Manchester CT Real Estate Favoring Home Buyers?

Most Expensive and Cheapest Homes Sold Less than the Asking Price.

Is Manchester CT Real Estate Market favoring slowly the Buyers?

Single Family Homes for Sale as of June 2, 2021

• Units for Sale: 29. Last Month: 23. ⬆ 6 units
• Average List Price is $309,183 with 3 bedrooms, 2 bathrooms and average square feet of 1,955. ⬆ this month by $15.30/ sq. ft.
• Median List Price is $229,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,708. ⬆ by $13.55 sq. ft.
• Most Expensive Home is $899,900, with 5 bedrooms, 4 full bathrooms, and 3,600 square feet of living space. The Days on the Market is 33 Days.
• Least Expensive Home is $89,900 with 3 bedrooms, 1 full and 1 half bathroom, and 1,152 square feet of living space. Days on the Market is 1,149 Days.

Single Family Homes Under Contract for the month of May 2021

• Units under Contract: 86. Last Month: 70. ⬇ 16 units
• Average List Price is $244,229 with 3 bedrooms, 2 bathrooms and average square feet of 1,584. ⬇ by $2.90/ sq. ft.
• Median List Price is $219,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,344. ⬆ by $2.90/ sq. ft.
• Most Expensive Home is $675,000 with 9 bedrooms, 6 full and 2 half bathrooms, and 5,904 square feet of above-ground living space. The Days on the Market is 35 Days.
• Least Expensive Home is $129,900 with 3 bedrooms, 1 full and 1 half bathrooms, and 1,428 square feet of living space. Days on the Market is 4 days.

Sold Single Family Homes in May 2021

• Units Sold: 46. Last Month: 48 . ⬇ by 2 units
• Average Sale Price is $260,172 with 3 bedrooms, 2 bathrooms, and average square feet of 1,602. ⬆ by $11.10 sq. ft.
• Median Sale Price is $234,950 with 3 bedrooms, 2 bathrooms and median square feet of 1,383. ⬆ by $23.60/ sq. ft.
• Most Expensive Sold Home is $494,000 with 3 bedrooms; 2 full and 1 half bathrooms, and 2,294 square feet of above-ground living space. It sold for $6,000 less than the asking price. SP/LP is 99.8%. Days on the Market is 22 days.
• Least Expensive Sold Home is $145,000 with 4 bedrooms, 1 bathroom, and 1,392 square feet of living space. It is sold for $5,000 less than the Asking Price. SP/LP is 96.7%. Days on the market is 11 days.

Significance of the Current Inventory and Absorption Rate

Manchester CT Sold Homes from June 1, 2020 to June 1, 2021 converted into an absorption rate give us an approximate length or period of time when the current inventory of 29 units would be depleted. Five Hundred Ninety Five (595) single family homes were sold within a period of one year.

Given the absorption rate of 49.5 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