When I wrote my last monthl Ledyard Real Estate Report, about 74% of our residents were without power. A month later and it feels like spring with 10 days of mild weather in the forecast.
While the number of sales is heading in the right direction for 2016, real estate prices remain flat even with historically low interest rates. In addition, 12% of Ledyard's current active listings are "distressed" properties, either bank owned or short sales. These sales are generally sold below market value and certainly contributes to our lower price average. As you can see in the chart below, anyone who purchased their Ledyard home since 2003 has continued to lose equity.
Despite the bad news, homes in excellent condition which are priced favorably are selling quickly and sometimes with multiple offers. AND at least the weather is cooperating!
Real Estate News
By now, you have received your revaluation in the mail from the Town of Ledyard. The average assessment in the town went down by 6%. It appears that only a small number of residents challenged their assessments. As always, if you have any questions, please feel free to contact me.
On the Market
There are currently 103 single family homes on the market with a median list price of $249,000, a slight drop in inventory from a month ago. There were 15 new listings reported in February
Current Pending Sales
There are currently 27 pending listings with a median list price of $180,000. Although the median list price is low, the number of pending listings is very encouraging.
There are currently 13 pending but "Show for Backup" with a median list price of $180,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
There are a total of 31 closed sales in Ledyard with a median sales price of $205,000. 11 of those sales closed in February.
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 99 homes that have closed
in the past 6 months is $200,000
Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales.
Information deemed reliable but not guaranteed.
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.
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.