Ledyard Real Estate Update

Ledyard Real Estate update

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. 

Closed Sales

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

 1 - 2015 Ledyard Home Sales

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.


Do you live in one of these Ledyard homes?

If you live in the Pheasant Run or Chriswood Trace subdivision, it is very likely you have a home with one of the following floor plans. I was fortunately to represent the builder, Harry Morgan on these new construction homes for about 20 years and I often use these sketches when marketing one of these homes today.  In addition to these plans, the builder constructed many raised ranches and a few ranches. I even convinced him once to build a cape on Osprey Drive which was affectionately called Linda’s Cape since it didn’t sell right away.

The builder’s favorite floor plan was the Candlewood. It changed over the years and the last of these homes built had 4 levels which included a full basement.  My favorite was the Contemporary Saltbox. Although it only had 3 bedrooms, I loved the high ceilings and open floor plan.  The Woodstock seemed to be a client favorite mainly because of the large master bedroom suite.  Because I know each of these floor plans and the amenities quite well, I’d be the perfect real estate agent to market your home!

 

the Woodstock

the Hampton

The Winthrop

the Contemporary Saltbox

the Candlewood

The Colonial

the Nantucket

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.


Ledyard Emergency Management

Emergency Preparedness Reminder from Ledyard Emergency Management:

The State of Connecticut has made potassium iodide (KI) tablets available to residents and workers within the 10-mile emergency planning zone (EPZ) around Millstone Power Station in Waterford, CT. The affected communities in Ledyard are in the South West corner bordered by Whalehead Road to Sandy Hollow Road, South to the Groton Town line.

What is potassium iodide (KI)?

Potassium iodide, also known as KI, is a form of iodine. KI helps protect your thyroid gland when there is a chance you might be exposed to a harmful amount of radioactive iodine. Taking KI saturates the thyroid with harmless iodine and prevents radioactive iodine from being absorbed.

If it is determined that a release of radioactive iodine has occurred, State officials will advise the general public to take KI in conjunction with a protective action such as evacuation or taking shelter. The means for disseminating this information will be through the Emergency Alert System (EAS) Radio and TV stations.

To read more about the KI program and Millstone Station emergency preparedness click here:

http://www.ct.gov/demhs/cwp/view.asp?a=1929&q=287964

Where can I pick KI up?

Ledyard Regional Nursing in the Town Hall.  Monday to Friday 9am to 4pm.

Ledyard Police Lorenz Drive. Any Time

Ledyard Senior Center. Monday to Friday 9am to 2pm.

Please note: During an emergency, KI will only be available at your host community reception center

Russell Shaw

Emergency Management Director

Millstone Emergency


Town of Ledyard Budget Season Underway

And so it begins. It is budget season in Ledyard and the next 90 days will be packed with meetings. On March 2nd at 5:00PM in the Town Hall Annex, the Ledyard Board of Education will present their budget to the Ledyard Town Council Finance Committee. During the following two weeks, the committee reviews the mayor's budget and meets with each of the department heads in a series of workshops. These meetings are scheduled for over 12 hours as the committee looks at each individual budget line by line. I rarely miss even an hour of these meetings as it is an excellent way to get a good understanding of how Ledyard government operates. The Town Budget will be available and transparent and taxpayers who have an interest can follow the money. 

Ledyard Town HallThe Public Hearing which includes both the Town and Board of Educations budgets will be held on April 11th at 7:00PM in the Ledyard High School Auditorium. Up to date budget information will be provided prior to the meeting online at www.OpenLedyard.com as well as in a handout at the hearing. The Public Hearing is the time for residents and property owners to voice their opinion. My best advice is to keep your remarks on target and brief. You are limited to 2-3 minutes. (I tap the gavel at 3.)

The Town Council finalizes the budget on April 27th and the Annual Town Meeting is scheduled for May 16th at 7:30PM in the Ledyard High School auditorium.  What was once a real New England Town Meeting where the budget was actually voted on, it is now a rather meaningless but less contentious event.  Most who show up have already made up their minds and know how they plan to vote at the referendum scheduled for the following day.

