Ledyard Real Estate Update

Front2017 continues the positive trend of 2016 which ended with the highest number of closed sales since 2005. The 15 closed sales so far in 2017 have a very respectable median price of $225,000. Inventory remains very low with 74 homes on the market in Ledyard.

I 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 at the lowest level of recent years (good news for sellers). On February 4th there are ONLY 74 single family homes on the market In Ledyard with a median price of $282,000. Of these 16 are new construction.

Current Pending Sales

There are currently 28 pending listings with a median list price of $204,000. There are currently 12 pending sales but "Show for Backup" with a median list price of $237,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Closed Sales

In 2016, there were 247 closed sales in Ledyard  with a median sales price of $204,000. 2017 has started off with a positive note with 15 closed sales in Ledyard with a median sales price of $225,000. 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 118 homes that have closed in the past 6 months is $225,000.

The median price of the 118 homes that have sold in the past 6 months is $225,000.

Ledyard Closed Sales 2016

Real Estate News

Buying a home or refinancing?  Click Here for almost everything you want to know about mortgage rates.

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 2 Van Tassel Drive.

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.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.


Seller Paying Buyer Closing Costs

Keith-TurnerI received this little cheat sheet from Keith Turner from McCue Mortgage and I thought it was a good one to share with Ledyard buyers and sellers.  When negotiating an offer, buyers often ask sellers to assist with closing costs. While this is a good way to get help with a home purchase, there are limits of how much money the seller can contribute.

FHA – 6%

VA – 4%

USDA – 6%

Conventional (with less than 10% down payment) – 3%

Conventional (with 10% down payment or more) – 6%   

CHFA/HFA (with less than 10% down payment) – 3%

CHFA/HFA (with 10% down payment or more) – 6%

*CHFA doesn’t have any overlays/limits themselves.  They will just follow the insurer, so for CHFA/FHA the limits follow the FHA rule of 6%, for CHFA/VA they follow the VA rule of 4%.

So for example: with a Sales Price of $100,000 on an VA mortgage, the seller can only contribute up to $4,000 towards your buyers closing costs.

Thanks Keith!


Ledyard Real Estate Update

downloadHappy New Year Ledyard Neighbors!

It was quite the interesting year in Ledyard Real Estate. We started off slow but things began to show promise by summer as the number of closed sales improved while at the same time prices began to creep up ever so slowly.That trend continued throughout the year and 2016 ended on a very positive note with the highest number of closed sales since 2005. Median sales prices increased by a very respectable 5%. We are still far from our peak years of 2005 and 2007 but are finally moving in the right direction.  

Combine that good news with the lowest inventory in recent years and we have the makings of a seller's market. I am forecasting a very good spring market for sellers.

On the Market

Inventory is at the lowest level of recent years (good news for sellers). On January 1st there were ONLY 65 single family homes on the market with a median price of $265,000. 

Current Pending Sales

There are currently 33 pending listings with a median list price of $200,000. There are currently 12 pending sales but "Show for Backup" with a median list price of $270,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Closed Sales

In 2016, there were 247 closed sales in Ledyard  with a median sales price of $204,000.

The year ended with a bank with 22 closed listings in December with a median sales price of $231,000.

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 129 homes that have sold in the past 6 months is $215,000.

Real Estate News

Buying a home or refinancing?  Click Here for almost everything you want to know about mortgage rates.

Data to Consider

This LINK will take you to 2015 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. 

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.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.


30 Second Ledyard Real Estate Update

With New Year's Day falling on a Sunday and many real estate offices taking Monday as a holiday, stats for many transactions will be inputted into the MLS later this week. As a result, I've decided to wait until next weekend to prepare my December end of year update.

For now I would just like to tell you that inventory (the number of active listings) in Ledyard is at a 10 year low with only 69 residential homes on the market. That's great news for Ledyard home sellers and a possible sign of a good market ahead!

Happy New Year!Ledyard Community Forum (1)


Ledyard Real Estate Update

Ledyard Christmas DoorWhen it comes to Ledyard Real Estate, the good news continues. Pending sales remain high and the total number of residential closed sales is on track to exceed the number of sales in each of the past 10 years. Prices are slowly moving in the right direction and inventory is at its lowest level of the year. With less than a 5 month supply of homes for sale, I would expect prices to rise after the first of the year.

On the Market

Inventory is at the lowest level of the year (good news for sellers). There are currently 80 single family homes on the market. The median list price is $266,000. There were 21 new or back on the market listings reported in November. Having shifted from a buyer's market to a balanced market, we are beginning to see a small increase in prices.

Current Pending Sales

There are currently 33 pending listings with a median list price of $220,000.

There are currently 19 pending sales but "Show for Backup" with a median list price of $293,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Both the current pending sales price and the current pending "show for backup" price are an increase from last month. 

Closed Sales

There are currently 226 closed sales in Ledyard with a median sales price of $205,000.

