Last month, the federal government entered into a $25 billion dollar agreement with 5 banks and 49 states concerning the foreclosure process.
How will it impact Connecticut? I have a huge concern about the backed up inventory that has been accumulating while the banks waited out the terms of this agreement. In the industry, those homes are known as "shadow inventory." Shadow Inventory is defined as homes 90 Days delinquent on the mortgage, homes owned by banks but not yet ready for sale, and homes in the foreclosure process.
Connecticut is one of the worst states in terms of this inventory as seen in the graphic below.
Graphic from the Keeping Current Matters Blog.
Some homeowners will be able to take advantage of the relief and refinancing term programs that come with the settlement but If you are a seller, or thinking of selling, it may be important to get your home sold before this inventory makes it's way to the marketplace.
You can read all the details of the settlement on the National Mortgage Settlement Act Website.
Below you will find a link to Ledyard Real Estate statistics provided by Real Market Reports. This report includes all Ledyard Home Sales as reported to the Connecticut Multiple Listing Service during the past 6 months.
On March 18th, Ledyard Real Market Reports show a total of 56 contracts have closed in the last 6 months with an average sold price of $206,751 and average days on market of 102. The average list price (asking price) of homes currently on the market is $269,451
The $200,000 - $250,000 price range contains the highest # of sold listings during the past 6 months. A total of 73 listings have expired in that same time period. The $250,000 - $300,000 price range has the highest number of expired listings at 18 properties. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time.
Number of Homes Sold in 2012 - 32
127 residential homes sold in Ledyard in 2011.
139 residential homes sold in Ledyard in 2010.
149 residential homes sold in Ledyard in 2009.
143 residential homes sold in Ledyard in 2008.
213 residential homes sold in Ledyard in 2007.
The highest priced home to sell in 2012: $348,000
There were 7 new listings, 3 pending sales and 6 closed sales reported in the past 7 days.
Listings and sales reported by the members of the CT Multiple Listing Service, Inc and may not represent all sales.
Information deemed reliable but not guaranteed.