I'm hoping that when we look back on Ledyard Real Estate in 2016, we can say that August was the month when we turned the corner. Both the average and the median sales price have finally crossed the $200,000 mark and there were 6 homes which closed in August priced over $300,000. A home at 43 Pheasant Run Drive on 10 acres closed at $409,000, the highest price of the year.
August is typically a slow month but not in 2016. We had 17 pending sales with a median sales price of $234,900. September and October are usually solid months so we should have more good news coming up.
On the Market
Inventory dropped slightly in August. (good news for sellers). There are currently 109 single family homes on the market. The median list price is $255,000. There were 24 new or back on the market listings reported in August. I am ready to report that we have shifted from a buyer's market to a balanced market which would indicate that prices should start rising.
Current Pending Sales
There are currently 29 pending listings with a median list price of $234,900. There were 17 new pending sales reported in August with a median list price of $265,000.
There are currently 20 pending but "Show for Backup" with a median list price of $209,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are currently 167 closed sales in Ledyard with a median sales price of $203,000. There were 28 closed listings in August.
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 138 homes that have closed in the past 6 months is $202,000. This number is trending up and now (Finally) exceeds the median sold price in 2015!
The median price of the 138 homes that have sold in the past 6 months is $202,000.
Real Estate News
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Data to Consider
This LINK will take you to 2015 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.