Manchester CT August 2017 Real Estate Market Report. Manchester Connecticut is situated in the central part of the state of Connecticut. The town of Manchester offers easy access or commute convenience because of the three interstate highways which are accessible within the city
I-384 leads to Providence, RI.
I-84 takes you to Massachusetts and New York.
I-291 is just a short junction to I-91, which then provides the primary north–south thoroughfare in the western part of New England.
Everything that you need for your daily existence and recreation is right in the town of Manchester. This town can boasts retail stores galore, huge shopping center, strip malls, and an array of restaurants that will satisfy your gastronomic cravings and a bevy of boutiques in the downtown . It also housed cinema theaters which is now called Cinemark. Cinemark has 18 screens which translate into more selections for the moviegoers. One can treat himself to the snacks offered at the concessions or to a nice cold beer and pizza inside the building before or after heading to the movie.
Quality of life is enhanced by convenience combined by large parcels of land allotted for parks and recreations. Manchester Connecticut has both. With 23 walking trails and 10 parks, Manchester Connecticut is the place to be.
Most of my first-time home buyers bought their homes in Manchester. If a household is paying $1200-$1500 a month, it does not make sense why one should not own a home instead of renting as home prices in Manchester remain affordable.
This colonial-style home featuring 4 bedrooms, 2.1 bathrooms, a total of 2,086 sq feet of living space, 2-car attached garage, was sold to my buyer for $224,500. They used to pay $1700 in rent. Their monthly mortgage for this home inclusive of principal, interest, property taxes, homeowner’s insurance and mortgage insurance is approximately $1600.
Hence, I advocate strongly for home ownership.
Let us take a glimpse at the trend in Manchester Real Estate Market.
SINGLE FAMILY HOMES FOR SALE
- August Active Homes for Sale 156 : July – 177 Homes
- August Average List Price is $226,040 with 3 bedrooms, 2 full bathrooms and average square feet of 1,897 : July-Average List Price is $240,688 with 3 bedrooms and 2 full bathrooms, and average square feet of 1,895.
- August Median List Price is $189,900 with 3 bedrooms, 2 full bathrooms and median square feet of 1,650 : July Median List Price is $199,900 with median square feet of 1,628.
- August Most Expensive Home for Sale is $599,900:July Most Expensive Home for Sale: $1,199,900
- August Lowest-Priced Home for Sale is $76,360 with 864 square feet :July Lowest-Priced Home for Sale: $65,000 with 624 square feet
SINGLE FAMILY HOMES UNDER CONTRACT
- August-137 Homes : July-162 Homes
- August-Average List Price is $194,388 with 3 bedrooms, 2 full bathrooms, and average square feet of 1,596 : July-Average List Price is $177,680 with 3 bedrooms and 2 full bathrooms, and average square feet of 1,440
- August Median List Price is $179,900 with median square feet of 1,406 :July-Median List Price is $164,900 with median square feet of 1,269.
- Most Expensive Home for August and July: $474,900 with 3,802 square feet.
- Lowest-Priced Home for August and July : $41,000 with 672 square feet
SOLD SINGLE FAMILY HOMES
- August 64 Homes- July-63 Homes
- August Average Sale Price is $184,775 with 3 bedrooms, 2 full bathrooms and average square feet of 1,459.:July Average Sale Price is $193,406 with 3 bedrooms, 2 full bathrooms and average square feet of 1,645
- August Median Sale Price is $177,740 with median square feet of 1,347 :July Median Sale Price is $181,500 with median square feet of 1,470.
- August Most Expensive Sold Home is $376,000 with 2,832 square feet:July Most Expensive Sold Home is $435,000 with 2,743 square feet
- August Lowest-Priced Home is $55,000 with 2,100 square feet: July Lowest-Priced Sold Home is $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 156 units would be depleted.
Given the absorption rate of 60 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/average takes into consideration all of the values. Therefore high or low values will effect the mean/average. If the mean/average 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 unusually higher-priced homes among the values which consequently 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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