I'm often asked "How's the market in Ledyard?"  Well, it isn't as good as 2003 or 2004 or even 2007 but it isn't as bad as some people think. One or two houses sell each week. Prices continue to drop but not like they have in Florida, Las Vegas or Phoenix. Buyers are picky and slow to make a home buying decision because they can be. Many buyers are looking for perfect condition and a bargain.

I think we still have a ways to go in price reductions. Bank Foreclosure inventory is starting to increase and there are way too many homes on the market with unrealistic prices.  I never know whether it is the agent or the seller who just doesn't get it.

Inventory in Ledyard dropped slightly this week to 139 active residential listings. There were only 2 new listings last week which is quite a difference from the previous week when there were 13 new listings to report! 

There was only 1 pending sale reported and 5 closed sales.  11 sellers reduced the price of their homes.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  139
Last week there were 142 residential listings and one year ago there were 123 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  26
One year ago there were 34 pending sales in Ledyard.

Number of Homes Sold in 2008:  61
One year ago there were 126 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year sold for  $740.000

There were 11 price reductions this week totaling $149,000.

Inventory rose sharply this week to 142 active residential listings. There were 13 new listings to report this week.  It appears that Pfizer layoffs may be contributing to the increase of residential listings. There were only 2 pending sales to report and only 2 closed home sales.  Those price reductions keep on coming; there were 11 price reductions this week totaling $144,000.

New London County Second Quarter statistics have been released by the Eastern CT Association of Realtors©. The number of sales of single family homes in New London County is down 37.45% from the second quarter of last year.  In addition, the average price is down 16.18% while the median price is down 11.69%.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  142
Last week there were 136 active listings and one year ago there were 122 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  31
One year ago there were 39 pending sales in Ledyard.

Number of Homes Sold in 2008:  55
One year ago there were 111 closed sales in Ledyard.

The highest priced home to sell in Ledyard in 2008:  $740,000

There were 11 price reductions this week totaling $144,000

This week's photo was taken on Reuven Drive in Ledyard.

Ledyard/Gales Ferry inventory dropped slightly this week to 136 active residential listings.  This is primarily due to a number of listings expiring at the end of June, plus 5 pending sales to report this week!  Four new listings came on the market and there were 2 closed sales reported.  There were 8 price reductions this week totaling $125,000. The New London Day reported (via The Warren Report) that home prices have been dropping about 1% per month in New London County and predictions are that we still have a way to go. Despite this gloomy outlook, homes are selling if they are aggressively priced and in great condition.  Average condition isn't good enough!

Today's Ledyard Snapshot:

Number of Ledyard Homes Currently for Sale:  136
Last week there were 143 Active listings and one year ago there were 117 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  31
One year ago there were 37 pending sales in Ledyard.

Number of Homes Sold in 2008:  52
One year ago there were 108 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year:  $740,000

There were 8 price reductions this week totaling $125,000

Photo of the Gales Ferry One Room School House

Ledyard/Gales Ferry real estate inventory stands at 143 active residential listings.  Last week 8 new listings came on the market.  There were 2 pending sales and only 1 closed sale.  Price reductions continue to be rather remarkable; there were 12 price reductions this week totaling $176,000.  The number of sold homes (50) in 2008 are about half as many as last year at this time. (104)

Although nothing is normal in 2008, the upcoming Fourth of July week is usually quiet with a decrease of showings and pending sales.  

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  143
Last week there were 143 active listings and one year ago there were 116 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  27
One year ago there were 41 pending sales in Ledyard.

Number of Homes Sold in 2008: 50
One year ago there were 104 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year"  $740,000

There were 12 price reductions this week totaling $176,000.

Last week I reported that listing inventory did not increase in Ledyard.  This week we paid the price as 9 new listings came on the market.  Inventory increased to 141 listings, the highest level in several years.  There was only one pending sale this week.  With only 1 or 2 sales per week, we are faced with well over a one year supply of inventory. 

