I subscribe to Steve Harney’s Keeping Current Matters to stay informed of the latest real estate forecasts and trends. In the March addition, Steve quotes a number of sources with predictions of what to expect for the remainder of 2010.
For instance, Moody’s predicts that prices will bottom in the fourth quarter but only after a sharp decline. “Prices will decline an additional 8% from the fourth quarter of last year to the bottom in the fourth quarter of this year.”
Zillow’s Chief Economist, Stan Humphries predicts bottom by mid year but isn’t very optimistic beyond that. “While the next few months are likely to bring further home value declines in most markets, we do expect to see a national bottom in home prices by the middle of this year. Thereafter, home values are likely to bounce along the bottom with real appreciation remaining negligible for some time."
The reason for pessimism among the experts seems partly due to the “shadow inventory” of foreclosures which eventually will be released into the market place . In the Town of Ledyard alone, there are 22 bank owned properties and 38 homes described as in pre-foreclosure.
As far as Ledyard Real Estate, last week was a big disappointment. There were 13 new listings and no new pending sales, so the number of homes on the market took a big jump. In 2010 there have only been 13 closed sales in Ledyard, with a median price of $218,000.
Ledyard Real Estate - March 14, 2010
Number of Ledyard Homes Currently for Sale: 117
Last week there were 106 active listings in Ledyard.
Number of Ledyard Homes Currently Pending: 11
Number of Homes Sold in 2010: 16
There were 149 residential home sales in Ledyard in 2009.
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.
The highest priced home to sell in 2009 & 2010: $385,000
Source of chart: Keeping Current Matters
Listing and sales reported by the members of the Connecticut Multiple Listing Serve, Inc and may not represent all sales.
Information deemed reliable but not guaranteed.
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