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!

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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!

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Some improvement in March sales

Here's the good news.....

The bargraph below shows that the number of Longmeadow home sales in January-March 2009 period were significantly higher vs. the corresponding period in 2008 (30 vs. 23). However, sales for the January- March 2009 period were still significantly lower vs. results for the corresponding January - March periods in 2007 and 2006 (30 transactions in 2009 vs. 37 in 2007 and 41 in 2006).

[click chart to enlarge]

Now the bad news....

The median sales price continues to decrease and is 19.3% lower vs. the peak reached in October 2007 ($282,500 vs. $350,000).

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 March (18 out of 30 for the January - March 2009 time period).

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 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