The East Lyme Real Estate Market Report is a monthly statement of the median sales price for homes, the number of sales, the average price per square foot for homes, the number of homes for sale, and the average listing price of East Lyme homes for sale.
According to Trulia.com, the median sales price for homes in East Lyme CT for Dec 13 to Mar 14 was $392,500.
This represents an increase of 40.2%, or $112,500, compared to the prior quarter and an increase of 6.4% compared to the prior year. Sales prices have appreciated 63.5% over the last 5 years in East Lyme.
The average listing price for East Lyme homes for sale on Trulia was $438,533 for the week ending Mar 19, which represents a decline of 2.7%, or $12,285, compared to the prior week and an increase of 5.1%, or $21,209, compared to the week ending Feb 26.
Average price per square foot for East Lyme CT was $139, an increase of 0.7% compared to the same period last year.
According to Zillow, the median home value in East Lyme is $291,600.
East Lyme home values have gone up 3.2% over the past year and Zillow predicts they will rise 1.8% within the next year.
The median list price per square foot in East Lyme is $156, which is higher than the New London Metro average of $147.
The median price of homes currently listed in East Lyme is $349,000 while the median price of homes that sold is $269,412.
Foreclosures will be a factor impacting home values in the next several years. In East Lyme 2.5 homes are foreclosed (per 10,000).
This is lower than the New London Metro value of 6.8 and also lower than the national value of 5.0
Mortgage delinquency is the first step in the foreclosure process.
This is when a homeowner fails to make a mortgage payment.
The percent of delinquent mortgages in East Lyme is 6.1%, which is lower than the national value of 8.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth.
The percent of East Lyme homeowners underwater on their mortgage is 12.7%, which is lower than New London Metro at 22.9%.
Licensed in Connecticut and Rhode Island
Bridget Morrissey is a 2012-13 Woman of FIRE (FINANCE-INSURANCE-REAL ESTATE) Recipient awarded by the Warren Group and The Commercial Record of Boston, MA and presented by Lt Governor Nancy Wyman.
If you want to list your home for sale then call, text or email Bridget and ask for her FREE 27 point TOP DOLLAR MARKETING PLAN!
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