Manchester CT 3-Year Home Sales Roundup

We are currently experiencing a wild market in Manchester Connecticut. Despite the economic and political volatility ushered in by the pandemic and politics gallimaufry in 2020, Real Estate Market have not shown signs of slowing down despite the thin- razor inventory which caused inevitable bidding wars among home buyers.
Let's take a look at the home sales in the last three years.

2018 HOME SALES

2019 HOME SALES

2020 HOME SALES

Average Price of Homes went up by 111 percent from 2018 to 2020. Only 572 Homes Sold in 2020 but the Sales Volume is $6,187,543 more than the Sales Volume in 2018 despite the 29 difference in units sold.

Compared to 2019, the year 2020 is $6,940,209 more in Sales Volume with 19 less in units sold.
The year 2018 performed better compared to 2019 when it comes to Sales Volume.

What is Going on in Manchester CT Real Estate Market?

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.

Single Family Homes for Sale as of February 3, 2021

• Units for Sale: 36. Last Month: 31. ⬇ by 5 units.
• Average List Price is $291,121 with 3bedrooms, 2 bathrooms and average square feet of 1,979. ⬆ this month by $9.50/ sq. ft.
• Median List Price is $249,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,663. ⬆ by $4.60 sq. ft.
• Most Expensive Home is $799,900, with 4 bedrooms, 3 full bathrooms and 1half bathroom, and 3,450 square feet of living space. The Days on the Market is 172 Days.
• Least Expensive Home is $89,900 with 3 bedrooms, 1 and 1/2 bathroom and 1,152 square feet of living space. Days on the Market is 1,030 Days.

Single Family Homes Under Contract for the month of January 2021

• Units under Contract: 35. Last Month: 49. ⬇ by 14
• Average List Price is $264,551 with 3 bedrooms, 2 bathrooms and average square feet of 1,781. ⬇ by $16.85/ sq. ft.
• Median List Price is $229,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,594. ⬇ by $4.90/ sq. ft.
• Most Expensive Home is $545,000 with 3 bedrooms, 2 full and 2 half bathrooms, and 3,120 square feet of above ground living space. The Days on the Market is 89 Days.
• Least Expensive Home is $138,900 with 2 bedrooms, 1 full and 1 half bathrooms, and 1,224 square feet of living space. Days on the Market is 317 days.

Sold Single Family Homes in January 2021

• Units Sold: 25. Last Month: 60 . ⬇ by 35 units
• Average Sale Price is $179,240 with 3 bedrooms, 2 bathrooms, and average square feet of 1,278. ⬇ by $14.90 sq. ft.
• Median Sale Price is $185,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,304. ⬇ by $20 sq. ft.
• Most Expensive Sold Home is $447,900 with 4 bedrooms; 3 full and 1 half bathrooms; and 2,264 square feet of above ground living space and 1,568 square feet of below ground living space. It sold for $2,000 less than the asking price. SP/LP is 99.5%. Days on the Market is 14 days.
• Least Expensive Sold Home is $15,000. This is a fire-damaged home with 7 bedrooms, 2 full bathrooms, and 1,496 square feet of living space. It is sold for $5,000 less than the Asking Price. SP/LP is 75%. Days on the market is 6 days.

Significance of the Current Inventory and Absorption Rate

Manchester CT Sold Homes from February 1, 2020 to February 1, 2021 converted into an absorption rate give us an approximate length or period of time when the current inventory of 36 units would be depleted. Five Hundred Ninety One (591) single family homes were sold within a period of one year.

Given the absorption rate of 49 units sold in a month, the Town of Manchester, currently, has barely 1 month of worth of inventory. This is an emaciated supply of properties. With this inventory, unless demand is curtailed, home prices may increase continuously and leverage will remain with the sellers.

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