends include:

• A large percentage of homes continue to be sold at prices below the official assessment values continuing a trend that has been in place for the past two years.
  
  
• For all of 2009 ~ 55% of the home (90 out of 165) were sold below the current assessed values.
  
  
• Full year 2009 results showed that higher priced homes (>$400K) may be more difficult to sell in the current environment with only 39 out of 165 homes (24%) sold priced above $400,000. (Currently there are 24 homes out of 60 listings (40%) on MLS that are priced above $400K.)

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

During November- December 2009 time frame ~45% of the homes sold (13 out of 29) were at prices less than the official assessment value. For all of 2009 55% of the homes (90 out of 165) were sold below the official assessment value.

Note: The latest November/ December home sales results are compared to the new FY2010 assessed values.

During the second half of 2009 median sales prices for homes continued to show improvement from the lows observed in early 2009. Median prices at year end were 15.2% higher than December 2008.

Despite these mixed results it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Massachusetts Real Estate is Turning the Corner

The news has been filled with some very positive commentary about the improving state of the real estate market in Massachusetts. Below are excerpts from the Boston Globe and Bloomberg News- Read the full stories by clicking on the links for additional details.

Home Sales Rise in Massachusetts- Boston Globe, November 25, 2009

“Sales of single-family homes rose by 17.2 percent in October, compared with the same month last year, marking the fourth consecutive month of increases, according to Warren Group, a private company that tracks real estate data. The number of sales, 4,295, marks the highest total for the month of October since 2005.”

“The number of Massachusetts homes on the market on Oct. 31 was down 15 percent, compared with the same time last year, the 19th straight month that inventory had declined, according to the Massachusetts Association of Realtors, which also released data yesterday. Inventory of homes for sale in October was the lowest for that month since 2002, the association said.”

Home mortgage rates are at some of the lowest levels in a long time which should significantly help the recovery in home real estate sales.

Here is a recent story from Bloomberg News…

Mortgage Rates in U.S. Match Record Low Set in April - November 25, 2009
The average 30 year fixed mortgage rate for single family homes was a record low 4.78% while the average 15 year rate was 4.29% Read the full story for additional details.

Hopefully, by next Spring we will see a return to a more normal real estate market.

The Real Estate Market is Hot!

We are only a week away from the holiday season and typically, this is the time of year where the real estate business starts to wind down a little. This year, things are very different than in years past. In fact, the 2nd half of the year proved to be the busiest our office has seen in three years. As well, we are seeing bidding wars on properties that are priced to market and buyers that continue to come out in droves to take advantage of opportunities in the marketplace.

Many economists feel that this splurge in real estate sales is due to the fact that the extension and expansion of the tax credit has had an enormous impact on the market. This makes good sense if you consider the impact the Cash for Clunkers tax program had on auto sales this summer. Other local economists feel that this spark is due to the fact that unemployment rates in both MA and NH are statistically much lower then the national average so that the number of qualified home buyers in our marketplace is higher as well.

Whatever the case, the real estate market is hot! As the weather cools and the leaves on the trees are almost gone, I look forward to doing my small part in helping buyers and sellers thrive in what appears to be the best market we’ve seen in years.

Sydney Hirsch
Relocation Specialist/ Seniors Real Estate Specialist
Let 24 years of experience work for you!
413-567-5552 (Direct)
413-847-1303 (Cell)
Visit my website at www.sydneyhirsch.com

Latest October 2009 Home Sales for Longmeadow

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

As the peak selling months and 2009 draw to a close it appears that the number of Longmeadow homes sold in 2009 will be similar to 2008 but ~ 20-25% below the recent peak reached in 2007.

There was some good news as the median price seems to be holding significantly above the low reached earlier this year (~ $320,000 vs. $296,000 in February 2009).

Other highlights of the recent sales data include:

• Median home prices in October ($320,000) are up ~8% from the February 2009 low ($296,000) but down 8.6% from the October 2007 peak ($350,000- see figure 2).
  
  
• Home sales in the month of October were lower than one year ago (10 vs. 17) and 2009 YTD figures are relatively flat vs. 2008 (136 vs. 140, a 3% decrease- see figure 1).
  
  
• 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 greater than one year (see figure 3).
  
  
• 2009 YTD data suggest higher priced homes (>$400K) have been more difficult to sell with only 30 out of 136 homes sold were priced above $400,000.

Figure 1
[click chart to enlarge]

Figure 2
[click chart to enlarge]

Figure 3
[click chart to enlarge]

It does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Western Mass Real Estate Stats

Real estate stats are now in for August and are showing that single family home sales in Western Massachusetts rose 16.7 % in August, 2009, from 431 in August 2008, to 503, according to the Realtor Association of Pioneer Valley.

But the median price fell 5.5% from $210,000 to $198,500, continuing a pattern of strong sales and weak prices.

