Simply Ledyard | Eastern CT Real Estate Blog

Ledyard and Gales Ferry Real Estate Update

Sun, 16 Nov 2008 11:05:13 -0500

Weekly Real Estate Statistics for the Ledyard Area

I really did expect to do a report last weekend from the National Association of Realtors® Convention in Orlando. I didn’t spend any time with Mickey but good sessions and an awesome trade show kept me indoors and busy most of the time. I understand the weather was really nice in Florida but I didn’t experience much of it. For that reason, this is a two week report.

Listing inventory actually bumped up since two weeks ago. Inventory stands at 124 active residential listings, about a one year supply. (A six month supply is considered a balanced market.) There were 10 new listings in the past two weeks.

Despite the new listings this week in Ledyard, I expect inventory to continue to drop as the holidays approach. That would be typical for this time of year. That being said, the 2008 Ledyard Real Estate market has been anything but typical.

There are only 13 pending residential sales in Ledyard, all but one priced under $300,000 and half priced under $200,000. I've provided a link to all pending sales in Ledyard. Three of those sales came in the past two weeks. One year ago there were twice the number of pending sales in Ledyard.

The news is not much better as far as closed sales. A year ago there were 182 closed residential sales in Ledyard. Today there are only 119.

There were some significant price reductions in the past two weeks; 13 in all, averaging over $10,000 each.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 124
Two weeks ago there were 124 active listings and one year ago there were 103 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 13
One year ago there were 29 pending sales in Ledyard.

Number of Homes Sold in 2008: 119
One year ago there were 182 closed sales in Ledyard.

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

There were 13 price reductions this week totaling $157,000

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

This week's photo was taken in my front yard. Since this photo, the leaves have returned.

Ledyard and Gales Ferry Real Estate Update

Sun, 02 Nov 2008 19:34:38 -0500

Weekly Real Estate Statistics for the Ledyard area

Despite 8 new listings this week in Ledyard, inventory continues to drop as a number of Ledyard sellers have taken their homes off the market. Some of them will try again in the spring, while others have decided to become landlords until the market improves.

It’s hard to come up with any good news this week. There were no pending sales in Ledyard. Not one. Even worse, there are only a total of 16 pending sales in Ledyard, a pretty pathetic number. There were 2 closed sales this week; one sold for $140,000 and the other sold for $200,000.

Probably the best news to report this week is that Tuesday is Election Day and that means the end of election coverage. I’m a political junkie and even I am tired of it!

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 120
Last week there were 123 active listings and one year ago there were 101 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 16
One year ago there were 24 pending sales in Ledyard.

Number of Homes Sold in 2008: 119
One year ago there were 180 closed sales in Ledyard.

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

There were 5 price reductions this week totaling $80,000

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

This week's photo was taken at Alice Acres.

Ledyard and Gales Ferry Weekly Update

Sun, 26 Oct 2008 19:53:08 -0500

Weekly Statistics for the Ledyard Area

It is hard to find something good to report at a time when prices and number of sales continue to fall. I suppose the best I can offer this week is that the number of listings is lower than last week.

There are only 19 pending sales in Ledyard. Of the 19 pending sales, 16 were priced under $300,000 and half of those were listed under $200,000. I’m afraid the 2008 statistics are going to be rather grim.

There was one closed sale and one new pending sale this week.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 123
Last week there were 126 active listings and one year ago there were 115 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 19
One year ago there were 22 pending sales in Ledyard.

Number of Homes Sold in 2008: 115
One year ago there were 176 closed sales in Ledyard.

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

There were 9 price reductions this week totaling $105,000

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

Photo of Railroad Tracks Along the Thames.

Ledyard and Gales Ferry Real Estate Update

Sun, 19 Oct 2008 20:19:41 -0400

Weekly Statistics for the Ledyard Area

“Same old. Same Old.”

