I've been creating Ledyard State of the Market reports for over 20 years and there is no question that 2015 has been one of the more challenging years in real estate. The median selling price of the 184 single family homes sold in Ledyard dropped 7½ % from $219,750 in 2014 to $203,500 in 2015, the lowest median price seen since 2002. A startling statistic - 20% of home sales in Ledyard in 2015 were “short sale” or bank owned properties due to foreclosure.
2015 created the perfect storm for buyers with good inventory and record low interest rates but while the market favored buyers they felt no pressure to make quick decisions. Negative economic reports dominated Connecticut news with an even more gloomy outlook for Eastern CT. Bucking positive nationwide trends, this area still experienced an unhealthy amount of foreclosures and short sales.
There are currently 101 single family homes on the market with a median list price of $229,900. There are currently 23 pending listings plus 6 "show for back up" listings with a median list price of $190,000.
A preliminary look at two neighborhood towns shows East Lyme with a sales price increase of 9% and Montville prices improving about 3%. I will be reporting numbers in neighboring towns as well as in the whole of New London County in my next report.
History of Ledyard Home Sales
Listings and sales reported by the members of the CT Multiple Listing Service, Inc and may not represent all sales. Information deemed reliable but not guaranteed.
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.