Manchester CT Real Estate Remains Strong & Steady

Summary of Manchester CT Real Estate for November 2020

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 November 2, 2020

• Units for Sale: 46. Last Month: 53. ⬇ by 7 units.
• Average List Price is $290,463 with 3 bedrooms, 2 bathrooms and average square feet of 2,061. ⬇ this month by $0.78/ sq. ft.
• Median List Price is $234,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,613. ⬆ by $3/ sq. ft.
• Most Expensive Home is $2,450,000, the Cheney Mansion, with 26 rooms including 9 bedrooms, 5 full bathrooms and 3 half bathrooms, and 13,697 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 October 2020

• Units under Contract: 62. Last Month: 59. ⬆ by 3
• Average List Price is $235,335 with 3 bedrooms, 2 bathrooms and average square feet of 1,621. ⬇ by $4.90/ sq. ft.
• Median List Price is $215,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,426. ⬆ by $0.40/ sq. ft.
• Most Expensive Home is $479,900 with 4 bedrooms, 2 full and 1 half bathrooms, and 2,868 square feet of living space.
• Least Expensive Home is $124,900 with 2 bedrooms, 1 bathroom and 1,152 square feet of living space

Sold Single Family Homes in October 2020

• Units Sold: 53. Last Month: 56 . ⬇ by 3 units
• Average Sale Price is $212,549 with 3 bedrooms, 2 bathrooms and average square feet of 1,443. ⬆ by $7.20 sq. ft.
• Median Sale Price is $199,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,325. ⬇ by $0.30/ sq. ft.
• Most Expensive Sold Home is $407,000 with 4 bedrooms; 2 full and 1 half bathrooms; and 2,667 square feet of living space. It sold for $7,500 less than the asking price. SP/LP is 98%. Days on the Market is 7 days.
• Least Expensive Sold Home is $129,900 with 2 bedrooms, 2 full bathrooms and 1,344 square feet of living space. It is sold for the asking price. SP/LP is 100%. Days on the market is 26 days.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from October 31, 2019 to November 1, 2020 converted into an absorption rate give us an approximate length or period of time when the current inventory of 53 units would be depleted. Five Hundred Forth Three (543) single family homes were sold within a period of one year.
Given the absorption rate of 45 units sold in a month, the Town of Manchester, currently, has only 1-2 months 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