The number of home sales continues to bring really good news for Ledyard Real Estate but Ledyard Home Prices are not keeping up with that pace. The median price of the 103 homes that have sold in the past 6 months is a dismal $185,000. While there is a robust 40 pending sales, the median listing price of those is only $194,500.
The $150,000 - $200,000 price range remains the most active and the number of distressed (short sales and foreclosures) listings and sales continues to be troubling. Of course, if you are a buyer, this is all really good news as there are certainly bargains to be had.
Ironically the median price range of homes on the market is the highest I have seen it in years at $294,900. This is primarily due to a large number of new homes under construction.
On the Market
There are currently 124 single family homes on the market - an almost 20 percent increase since April. The median list price is $294,900. There were 33 new listings reported in May.
Current Pending Sales
There are currently 40 pending listings with a median list price of $194,500. There were 23 new pending listings in May with a median list price of $190,000. There are currently 19 pending but "Show for Backup" with a median list price of $180,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are currently 81 closed sales in Ledyard with a median sales price of $196,000. There were 21 closed listings in May. One year ago, we had 67 closed sales with a median price of only $186,500 so the first half of 2016 offers some good but not great news. While it is useful to follow month by month, a 6 month trend is a better indicator of market conditions. The median price of the 103 homes that have closed in the past 6 months is $185,000 (Trending down.)
The median price of the 103 homes that have sold in the past 6 months is $185,000
Data to Consider
This LINK will take you to New London County Market Statistics by Town, including Ledyard as prepared by the Eastern CT Association of Realtors using sales reported by the members of the Connecticut Multiple Listing Service.
About the author: Linda Davis has been a licensed real estate agent in Ledyard CT for over 35 years. She has a long history of community service and currently serves as Chairman/Deputy Mayor of the Ledyard Town Council. Linda is the administer of the popular Ledyard Community Forum on Facebook and also teaches and speaks on technology, mostly for beginners. Linda can help with homes for sale in Ledyard as well as homes for sale in Eastern CT including, Groton, Mystic, Stonington, Norwich, Montville, New London, East Lyme, or Waterford.