There were 19 closed listings in November. 

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 131 homes that have closed in the past 6 months is $215,000. This number is trending up and exceeds the median sold price in 2015!

The median price of the 131 homes that have sold in the past 6 months is $215,000.

1 - 2015 Ledyard Home Sales

Data to Consider

This LINK will take you to 2015 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.

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.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.


Ledyard Real Estate Update

Front 2The good news continues.  Pending sales reached 38 sales in October, the highest number of "pendings" since June. This follows 36 pending sales in September. 

It's a repeat of last month as October continues the good news from September and the median sales price eeks slowly higher and the number of active listings drops to the lowest level since January. For those that missed this last month - I have hoped to say this for a long time but I believe our buyer's market has ended in Ledyard!  If the trend continues we may find ourselves in a seller's market next spring. For now, I will cautiously say that since we have less than 6 months of inventory, we are in a balanced market* Keep in mind that certain price ranges do sell quicker than others.

*Real estate professionals agree that a 6 month supply of inventory is a balanced market where neither the buyer or the seller holds the advantage. As inventory drops to a 5 month supply, buyers will have fewer homes to choose from, causing prices to rise.  

On the Market

Inventory dropped slightly in August and again in September and October. In fact, inventory is at the lowest level since January (good news for sellers). There are currently 102 single family homes on the market. The median list price is $271,000. There were 24 new or back on the market listings reported in October. Having shifted from a buyer's market to a balanced market, we are beginning to see a small increase in prices.

Current Pending Sales

There are currently 38 pending listings with a median list price of $200,000.

There are currently 15 pending sales but "Show for Backup" with a median list price of $190,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Closed Sales

There are currently 205 closed sales in Ledyard with a median sales price of $210,000.

There were 19 closed listings in October. 

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 143 homes that have closed in the past 6 months is $210,000. This number is trending up and exceeds the median sold price in 2015!

The median price of the 143 homes that have sold in the past 6 months is $210,000.

1 - 2015 Ledyard Home Sales

Data to Consider

This LINK will take you to 2015 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.

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.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.

Photo of 8 Whalehead Road in Gales Ferry


Ledyard Real Estate Update

Best FrontFor those of you that have been following my Ledyard Real Estate report for a long time, you know I always say that September and October are good solid months to sell a home. This year is proving no exception. Pending sales reached 36 sales this month, the highest number of "pendings" since June. 

September continues the good news from August as the median sales price eeks slowly higher and the number of active listings drops to the lowest level since January. I have hoped to say this for a long time but I believe our buyer's market has ended in Ledyard!  If the trend continues we may find ourselves in a seller's market next spring. For now, I will cautiously say since we have less than 6 months of inventory, we are in a balanced market* Keep in mind that certain price ranges do sell quicker than others..

*Real estate professionals agree that a 6 month supply of inventory is a balanced market where neither the buyer or the seller holds the advantage. As inventory drops to a 5 month supply, buyers will have fewer homes to choose from, causing prices to rise.

On the Market

Inventory dropped slightly in August and again in September. In fact, inventory is at the lowest level since January. (good news for sellers). There are currently 103 single family homes on the market. The median list price is $275,000. There were 23 new or back on the market listings reported in September. Having shifted from a buyer's market to a balanced market we are beginning to see a small increase in prices.

Current Pending Sales

There are currently 36 pending listings with a median list price of $222,000. There were 13 new pending sales reported in September with a median list price of $168,000.  There are currently 13 pending sales but "Show for Backup" with a median list price of $195,000. Homes are often listed as "Show for Backup" when there may be a concern about contract contingencies including financing. 

Closed Sales

There are currently 190 closed sales in Ledyard with a median sales price of $205,000. There were 24 closed listings in September. 

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 148 homes that have closed in the past 6 months is $207,000. This number is trending up and exceeds the median sold price in 2015!

The median price of the 148 homes that have sold in the past 6 months is $207,000.

1 - 2015 Ledyard Home Sales

Real Estate News

Buying a home or refinancing?  Click Here for almost everything you want to know about mortgage rates.

Data to Consider

This LINK will take you to 2015 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. 

 

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.

Listings and sales reported by the members of the CT MLS, Inc and may not represent all sales. Information deemed reliable but not guaranteed.

Photo of 54 Partridge Hollow


New London County Real Estate Update

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 August.  What’s up and what's down from a year ago? The good news is that the number of closed sales Year to Date (YTD)  in New London County is up 15% from a year ago.  The number of new pending sales Year to Date is  up 7%  for that same period. The number of active listings (2082) is down from from a year ago and also down from July.  The median year to date sold price of $205,000 is the same as a year ago but the median sold price in July of $220,000 is up 7 percent from a year ago. Please note that statistics 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.

2016-09-24 New London County

    

Copyright © 2016 RealEstate Business Intelligence, LLC. All Rights Reserved.
Data Source: CoreLogic. Statistics calculated September 6, 2016.

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.