It bears repeating, the number of home sales continues to bring really good news for Ledyard Real Estate. There were 28 closed sales in June! For the first 6 months of 2016, there were 109 home sales compared to 96 in 2015. The median price however has dropped from $198,000 to $184.000 but could prices be increasing soon?
Typical for this time of year, the number of pending sales has dropped from 40 last month to a current total of 34 as we move from our spring market to a summer market. There were only 14 pending sales reported in June but more than half of those were listed above $299,900. Could this be the good news sellers have been waiting for?
While our summer market is traditionally slower than spring, there will still be buyers looking to find a home and close before schools begins. August is always a slow month but September and October typically bounce back stronger.
Real Estate News
Although the "experts" keep talking about interest rates rising this year, Interest rates are once again near all time lows. You can even find 15 year rates under 3%. If you are looking to buy or refinance, now would be a good time to jump in.
On the Market
Inventory dropped this month (good news for sellers). There are currently 113 single family homes on the market. The median list price is $260,000. There were 29 new listings reported in May. We are very close to a balanced market which would indicate that prices should start rising. Good news for sure but in the chart below you can see we are a long way from our peak.
Current Pending Sales
There are currently 34 pending listings with a median list price of $222,000. There were 14 new pending listings in June with a median list price of $294,000.
There are currently 23 pending but "Show for Backup" with a median list price of $199,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are currently 109 closed sales in Ledyard with a median sales price of $185,000.
There were 28 closed listings in June.
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 109 homes that have closed 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.
Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.