2012 Longmeadow Real Estate Results

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the January - December 2012 period include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

Highlights
Longmeadow home sales in 2012 were the highest since 2007 when the current real estate decline began.

• There were 190 home sales in 2012 vs. 146 in the year earlier period- a 30% increase (see figure 1 below).
  
• In addition, home sales in December (21) were the highest total since the current housing downturn began and 110% higher vs. December 2011 (10).

However, further examination of the recent data shows the continuation of some troubling trends…      

• Median prices appear to have stabilized at ~ $270,000 after reaching a low point in May 2012 at ~ $244,000.  The median sales price (6 month trailing average) for December 2012 was $269,900 as compared to $312,000 one year ago (13.5% lower) - see figure 2 below.
  
  The median sales price for all of 2012 was $267,000 vs. $315,000 for all of 2011- a 13.5% decline.  This latest median sales price was 21% lower than the peak reached in 2006 ($339,000) (see figure 3 below).
  
  
• In 2012, 64% of the homes (121 out of 190) were sold below the current official assessed value.  26 homes were sold at prices more than $100,000 below the assessed value.
  
  In 2011, 48% of the homes (70 out of 146) were sold below the assessment value (see figure 4 below).
  
  2012 was particularly noteworthy with regard to sales price vs. assessed value where the total sales value was 8.6% lower than the total assessed value.  Since 2008 this difference has averaged less than 1% difference (see Table I below).
   
• In 2012 there were only 29 homes (out of 190) that sold at a price of $400K or higher. Currently, Realtor.com has ~ 50% of the MLS listed Longmeadow homes for sale at prices greater than $400K.

Historically low mortgage interest rates and attractive prices continue to help the Longmeadow real estate market gain some momentum with the number of 2012 sales being the highest since 2007. Prices continue to remain soft with the large majority of homes being sold priced less than $400K.

Many real estate markets across the country have shown strength in 2012.  Hopefully, employment will increase and consumer confidence will continue to improve so that the housing market can become more normalized.

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Figure 1
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Figure 2
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Figure 3
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Figure 4
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Table I- Total Sales vs. Corresponding Total Assessed Value

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Here is a link to the data for 2006-2012 Real Estate Transactions that were used to develop the above graphs.

Longmeadow FSBO

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2012- Best Home Sales Year Since 2007

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results for the January - November 2012 period include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

Highlights
Encouraging home sales results in Longmeadow continued through November following the trend set earlier this yeear...

• There were 169 home sales in the January - November 2012 period vs. 133 in the year earlier period- a 24% increase (see figure 1 below).
  
• The number of home sales in Longmeadow for the latest January - November  period (169) was the highest total since 2007 (see figure 1 below).
• Home sales in 2012 are positioned to become the highest total since 2007 when the current housing downturn began.

However, further examination of the recent data shows the continuation of some troubling trends…      

• Median prices appear to have stabilized at ~ $280,000 after reaching a low point in May at ~ $244,000.  The median sales price (6 month trailing average) for November 2012 was $280,000 as compared to $330,000 one year ago (15.2% lower) and $315,000 for all of 2011.  This latest median sales price was 20% lower than the peak reached in September 2007 ($350,000) (see figure 2 below).
• For the first 11 months of 2012, 65% of the homes (110 out of 169) were sold below the current assessment value. For the last 3 months (Sept - Nov period), 62% of the homes (30 out of 48) were sold below the current assessment value.  In 2011, 48% of the homes (70 out of 146) were sold below the assessment value (see figure 3 below).
• So far in 2012 there were only 25 homes (out of 169) that sold at a price of $400K or higher.

Historically low mortgage interest rates and attractive prices continue to help the Longmeadow real estate market gain some momentum with the number of 2012 sales positioned to be highest since 2007. Prices continue to remain soft with the large majority of homes being sold priced less than $400K.

Many real estate markets across the country have shown strength in 2012.  Hopefully, employment will increase and consumer confidence will continue to improve so that the housing market can become more normalized.

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Figure 1
(click chart to enlarge)

Figure 2

Figure 3

Here is a link to the data for 2006-2012 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 Community Website

Encouraging Home Sales Continued in August

Shown below are a series of charts summarizing the latest single family home sales for Longmeadow, Massachusetts.  These latest results from January - August 2012 include both MLS and FSBO transactions and are based upon public information obtained from the Hampden County Registrar of Deeds website.

Highlights

Encouraging results for home sales in Longmeadow continued into August following the trends set earlier this summer...

• There were 19 home sales in August 2012 vs. 13 in the year earlier period- a 46% increase (see figure 1 below).
  
• The number of home sales in Longmeadow for the latest May - August  period (82) was 44% higher as compared to the same period in 2011 (57) and the highest 4 month total since 2007 (see figure 1 below).

However, recent data shows the continuation of some troubling trends observed last month…      

• Median prices showed a steep decline in the Jan - August 2012 period from corresponding results in 2011. The median sales price (6 month trailing average) for August 2012 was $272,000 as compared to $315,500 one year ago (14% lower) and $315,000 for all of 2011.  This latest median sales price was 22% lower than the peak reached in September 2007 ($350,000).  See figures 2 and 3 below.
• 14 out of 19 homes sold in August (74%) were at prices below the official assessment value. For the first 8 months of 2012, 66% of the home sold (80 out of 121) were at prices below the official assessment value.  See figure 3 below.
• Total value of homes sold in July was $5.34 million vs. an assessed value of $5.76 million- a difference of 7.2%.  For the first 8 months of 2012 the total value was $37.0 million vs. $40.6 million for the year earlier period- a difference of 8.9%.
• In August 2012 there were only 2 homes sold at a price of $400K or higher.

Historically low mortgage interest rates and attractive prices appear to be helping the Longmeadow real estate market gain some momentum.    Many real estate markets across the country have shown similar strength recently.  Hopefully, employment will increase and consumer confidence will soon improve so that the housing market can become more normalized.

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Figure 1- Monthly Home Sales- 2006- 2012

Figure 2: Median Sales Prices

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: Sales Price vs. Assessment Value

Here is a link to the data for 2006-2012 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