Last year at this time there were 139 pending or sold listings in Ledyard. Today there are only 69 pending or sold listings, a 50% decline from last year. Despite that gloomy news, buyers are looking and homes are selling, some very quickly.  Condition and price continue to make the difference.  Average condition just isn't good enough.

Today's Ledyard Snapshot:

Number of Ledyard Homes Currently Pending:  24
Last week there were 134 and one year ago there were 118 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  24
One year ago there were 56 pending sales in Ledyard.

Number of Homes Sold in 2008: 45
One year ago there were 83 closed sales in Ledyard

The highest priced home to sell in Ledyard this year:  $459,997

There were 12 price reductions this week totaling a whopping $248,000!

This week's photo was taken at Colonel Ledyard Park

It's nice having friends who help with Photo Friday. This one came from my friend Sid Minor from the Peachtree area of Altanta, GA. 

If real estate can be normal in 2008, this week was a normal one.  Although there is an oversupply of inventory, the number of listings did not go up this week!  There were 5 new listings this week but 3 pending sales and 10 expired listings. Even price reductions slowed down this week!

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  134
(Last week there were 136 active listings.)
One year ago there were 114 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  23
One year ago there were 56 pending sales in Ledyard.

Number of Homes Sold in 2008:45
One year ago there were 76 closed sales in Ledyard.

The highest priced home to sell in Ledyard this year:  $459,997

There were 9 price reductions this week totaling $57,000.

Photo taken at Ledyard Town Hall.

I have mentioned before that I am a little bit of a weather weenie. In addition to having one of those fancy weather stations on my rear deck, (I bought it for my husband one Christmas) I follow Accuweather "professional" on a regular basis.  If you were typing this blog post instead of me, you would see my little weather bug icon in my computer tray.  You would also see that the little bug says that the temperature reached 91 degrees today at Juliet Long School, the location of the Storm Team 8 thermometer.  I think the official Gales Ferry thermometer is spending way too much time in the sun. If any official Channel 8 weather personnel are reading this blog, I thought you should know. It was hot but not quite that hot.  Just sayin. 

The day was gloomy and chilly but it didn't dim the enthusiasm for the opening of the Ledyard Farmers Market which made its debut Friday. I admit I was skeptical when I heard the Ledyard Farmers Market would open in the parking lot of Tri-Town Market, although I do applaud their generosity in making the location available.  I arrived about 4PM and by that time I wished my car was a little smaller as I waited for an available parking space. I saw at least one vehicle drive over a center divider which I've always felt complicated the process of shopping there. I'll say no more as this is a positive review of the day, despite my relationship with the parking lot and those silly dividers.

The Ledyard Farmers Market will be open each Friday until September 5th from the hours of 3 PM until 6PM. The market will feature lots of good stuff including conventional and organic fresh fruits and vegetables, beef, lamb, fish, and cheese, all from Connecticut farms and waters. Although it is a bit early in the season for my local favorites like tomatoes and corn, I was able to sample the goat cheese and try out the "fresh squeezed in Connecticut" lemonade. Rhubarb was available for purchase, and I suspect it won't be long before local strawberries make their appearance. I plan to watch the event grow as the weather heats up and local produce becomes more plentiful.

The best part of my visit was chatting with neighbors; I consider anyone who lives in the town of Ledyard a neighbor. We all agreed it was a fine start for the first ever Ledyard Farmers Market.   

Gas, heating oil, and listings.  That's the topic of discussion for this week as each continues to climb.  We have reached 136 active listings on the market in Ledyard this week.  To put that in perspective, a balanced market would be about half as many homes on the market.  While the number of listings continues to rise, the prices are falling.  This week there were 10 price reductions totaling $105,000.  There were no pending or sales to report this week but that is not unusual during a holiday week as sometimes reporting is delayed.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale:  136
(Last week there were 131 and one year ago there were 112 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  22
One year ago there were 58 pending sales in Ledyard.

Number of Homes Sold in 2008:  42
One year ago there were 70 closed sales in Ledyard.

There were 10 price reductions this week totaling $105,000

The highest priced home to sell in Ledyard this year:  $459,997

Photo taken at Alice Acres in Gales Ferry