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.

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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.

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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.

Longmeadow- One of the Top Ten Places to Retire

Longmeadow was selected this week as one of the "Top 10 Healthiest Places to Retire" by the online version of the US News and World Report.Selection criteria was as follows:"These are places way ahead of the healthy living curve—they provide numerous places to exercise, promote strong social support, and encourage healthy lifestyle habits. And each has a little something extra, too."

Read the full story on Longmeadow and don't miss the photo gallery ....

Some good news for buyers and sellers!

In the past week there was a federal bailout of Fannie Mae and Freddie Mac suggesting that the mortgage market was in serious condition. If you listen to the “talking heads” on the cable news programs, they would have you believe that the US banking system is in serious jeopardy of systemic failure. It was also reported this past week that another investment bank- Lehman Brothers was in deep financial distress… again threatening the viability of the US banking system.

No wonder the average person hasn’t got a clue as to what to do next. If you were thinking about buying a house and have good credit, you are probably sitting on the fence regarding the purchase given all of the uncertainty in the economy and the mortgage market. In some cases, you may have been unable to qualify for a mortgage given that banks have dramatically tightened up their standards.

If you have been trying to sell your house and it has been on the market for more than 6 months, you are probably getting pretty discouraged and very concerned about what to do next.



The article in today’s Springfield Republican reported that mortgage rates have dropped significantly (from 6.00 – 5.75%) in the past week as a result of the Fannie Mae/ Freddie Mac bailout and are expected to go lower. Local real estate agents have reported an increase number of phone calls and mortgage applications this past week.




There is a new feature on the Real Estate Buzz at LongmeadowBiz blog that tracks mortgage rates. If you are looking for a home, keep an eye on these rates because a lower mortgage rate will result in a significant drop in monthly payments and help improve the “affordability” of homes up for sale.

The drop in mortgage rates is good news for both buyers and sellers.