There were 5.9 months of supply on the market at the current rate of sale in August, compared to 7.8 months of supply a year ago. but the average home is spending longer on the market, 187 days as of 2 months ago, up from 168 days in August 2008, also according to statistics released by the Realtor Association.

Sydney Hirsch

Seniors Real Estate Specialist

Relocation Specialist

Let 25 years of experience work for you!

413-567-5552 Direct

413-847-1303 Cell

http://www.sydneyhirsch.com/

Longmeadow Real Estate Continues to Improve

There was good news this month....both home sales and prices in Longmeadow are increasing!!

Home sales in the month of August were significantly higher than one year ago (19 vs. 12) and YTD figures improved to show an increase vs. 2008 (110 vs. 103, a 7% increase).

[click chart to enlarge]

Median home selling prices in August continued to increase toward the peak reached in October 2007 ($350,000 vs. $335,000 in August). Median home prices in Longmeadow are up 8.1% from August 2008 ($335,000 vs. $310,000).

With an increasing number of homes being sold and the accompanying increase in median home sales prices, it does appear that a bottom may be forming for the Longmeadow real estate market (as well as the rest of the US). This combined with a recovery economy may lead to a more normally functioning real estate market in 2010.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Sales are slowing in Longmeadow

However, there was some good news this month....

• The number of Longmeadow home sales in the January - June 2009 period were significantly higher vs. the corresponding period in 2008 (74 vs. 64). See figure 1 below.
  
• The median sales price in May and June was at the highest level since the peak in October 2007 ($318,500 vs. $350,000) and the continuing trend this year appears to be up. See figure 2 below.

On the negative side...

• There appeared to be a resurgence in home sales during the first four months of 2009 that I wrote about in a posting in early May... possibly due to low mortgage rates... but home sales for the past two months (May/ June) were at the lowest levels in the past 4 years (see figure 1).
  
• The median sales price (average of past 6 months) showed an increase during the past two months to $318,500 but it is still 9.0% lower vs. the peak reached in October 2007 ($318,500 vs. $350,000)- (see figure 2).
  
• 15 out 29 (52%) homes in May/ June were sold at less than the official Town of Longmeadow assessed value (see figure 3). This is very similar to the trend for January - June 2009 with 39 out of 74 (53%) homes selling below the assessed value.
  

Figure 1- Home Sales, Longmeadow, MA
[click chart to enlarge]

Figure 2- Median Sales Price, Longmeadow, MA
[click chart to enlarge]

Figure 3- Sales Price vs. Assessment Value, Longmeadow, MA
[click chart to enlarge]

For the first 6 months of 2009, there were only 5 properties (out of 74 total, 6.8%) sold at prices > $500,000 although there are 27 properties (out of 114, 23.7%) currently listed with MLS. This is probably not surprising given the current difficulties in getting large mortgages.

Home sales in Longmeadow, Massachusetts in 2009 are on track to be higher than 2008 but the recent increase in mortgage interest rates may be slowing down this resurgence. However, it does appear that a bottom may be forming in the Longmeadow real estate market (as well as the rest of the US). This bottoming process combined with a economic recovery may lead to a more normally functioning real estate market in 2010. Let's hope so!

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Some continued good news this month....

Here is the good news...

• The first bargraph below shows that the number of Longmeadow home sales in the January - April 2009 period were significantly higher (up 45%) vs. the corresponding period in 2008 (45 vs. 31).
• April 2009 sales were up 88% from April 2008 (15 vs. 8)
• Longmeadow home sales in April 2009 (15) were at the highest level during the past four years and equal to results for April 2007.

On the negative side...

• Sales for the January - April 2009 period were still significantly lower vs. results for the corresponding January - April periods in 2007 (45 vs. 56).
• The median sales price (average of past 6 months) showed an increase this month to $303,500 but it is still 13.3% lower vs. the peak reached in October 2007 ($303,500 vs. $350,000).

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts.

[click chart 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). The trend of a significant number of homes selling at prices below current assessment value continued in April (6 out of 15). The chart below shows that the median sales price (6 month trailing average) in April 2009 increased to $303,500 but it is still 13.3% lower vs. peak of $350,000 reached in October 2007.

Here is a link to the data for 2006-2009 Real Estate Transactions that were used to develop the above graphs. The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The latest results continue to show that dramatically lower mortgage interest rates, lower home prices (translate --> more affordable) and the upcoming prime home selling/ buying season may be combining to generate a bottom in the real estate market- both in Longmeadow and across the United States.....

Let's hope so!

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Longmeadow Home Sales Are Hanging Tough!

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts. The bargraph below shows that the number of Longmeadow home sales in January-February 2009 period were significantly higher vs. the corresponding period in 2008 (20 vs. 15).

