Manchester CT July 2017 Real Estate Market Performance
Manchester CT is situated in the central part of the state. Living in Manchester is very convenient. It offers many amenities and establishments right at the heart of the city.
- Several Strip Malls and Large-Scale Mall, the Buckland Hills Mall
- Twenty- tree TownTrails which you can explore leisurely
- Rave Cinemas with IMAX
- Manchester Memorial Hospital
- Award-winning Manchester Community College
- Wide selection of restaurants catering to array of gustatory preferences
- Its proximity to interstate highways makes the commute to neighboring towns and states very convenient. Anything that you need for a good quality of life is right here in this city. If you are a dog lover, you will enjoy Oak Grove Nature Center. This is where I regularly take my furry babies for their long walk and sight seeing.
- At Case Mountain , you can marvel at this eye-catching man-made waterfall at the entry of the walking trail. Trek the trail of your choice by picking a color stamped on the trees to reach the summit. At the peak, you can see the spectacular view of Hartford Skyline. It feels like you are on “Top of the World.”
Manchester Connecticut, indeed, has a lot to offer. Besides, you will find in this central city in Connecticut homes for first-time home buyers between the price range of $100,000-$300,000. You will glean from the following report that home buyers could get more for their money in Manchester CT.
SINGLE FAMILY HOMES FOR SALE
- 177 Homes
- 154 Homes between $100,000-$300,000
- Average List Price is $240,688 with 3 bedrooms and 2 full bathrooms, and living space of 1,895 square feet
- Median List Price is $199,900 with 1,628 square feet
- Most Expensive Home for Sale: $1,199,900 with 4,696 square feet
- Lowest-Priced Home for Sale: $65,000 with 624 square feet
SINGLE FAMILY HOMES UNDER CONTRACT
- 162 Homes
- 127 Homes between $100,000-$300,000
- Average List Price is $177,680 with 3 bedrooms and 2 full bathrooms, and average living space of 1,440 square feet
- Median List Price is $164,900 with 1,269 square feet
- Average List Price of Homes between $100,000-$300,000 is $179,664
- Median List Price of Homes between $100,000-$300,000 is $170,000
- Most Expensive Home: $474,900 with 3,802 square feet
- Lowest-Priced Home: $41,000 with 672 square feet
SOLD SINGLE FAMILY HOMES
- 56 Homes
- 50 Homes between the price range of $100,000-$300,000
- Average Sale Price is $193,406 with 3 bedrooms and 2 full bathrooms and average living space of 1,645 square feet
- Average Sale Price for Homes between $100,000-$300,000 is $188,150
- Median Sale Price is $181,500 with 1,470 square feet
- Median Sale Price of Homes between $100,000-$300,000 is $181,500
- Most Expensive Sold Home : $435,000 with 2,743 square feet
- Lowest-Priced Sold Home: $73,001 with 850 square feet
Significance of the Current Inventory and Absorption Rate
The sold units from January 1, 2017 to July 31, 2017 converted into an absorption rate give us an approximate length or period of time when the current inventory of 177 units would be depleted.
Given the absorption rate of 65 units sold in a month, the Town of Manchester, currently, has a 2- to 3-month supply. This is not a lot of properties on the market and 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 takes into consideration all of the values. Therefore high or low values will effect the mean. If the mean is higher than the median, there will be some unusually high values. If the mean is lower than the median, there will be some unusually low values.
These values are called anomalies or extreme values.
Our data above showed that the average price is higher than the median price. This means that there are higher-priced homes which pull the average price up.
For all your real estate market information needs, go to www.amazingcthomes.com and www.inthect.com. You will find monthly market information from this site to keep you abreast of the local Manchester CT real estate market activity.
Planning to buy or sell properties in Manchester Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty.
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