Manchester CT Real Estate Market Report for September 2017
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.
This ranch-style home featuring 3 bedrooms, 1 bathroom, a total of 1,400 square of living space, 1-car attached garage, was sold to a buyer for $155,000. The estimated monthly payment for this home is $1300. This includes the principal and interest for the mortgage, private mortgage insurance, home owner’s insurance and property taxes.
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.
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
- Current Active Homes for Sale 140 : August -156 Homes
- Current Active Homes Average List Price: $227,105 with 3 bedrooms, 2 full bathrooms and average square feet of 1,936. August Average List Price is $226,040 with 3 bedrooms, 2 full bathrooms and average square feet of 1,897
- Current Active Homes Median List Price is $194,700 with 3 bedrooms, 2 full bathrooms and median square feet of 1,734. August Median List Price is $189,900 with 3 bedrooms, 2 full bathrooms and median square feet of 1,650.
- Current Most Expensive Home for Sale is $549,000.
- Current Lowest-Priced Home for Sale is $84,000
SINGLE FAMILY HOMES UNDER CONTRACT
- Current: 102 Homes. August-137 Homes
- Current Average List Price is $176,407 with 3 bedrooms, 2 full bathrooms and average square feet of 1,530. August-Average List Price is $194,388 with 3 bedrooms, 2 full bathrooms, and average square feet of 1,596.
- Current Median List Price-$164,900 with 3 bedrooms, 2 full bathrooms and median square feet of 1,348. August Median List Price is $179,900 with median square feet of 1,406.
- Current Most Expensive Home: $399,900
- Current Lowest-Priced Home: $40,000
SOLD SINGLE FAMILY HOMES
- September: 70 Homes. August- 64 Homes. July-63 Homes
- September Average Sale Price is $218,317 with 3 bedrooms, 2 full bathrooms and average square feet of 1,743. August Average Sale Price is $184,775 with 3 bedrooms, 2 full bathrooms and average square feet of 1,459.
- September Average Median Sale Price is $185,750 with 3 bedrooms, 2 full bathrooms and median square feet of 1,574. August Median Sale Price is $177,740 with median square feet of 1,347.
- September Most Expensive Sold Home is $549,900
- September Lowest-Priced Home is $95,000.
Significance of the Current Inventory and Absorption Rate
The sold units from January 1, 2017 to August 31, 2017 converted into an absorption rate give us an approximate length or period of time when the current inventory of 140 units would be depleted.
Given the absorption rate of 62 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.
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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