There are many opportunities to learn about how your tax dollars are spent and several ways to participate. Questions and comments are encouraged at meetings with the exception of workshops but all meetings are open to the public. You can also send emails to the Town Council at Council@LedyardCT.org and the Board of Education at BOE@Ledyard.net .  Individual Town Councilor emails are also available at the Town Council Portal.

It has become clear to me that many people are frustrated with government at all levels.  Learn and participate. Offer ideas. This is your opportunity to be heard.

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.


Ledyard Photo Friday

I have a small stream that runs behind my home and the deer seem to enjoy it. Occasionally they will also feast on my plants. Although I’m not thrilled about their dinner selections, I do enjoy seeing them and these two came just in time for Ledyard Photo Friday. Although I took the photo through my window, I believe you will get the picture!

deer


New London County Real Estate

This report of Single Family Home Sales in New London County is generated by the 10th of each month with information from the previous month.  It includes new listings, pending and closed sales in New London County for the month of January.  What’s up and what's down from a year ago?  The number of closed sales Year to date (YTD)  in New London County is up 60% from a year ago and the number of new pending sales is up over 12%. The median sold price of single family homes is down 1%.  The number of active listings (1718) is almost identical to a year ago. Please note that percentages will vary from town to town.

For a complete (and easier to read) New London County Real Estate report including condos and single families click on the photo below. 

 

New London County 2-10-2015

Copyright © 2016 RealEstate Business Intelligence, LLC. All Rights Reserved.
Data Source: CoreLogic. Statistics calculated December 08, 2015.

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.


Home Ownership in Eastern CT

Major financial institutions including Fannie Mae and Freddie Mac as well as the Mortgage Bankers Association and the National Association of Realtors predict mortgage interest rates will rise throughout 2016 and 2017.

February2016 - Mortage Rate Projections

 

Even if mortgage rates rise, there is still an advantage to home ownership.  As an example, let’s say that you wanted to keep your mortgage payment  ( principal and interest) to about $1000. Look at the advantage you have by buying a house now versus fifteen or thirty years ago.  The mortgage payment you pay today is the same but you can afford double the home price.  And another way to look at things is that despite higher interest rates, Ralph McLaughlin, the chief economist at Trulia,was quoted as saying “In many markets, mortgage rates would have to be seven, eight, nine, or even 10% for the cost of owning to roughly equate to the cost of renting.”

February2016-Interest Rate Difference


Ledyard Photo Friday

From my seat (literally) on the Ledyard Town Council – On Wednesday night  Ledyard Mayor Mike Finkelstein presented a proclamation from the Town of Ledyard to Connecticut State Police Sergeant Jeff McDermott, who served as Ledyard's Resident State Trooper for three years leading up to the establishment of the Ledyard Police Department as an independent municipal police department. SGT McDermott served the town with professionalism and honor. He has been reassigned by the State Police to serve in East Lyme as its Resident Trooper. Thank you and congratulations Sergeant McDermott.

Police Sergeant Jeff McDermott


Ledyard Real Estate News - Just the Facts

SnowyTreesThere are currently 106 single family homes in Ledyard on the market with a median list price of $252,000. There were 29 new listings reported in January, an unusually high number, but sellers often relist homes that didn't sell for a fresh start in the new year.  There are currently 18 pending listings with a median list price of $176,500 and 11 pending but "Show for Backup" with a median list price of 259,900. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

There are  18 closed sales in Ledyard so far in 2016 with a median sales price of $197,400. There were 16 closed sales during the month of January.

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 110 homes that closed in the past 6 months is $209,500

1 - 2015 Ledyard Home Sales

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.


Ledyard Photo Friday

It was supposed to be just a little snow.  As I write this 49% of the Town of Ledyard is without power as about 6 inches of heavy wet snow has fallen and tree limbs are blocking roads around town.  I’m one of the lucky half that has power. This is an excellent example of why it is important to be prepared in general. This storm wasn’t predicted just a few days ago and even yesterday it didn’t look like much on the weather maps. We will be talking about this nameless storm for quite awhile.

Surprise snowstorm 2016