There is not much to say about real estate this week except “same old, same old”. Listing inventory continues to hover around the 125 mark. It is certainly good news that inventory is not increasing, but supply is still much higher than it should be. There were 6 new listings to report this week. 3 homes went under deposit and 3 homes closed during the past 7 days.

Offers came in on 3 of my listings in the past two weeks. One was accepted. The other two were between 20% and 25% below the listed price. These offers were from buyers (bottom feeders) trying to taking advantage of a declining market. If you are the recipient of a very low offer, my recommendation is to counter offer at the lowest price you are willing to accept. The buyer will either agree or move on. Many buyers are looking in price ranges that they simply cannot afford.

Take heart sellers. There are legitimate buyers in the marketplace who are willing to pay a fair price for a home in great condition and priced aggressively.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 126
Last week there were 125 active listings and one year ago
there were 114 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 21
One year ago there were 23 pending sales in Ledyard.

Number of Homes Sold in 2008: 111
One year ago there were 173 closed sales in Ledyard.

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

There were 9 price reductions this week totaling $76,000

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

This week's photo was taken at Gales Ferry Cemetery.

Ledyard and Gales Ferry Real Estate Update

Sun, 12 Oct 2008 19:43:56 -0400

Weekly statistics for the Ledyard area

The Eastern CT Association of Realtors® reported this week that New London County home prices dropped over 14% during the 3^rd quarter of this year compared to the same period a year ago. This won’t come as a surprise to regular readers of this blog as I have been reporting that we are losing about 1% in value each month. The number of sales dropped about 27% compared to a year ago.

Looking ahead, affordability may help reverse the downward spiral. Due to the drop in home prices, home ownership is within reach of more buyers while interest rates remain favorable.

Link to Eastern CT Market Stats

The news this week was disappointing. There was only 1 pending sale on a home listed at $216,900 and no closed sales to report.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 125
Last week there were 123 active listings and one year ago there were
115 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 21
One year ago there were 23 pending sales in Ledyard.

Number of Homes Sold in 2008: 108
One year ago there were 171 closed sales in Ledyard.

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

There were 9 price reductions this week totaling $125,000

Information contained in this report was obtained from the CT Multiple Listing Service.

This week's photo was taken from Sandy Hollow Road in Gales Ferry.

Ledyard and Gales Ferry Real Estate Update

Sun, 05 Oct 2008 20:07:37 -0400

Weekly Statistics for the Ledyard area

It certainly has been a rocky road the last few weeks as buyers sit on the sidelines waiting to see how the government bail-out plan will effect the housing market. In Ledyard, inventory continues to drop. That is good news to anyone trying to sell their home, but the reason for declining inventory is due to expired and withdrawn listings not because of pending sales. There were 8 expired or withdrawn listings this week and 7 new listings. It is worth noting how many homes are now listed under $200,000. Two years ago that was a price range almost impossible to find.

Today's Ledyard Snapshot

Number of Ledyard Homes Currently for Sale: 122
Last week there were 126 active listings and one year ago there were 113 residential listings in Ledyard.

Number of Ledyard Homes Currently Pending: 21
One year ago there were also 21 pending sales in Ledyard.

Number of Homes Sold in 2008: 107
One year ago there were 170 closed sales in Ledyard.

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

There were 8 price reductions this week totaling $88,000

Information contained in this report was obtain from the Connecticut Multiple Listing Service.

This week's photo was taken at Lake of Isles Golf Course.

Gales Ferry Scarecrow Contest Returns

Sun, 05 Oct 2008 07:53:41 -0400

It's baaaaack!

Bigger and better, the Scarecrow Contest at Alice Acres in Gales Ferry is back for a second year! The entries will be on display until October 13th. It is really something how creative some folks can be. You'll find sweet, scary and downright silly. I think the photo below, of an entry from last year, is all three.

Alice Acres is located on Military Highway off Route 12. Be sure to stop by and vote for your favorite.

Simply Ledyard | Eastern CT Real Estate Blog

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