When is the Right Time to Sell in Manchester CT?

Properties for Sale in Manchester CT remains emaciated. Thus, home prices keep rising.
Single Family Homes for Sale as of April 5, 2021

• Units for Sale: 23. Last Month: 25. ⬇ by 2 units.
• Average List Price is $296,539 with 3 bedrooms, 2 bathrooms and average square feet of 1,851. ⬇ this month by $12.20/ sq. ft.
• Median List Price is $234,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,494. ⬆ by $6.70 sq. ft.
• Most Expensive Home is $799,900, with 4 bedrooms, 3 full bathrooms and 1 half bathroom, and 3,450 square feet of living space. The Days on the Market is 233 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 1,091 Days.

Single Family Homes Under Contract for the month of March 2021

• Units under Contract: 68. Last Month: 25. ⬆43 units
• Average List Price is $249,926 with 3 bedrooms, 2 bathrooms and average square feet of 1,611. ⬆ by $1.50/ sq. ft.
• Median List Price is $222,450 with 3 bedrooms, 2 bathrooms and median square feet of 1,471. ⬇ by $10/ sq. ft.
• Most Expensive Home is $519,900 with 4 bedrooms, 2 full and 1 half bathrooms, and 2,833 square feet of above ground living space. The Days on the Market is 4 Days.
• Least Expensive Home is $129,900 with 2 bedrooms, 1 full bathroom, and 648 square feet of living space. Days on the Market is 4 days.

Sold Single Family Homes in March 2021

• Units Sold: 45. Last Month: 27 . ⬆ by 18 units
• Average Sale Price is $257,478 with 3 bedrooms, 2 bathrooms, and average square feet of 1,775. ⬇ by $8.95/ sq. ft.
• Median Sale Price is $235,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,396. ⬆ by $25.85/ sq. ft.
• Most Expensive Sold Home is $575,000 with 7 bedrooms; 4 full and 2 half bathrooms, and 6,952 square feet of above ground living space. It sold for $25,000 more than the asking price. SP/LP is 104%. Days on the Market is 260 days.
• Least Expensive Sold Home is $130,000 with 2 bedrooms, 1 full and 1 half bathrooms, and 1,224 square feet of living space. It is sold for $8,900 less than the Asking Price. SP/LP is 94%. Days on the market is 310 days.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from April 1, 2020 to April 1, 2021 converted into an absorption rate give us an approximate length or period of time when the current inventory of 23 units would be depleted. Five Hundred Ninety Three (593) single family homes were sold within a period of one year.
Given the absorption rate of 49.4 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