Home Sales and Prices in Manchester CT are Down But Steady!

Manchester CT Real Estate is Steady despite lower Sales Volume and Prices.

What does Manchester CT Real Estate look like in June 2020? But first, here are some important facts about the town.

Manchester Connecticut is situated in the central part of the State of Connecticut. The town of Manchester offers easy access or commute convenience because of the three interstate highways which are accessible within the city

I-384 leads to Providence, RI.

I-84 takes you to Massachusetts and New York.

I-291 is just a short junction to I-91, which then provides the primary north–south thoroughfare in the western part of New England.

Everything that you need for your daily existence and recreation is right in the town of Manchester. This town boasts retail stores galore, huge shopping center, strip malls, an array of restaurants that will satisfy your gastronomic cravings, and a bevy of boutiques in the downtown area.

Quality of life is enhanced by convenience and large parcels of land allotted for parks and recreations. Manchester Connecticut has both. With 23 walking trails and 10 parks, and excellent public service and amenities, Manchester Connecticut is the place to be for homeowners across multiple generations.

Most of my first-time home buyers bought their homes in Manchester. If a household is paying $1300-$1800 a month, it does not make sense why one should not own a home instead of renting as home prices in Manchester remain affordable.

I advocate strongly for home ownership because real estate is a solid investment. Although we had meltdowns in the past, real estate values, historically, continue to go up.

Summary of Manchester CT Real Estate for June 2020

Single Family Homes for Sale as of June 3, 2020

• Units for Sale: 45. Last Month: 56. ⬇ by 11 units.
• Average List Price is $273,942 with 4 bedrooms, 3 bathrooms and average square feet of 2,010. ⬆ this month by $19,908.
• Median List Price is $245,000 with 3 bedrooms, 3 bathrooms and median square feet of 1,950. ⬆ by $13,300
• 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 May, 2020

• Units under Contract: 82. Last Month: 44. ⬆ by 38. Last Month it was down by 34 units
• Average List Price is $ 216,223 with 3 bedrooms, 2 bathrooms and average square feet of 1,620. ⬆ by $15,091
• Median List Price is $199,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,495. ⬆ by $17,500
• Most Expensive Home is $549,900 with 4 bedrooms, 3 and 1/2 bathrooms and 3,575 square feet of living space
• Least Expensive Home is $99,000 with 3 bedrooms, 1 bathroom and 1,184 square feet of living space

Sold Single Family Homes in May 2020

• Units Sold: 42. Last Month: 48 . ⬇ by 6 units
• Average Sale Price is $190,591 with 3 bedrooms, 2 bathrooms and average square feet of 1,474. ⬇ by $16,861
• Median Sale Price is $185,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,363. ⬇ by $1,250
• Most Expensive Sold Home is $422,500 with 4 bedrooms, 2 and 1/2 bathrooms and 2,949 square feet of living space. It sold for $6,500 less than the asking price.
• Least Expensive Sold Home is $56,500 with 3 bedrooms, 1 full bathrooms and 1,152 square feet of living space. It is sold for $6,400 less than the asking price.

Significance of the Current Inventory and Absorption Rate

Manchester CT Sold Homes from May 31 , 2019 to June 1, 2020 converted into an absorption rate give us an approximate length or period of time when the current inventory of 45 units would be depleted. Six Hundred One (601) single family homes were sold within a period of one year.

Given the absorption rate of 50 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.