As expected, the last two weeks of August and through Labor Day were slow for real estate in Ledyard as back to school and final vacations seemed to occupy the minds of buyers in the area. Now that Labor Day is behind us, September and October should be steady as far as real estate activity.
Inventory dropped back to only 77 active listings, still quite low compared to a year ago when there were 109 Ledyard homes on the market. Continued good news for sellers, the 171 closed sales in 2017 have a median sold price of $233,000 a significant increase over the median closed price in 2016 of $204,900. Of course, this is still much lower than our peak years of 2005-2007 when the median price was over $270,000.
The high end market in Ledyard could be described as homes in the upper $300,000 range as only 4 homes have closed over $400,000. The two highest priced homes to have closed this year in Ledyard were on Red Brook Lane and closed at $440,000 and $450,000.
With inventory still low, I expect an excellent fall market. Traditionally September and October are good months but I expect this year we might be even better.
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On the Market
On September 4th, there were 77 single family homes on the market In Ledyard with a median price of $269,900. Inventory remains low and buyers don't have a big selection in certain price ranges. There are only 11 homes listed under $200,000 throughout Ledyard.
The home pictured above is a lovely listing located at 7 Whippoorwill Drive in the Pheasant Run Neighborhood of Gales Ferry.
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Current Pending Sales
There are currently 23 pending listings with a median list price of $219,000.
There are 12 pending sales but "Show for Backup" with a median list price of $264,700. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
This combined total of 35 pending sales is a drop from a month ago but not unusual during the summer market.
In 2016, there were 247 closed sales in Ledyard with a median sales price of $204,000.
2017 offers positive news with 171 closed sales to date in Ledyard with a median sales price of $233,000.
There were 21 Ledyard closed sales in August with a median sales price of $212,000.
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 141 homes that have closed in the past 6 months is $235,000
Listings and sales reported by members of the CTMLS, Inc and may not represent all sales.
Information deemed reliable but not guaranteed.