These lovely roses are from our upcoming listing in the Sablewoods Subdivision in Ledyard. This special home will be on the market during the first week of September and I wanted to be sure to have a photo of these beauties since September will bring a new season and new colors to the magnificent yard! Call me if you are looking for a home in this area.
Last month I asked the question, could Ledyard prices be increasing soon? My answer this month is I think we may be seeing a very positive trend in that direction. No, not a return to 2005 prices but perhaps a solid increase over last year. Our pending sales report appears to offer a precursor to good news. While the number of pending sales has dropped to 31 from a high of 40 in May, the 15 pending sales reported in July had a median price of $269,900. Yes, this could be the good news sellers have been waiting for.
While our summer market is traditionally slower than spring, there will still be buyers in every season. 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 stayed about the same this month (good news for sellers). There are currently 115 single family homes on the market. The median list price is $284,000. There were 25 new listings reported in July, seven were new construction homes in the Via Verde Subdivision off RT 214 in Ledyard. We are very close to a balanced market which would indicate that prices should start rising. You can see in the chart below, we are a long way from our peak, this is extremely good news for a change.
Current Pending Sales
Pending sales exhibit the best news as far as home prices! There are currently 31 pending listings with a median list price of $275,900!! There were 15 new pending listings in June with a median list price of $269.900. These are the highest reported pending prices for the year!
There are currently 17 pending but "Show for Backup" with a median list price of $219,900. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are currently 139 closed sales in Ledyard with a median sales price of $196,000. There were 25 closed listings in July.
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 125 homes that have closed in the past 6 months is $196,500. Although this has not reached our 2015 median closed price, this number should begin trending up as a result of higher closed sale prices. (Note pending report.)
The median price of the 125 homes that have sold in the past 6 months is $196,500
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.