You may have read the real estate news from the Warren Report in the New London Day newspaper this past week.  The Day reported that “the median price of a single-family home in New London County for the month (of July) showed a $43,000 decline compared to last year.”  While Ledyard hasn’t seen a decrease that deep, the number of sales has plummeted by 42%. Only 96 homes have closed so far this year. 

The number of active residential listings has dropped to 130 this week but with only 1 or 2 homes selling per week that number represents over a one year supply of inventory. 

Showings continue to be active in the under $200,000.  Unfortunately some buyers are offering significantly less than the asking price.  When sellers do counteroffer, the buyers often move on because they are “looking for a bargain.” 

The jury is still out as to whether the Fannie Mae and Freddie Mac bailout will lead to lower mortgage rates and help nudge the market along.

Yikes! There are currently only 17 pending sales in Ledyard. The continued decline in number of sales has led again this week to some significant price reductions. While there were only 5 price reductions this week, those reductions totaled $235,000.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 130

Last week there were 134 active listings and one year ago there were 115 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending:  17

One year ago there were 29 pending sales in Ledyard.

        Number of Homes Sold in 2008: 96

             One year ago there were 158 closed sales in Ledyard.

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

         There were 5 price reductions this week totaling $235,000

Information contained in this report was obtained from the Connecticut Multiple Listig Service.

This week's photo is from my new listing on 66 Partridge Hollow Road in Gales Ferry