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.

2009 Highlights

• The full year 2009 results show that the number of houses sold in Longmeadow was 3.8% higher than 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 value continuing a trend that has been in place for the past two years (see figure 2). For all of 2009 ~ 55% of the home (90 out of 165) were sold below the current assessed value.

• 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.)

Despite the 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).  These results combined with a recovery in the economy may lead to a more normally functioning real estate market in 2010.  Let's hope so!

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 were compared to the new FY2010 assessed values which are based upon estimated market prices as of January 1, 2009.