However, sales for the 2009 January/February period were significantly lower vs. results for the corresponding January-February periods in 2007 and 2006 (20 transactions in 2009 vs. 26 in 2007 and 28 in 2006).


[click to enlarge chart]

The above results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

The median sales price has remained relatively constant for the past 11 months but is still 17.0% lower vs. the peak reached in October 2007 ($290,500 vs. $350,000).


[click to enlarge chart]

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

The trend of a significant number of homes selling at prices below current assessment value continued in February (12 out of 20 for the Jan-Feb 2009 time period).

[click to enlarge chart]

Hopefully, with dramatically lower mortgage interest rates and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

Longmeadow home sales are still low compared to prior years

The bargraph below shows that the number of Longmeadow home sales in January 2009 were higher than January 2008 (10 vs. 7) but significantly lower than results for the corresponding January periods in 2007 and 2006 (10 transactions in 2009 vs. 15 in 2007 and 20 in 2006).

[click chart to enlarge]

The median sales price in January did not change vs. the preceding months but was significantly lower (-13.8%) than one year ago ($294,950 vs. $342,250- see chart below).

[click chart to enlarge]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, with dramatically lower mortgage interest rates (near historical lows) and the upcoming prime home selling/ buying season there will a strong rebound in the local and national real estate markets.

Longmeadow FSBO
East Longmeadow FSBO
House for Rent at LongmeadowBiz
Vacation Rentals at LongmeadowBiz

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

A disappointing end to 2008

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

The bargraph below shows that the number of Longmeadow home sales from January through December 2008 were significantly lower (-19.7%) vs. results for the corresponding period in 2007 (159 transactions in 2008 vs. 198 in 2007 and 189 in 2006).

[click to view larger chart]

Median prices dropped in December and the current median sales price ($295,000) was significantly lower (-15.4%) vs. December 2007 ($348,500). This decline in the median sales price is similar to the national average reported by the National association Realtors.

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, the recent sharp declines in home mortgage rates and the new programs by the US Treasury to purchase mortgage backed securities will help stabilize the home real estate market and provide an opportunity for improved results in 2009.

If you are interested in reducing the price of your house by 4-6% to make it more attractive to potential buyers without financial impact to you, try selling your house without the assistance of a realtor by using Longmeadow FSBO.

If your house is vacant because you have not been able to sell it, consider renting it to minimize the maintenance costs (heat, higher home insurance for a vacant house.....). Our House for Rent at LongmeadowBiz has been pretty successful in locating potential tenants.

Longmeadow FSBO

East Longmeadow FSBO

House for Rent at LongmeadowBiz

Latest Longmeadow Home Sales Results

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

The bargraph below shows that the number of Longmeadow home sales from January through November 2008 were significantly lower (-19.5%) vs. results for the corresponding periods in 2007 and 2006 (149 transactions in 2008 vs. 185 in 2007 and 183 in 2006).

[click chart to enlarge]

A bright spot in the latest data is that home sales results for the latest five months (July through November 2008) were equivalent to the same period in 2007 and only slightly lower than that for 2006 (85 transactions vs. 85 and 89).

Median prices remained stable in November (see chart below). However, the current median price ($306,000) is still significantly lower (-12.9%) than the peak reached in September 2007 ($350,000).

[click chart to enlarge]







Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-12 months.

Hopefully, all of the recent activity in Washington about reducing mortgage rates and helping stem the large increases in foreclosures will finally bring a bottom to this difficult real estate market.

Longmeadow Home Sales- October 2008

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

The bargraph below shows that the number of Longmeadow home sales from January through October 2008 were significantly lower (-21.8%) vs. results for the corresponding periods in 2007 and 2006 (140 transactions in 2008 vs. 179 in 2007 and 172 in 2006).

One bright spot is that home sales results for the latest four months (July through October) were only slightly lower (-3.8%) than the corresponding periods in 2007 and 2006 (76 transactions in 2008 vs. 79 in 2007 and 78 in 2006).


[click to view larger chart]

As shown in the chart below median prices declined in October to $305,000 from $315,000 in September. The latest sales data showed that 12 out of 17 homes were sold this month below the median price (Keep in mind that the calculated median prices are trailing 6 month results.) This change in median price was a significant decrease (-12.9%) from last year's peak ($350,000) and the data is similar to the national trend. In addition, 10 out of 17 homes were sold below the current Longmeadow assessment value.

[click to view larger chart]

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

All of the home sales data for these charts can be found at the Longmeadow-FSBO website.

September Home Sales in Longmeadow

Shown below are a series of charts summarizing recent single family home sales in Longmeadow, Massachusetts for the month of September 2008. These results include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website. The bargraph below shows that the number of Longmeadow home sales from January through September 2008 were significantly lower (-23.6%) vs. results for the corresponding periods in 2007 and 2006 (123 transactions in 2008 vs. 161 in 2007 and 157 in 2006). These results are not surprising given the current national housing and mortgage crisis.

