The good news continues. Pending sales reached 38 sales in October, the highest number of "pendings" since June. This follows 36 pending sales in September.
It's a repeat of last month as October continues the good news from September and the median sales price eeks slowly higher and the number of active listings drops to the lowest level since January. For those that missed this last month - I have hoped to say this for a long time but I believe our buyer's market has ended in Ledyard! If the trend continues we may find ourselves in a seller's market next spring. For now, I will cautiously say that since we have less than 6 months of inventory, we are in a balanced market* Keep in mind that certain price ranges do sell quicker than others.
*Real estate professionals agree that a 6 month supply of inventory is a balanced market where neither the buyer or the seller holds the advantage. As inventory drops to a 5 month supply, buyers will have fewer homes to choose from, causing prices to rise.
On the Market
Inventory dropped slightly in August and again in September and October. In fact, inventory is at the lowest level since January (good news for sellers). There are currently 102 single family homes on the market. The median list price is $271,000. There were 24 new or back on the market listings reported in October. Having shifted from a buyer's market to a balanced market, we are beginning to see a small increase in prices.
Current Pending Sales
There are currently 38 pending listings with a median list price of $200,000.
There are currently 15 pending sales but "Show for Backup" with a median list price of $190,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are currently 205 closed sales in Ledyard with a median sales price of $210,000.
There were 19 closed listings in October.
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 143 homes that have closed in the past 6 months is $210,000. This number is trending up and exceeds the median sold price in 2015!
The median price of the 143 homes that have sold in the past 6 months is $210,000.
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.
Photo of 8 Whalehead Road in Gales Ferry