Unseasonably warm weather and low inventory contributed to a solid real estate market during the first two months of 2017. The 31 Ledyard closed sales so far in 2017 have a median sold price of $229,900, significantly higher than the median closed price in 2016 of $204,900. Although climbing slightly, inventory remains low with 77 homes on the market in Ledyard. 18 of the 77 homes on the market are new construction, many of them not built yet, giving buyers little inventory to choose from.
I still believe spring is going to be good for Ledyard Home Sellers but condition and proper pricing will remain critical. The difference between great condition and average condition can affect home values by a significant margin. If you are thinking of selling your home this year, please ask for a copy of our Dress Your House for Success checklist. We would be happy to send it to you.
On the Market
Inventory remains quite low (good news for sellers). On March 5th there are ONLY 77 single family homes on the market In Ledyard with a median price of $267,500. Of these, 18 are new construction.
Current Pending Sales
There are currently 23 pending listings with a median list price of $264,900. There are also 10 pending sales but listed as "Show for Backup" with a median list price of $218,500. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing.
In 2016, there were 247 closed sales in Ledyard with a median sales price of $204,000.
2017 has started off on a positive note with 31 closed sales in Ledyard with a median sales price of $229,900. There were 14 Ledyard closed sales 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 118 homes that have closed in the past 6 months is $215,000.
Data to Consider
This LINK will take you to 2016 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.
Photo above is of 17 Bobwhite Trail in Gales Ferry.
About the author: Linda Davis has been a licensed real estate agent in Ledyard CT for over 40 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.