Despite the Pandemic, Manchester CT Real Estate Performed Well!

Last Month, I reported a 26 percent reduction in the number of units that went under contract in the month of February. Surprisingly, in March, single family homes which went under contract is up by 52%. That is 37 more units.

Summary of Manchester CT Real Estate for April 2020

Single Family Homes for Sale as of April 2, 2020

• Units for Sale: 71. Last Month: 75. ⬇ by 4 units.
• Average List Price is $229,037 with 3 bedrooms, 2 bathrooms and average square feet of 1,789. ⬇ this month by $13,600.
• Median List Price is $209,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,664. ⬇ by $23,600
• Most Expensive Home is $579,900 with 3 bedrooms, 2 and 1/2 bathrooms and 2,400 square feet of living space
• Least Expensive Home is $89,900 with 3 bedrooms, 1 and 1/2 bathroom and 1,152 square feet of living space

Single Family Homes Under Contract for the month of March 2020

• Units under Contract: 70. Last Month: 47. ⬆ by 37 units
• Average List Price is $207,529 with 3 bedrooms, 2 bathrooms and average square feet of 1,629. ⬆ by $11,259
• Median List Price is $189,900 $184,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,484. ⬆ by $5000
• Most Expensive Home is $429,000 with 4 bedrooms, 2 and 1/2 bathrooms and 2,949 square feet of living space
• Least Expensive Home is $62,900 with 3 bedrooms, 1 bathroom and 1,152 square feet of living space

Sold Single Family Homes in March 2020

• Units Sold: 32. Last Month: 39.⬇ by 7 units
• Average Sale Price is $224,727 with 3 bedrooms, 2 bathrooms and average square feet of 1,608. ⬆ by $25,725
• Median Sale Price is $216,500 with 3 bedrooms, 2 bathrooms and median square feet of 1,491. ⬆ by $31, 600
• Most Expensive Sold Home is $420,000 with 3 bedrooms, 3 and 1/2 bathrooms and 2,303 square feet of living space. It closed price is the list price.
• Least Expensive Sold Home is $106,000 with 2 bedrooms, 2 full bathrooms and 1,143 square feet of living space. It is sold for $24,000 less than the asking price.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from March 31, 2019 to April 1, 2020 converted into an absorption rate give us an approximate length or period of time when the current inventory of 71 units would be depleted. Five Hundred Eighty Four (584) single family homes were sold within a period of one year.
Given the absorption rate of 48 units sold in a month, the Town of Manchester, currently, has 1 to 2 months of inventory supply. This is an emaciated supply of properties. With this inventory, unless demand is curtailed, home prices might increase tremendously.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.
Understanding Mean(numerical Average) and Median:
“The median takes into consideration the middle value of the set of data. However the mean/average takes into consideration all of the values. Therefore high or low values will effect the mean/average. If the mean/average is a lot higher than the median, there is an unusually high value that pulls the average price up. If the mean is a lot lower than the median, there is an unusually low value that pulls the average price down.
In most cases, the reason the median price is used rather than the mean is mainly because it is a more accurate indicator of the market.
Planning to buy or sell properties in Manchester Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty at 860.995.9473. Visit her website www.hbrsales.com