Each weekend I prepare a Ledyard/Gales Ferry Real Estate Update and email it to my current sellers, future sellers and others interested in Ledyard statistics. It is an unfancy report that summarizes new, pending and sold listings for the week along with a commentary by yours truly. I've been doing the report now for several years and have rarely missed a week. Although it requires research and a dedication to the weekly task, I found it keeps me in tune with Ledyard Real Estate Market Conditions. I thought it made sense to start sharing the commentary here since not everyone who visits my blog from Ledyard is on my email list. (Of course, that is easily fixed by just emailing me.) After months of mostly negative reports, I have a bit of good news to share this week. Residential single family inventory has dropped to 101 in Ledyard after hovering around the 115 mark for several months. I have a strong hunch why this has happened. When real estate agents take listings, they often use the last day of the month as an expiration date. On October 31st, a lot of listings expired. That actually happens every month but the number of expired listings in October was much greater as 15 homes expired this week. Usually the listings return to the market quickly. In fact, some agents allow a listing to expire as a strategy to have it appear as new on the market. This doesn't seem to have happened this month; some sellers have decided to rent instead and those sellers not really motivated have taken their homes off the market for the holidays. Some of these listings will reappear in January. For now, inventory has dropped to the lowest level in quite some time. There were 2 pending sales in the past 7 days in Ledyard as buyers continue to be scarce. Mortgage professionals are predicting rates back in the 5's again. Hopefully this is the nudge buyers need. There were 4 closed sales last week. Ledyard Snapshot: Number of Ledyard Homes for Sale: 101 (Last week 115) The high point was 141 in 2006) Number of homes with price reductions this week: 15 Number of Ledyard Homes Currently Pending: 24 Number of Homes Sold in 2007: 180 (188 Total Sold in 2006) The highest priced home to sell in Ledyard this year: $640,000 | 
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