[click to view larger chart]

However, there is some good news in the latest results!

September 2008 home sales results were significantly higher vs. August 2008 (20 vs 12) as well as one year ago results (20 vs. 14). In addition, home sales for the past 2 out of 3 months were higher than the comparable period last year.

Another bright spot with these latest results is the continuing stability and significant increase in the median sales price since May 2008 (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market.

[click to view larger chart]

Current sales prices are ~ 4.5% lower than one year ago.

Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow remained at ~ 10-11 months.

If you are looking to sell your home, consider using our Longmeadow-FSBO service as part of your plan.... or if you have decided to wait until prices have stabilized and the real estate market has improved, try renting your empty home at LongmeadowBiz- House for Rent. If you are looking for a new home (to purchase or rent) check both of these webpages for some great values.

Disappointing August Longmeadow Home Sales

July’s upbeat sales report now contrasts dramatically with poor results in August suggesting that the rebound in Longmeadow real estate sales is still some time away.



[click chart to enlarge]

The above barchart shows that the number of Longmeadow home sales from January through August 2008 was much lower (-30.0%) vs. results for the corresponding periods in 2007 and 2006 (103 transactions in 2008 vs. 147 in 2007 and 140 in 2006).

In particular August home sales results were significantly lower vs. July 2008 (12 vs 27) as well as compared to August 2007 results (12 vs. 29). Current home inventory and sales figures indicate the average "time to sell" a home in Longmeadow has increased to ~ 10-11 months.

The only bright spot with these latest results is the continuing stability and slight increase in the median sales price for the past four months (see below) suggesting that we may be seeing a bottom forming for Longmeadow real estate market. The chart below shows that the median sales price (6 month trailing average) for homes sold during the past four months have stabilized at ~ $305,000 but it is ~ 13% lower than the peak value ($350,000) reached in September 2007.

Here is a link to the data for 2006-2007-2008 Real Estate Transactions that were used to develop the above graphs.

Pending US Home Sales for June Increase 5.3%

The National Association of Realtors just announced that the number of pending sales of existing homes (adjusted for seasonal variations) increased by 5.3% in June (as compared to May). The "pending sales" number is viewed by many experts as a leading indicator of future home sales so this latest figure is very encouraging that the US housing crisis may be at the beginning of a bottoming process. Here is a link to an AP story on this announcement.

A previous post on this blog about pending sales for Longmeadow in May showed a healthy number (33) which was a good forecast of the latest July results.

The encouraging Longmeadow home sales report for July that I posted earlier this week looks like it may be part of a national trend.

Longmeadow Foreclosures Are Increasing- Part II

My recent post on this subject- "Longmeadow Foreclosures are Increasing" had the right title but the posted data was not accurate.

A second visit to the Hampden County Register of Deeds website found a summary of foreclosures by town for the FY2008 (ending 6/30/08) . Below is the data for Longmeadow as compared to East Longmeadow and Wilbraham.













Source: Hampden County Register of Deeds website.
Here is a link to the July 2008 summary written by Donald E. Ashe, Hampden County Register of Deeds

The reported increase in the number of foreclosures in Longmeadow is still a very low percentage of the total number of homes (8 out of 5500 = 0.15%) and should not be a concern to Longmeadow homeowners worried about their property values.

Some Good News for Longmeadow Real Estate

“Home Prices Fell in 23 of 25 U.S. Metro Areas in May”
“Paulson Says Stimulus Worked, But Housing Still Correcting”
“US Housing Prices: When's the Bottom?”
“Worst Residential Real Estate Market Since Man First Walked on the Moon!”
“Housing relief bill unlikely to help those in most trouble”

The theme of continuing gloom and doom in the above news headlines continued to dominate the news media this past week and if you are trying to sell a house in this environment, it can get pretty depressing.

There is some good news in the latest July sales results for Longmeadow.

As shown in the chart below the number of Longmeadow home sales increased dramatically to 27 in July from 16 in June. Comparison of July results from one year ago also showed much stronger home sales results (27 vs. 18). However, because of the weak results for the first six months of 2008, 2008 YTD results are still down 23% vs. 2007 YTD results.

[click to enlarge]

As shown in the chart below there are some encouraging signs on median prices where for the fourth consecutive month the median sales price remained stable at ~ $300,000.














[click to enlarge]

Some housing experts have indicated that the first signs of a bottom in the housing crisis will be price stabilization and increased home sales. In Longmeadow, it appears that this is happening…. Hopefully, this is the beginning of the return of some normalcy to our local real estate market.

Stay tuned for further developments by visiting Real Estate Buzz at LongmeadowBiz.