This week was slightly uncomfortable for some Ledyard home sellers, with reports of leaking roofs and windows, icy driveways, and more than one basement taking in water. Roof rakes became a new word in our vocabulary. To add to our woes, was the Pfizer decision to reduce its workforce by 1100 over the next 18 months.
Everyone has an opinion of how the Pfizer news will effect the real estate market. One expert said the biggest impact will be to sellers in the $400,000 - $700,000 price range. This would seem to target the East Lyme market since Ledyard has only had 2 sales above $400,000 in several years. That being said, there is no question that there is enough bad news to spread around area towns.
Putting it into perspective, here are some things to consider. Not every Pfizer worker to be layed off or transferred was a home owner. In fact, according to my rental guru, many of those who relocated to Pfizer in the past few years decided to rent instead of buy. My own experience is that a number of Pfizer employees living in Ledyard have already sold their homes, knowing that bad news was coming. And finally, those Pfizer employees transferred to Massachusetts may find the commute to be less painful than trying to sell.
Most nationwide indicators pointed to a market rebound at the end of this year or in 2012. If that is the case, the Pfizer impact might be overcome by positive events. Regardless, pricing and condition are important now more than ever. As I once heard it described, this market is like a price war and a beauty contest!
Below you will find a link to Ledyard Real Estate statistics provided by Real Market Reports. This week, Ledyard Real Market reports a total of 70 contracts have closed in the last 6 months with an average sold price of $234,175. The report describe the market as "mildly active" with the $200,000 - $250,000 price range containing the highest # of sold listings. This description is primarily due to the low inventory of Ledyard homes for sale.
Number of Ledyard Homes Sold in 2011: 10
There were 139 residential home sales in Ledyard in 2010.
There were 149 residential home sales in Ledyard in 2009.
There were 143 residential home sales in Ledyard in 2008.
There were 213 residential home sales in Ledyard in 2007.
The highest priced home to sell in 2011: $425,000
Listing and sales reported by the members of the Connecticut Multiple Listing Service, Inc and may not represent all sales.
Information deemed reliable but not guaranteed.