Emaciated Supply of Homes in Manchester CT Continues

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What is Going on in Manchester CT Real Estate?

Single Family Homes for Sale as of March 2 ,2023

• Units for Sale: 19 units
• Average List Price is $353,245 with 3 bedrooms, 2 bathrooms and average square feet of 1964.
• Median List Price is $295,64 with 3 bedrooms, 2 bathrooms and median square feet of 1,758.
• Most Expensive Home is $699,900 with 5 bedrooms, 4 full bathrooms, and 4,704 square feet of living space. The Days on the Market is 469 Days as of this writing.
• Least Expensive Home is $189,900 with 2 bedrooms, 1 full bathroom, and 1,140 square feet of living space. Days on the Market is 2 Days as of this writing.

Single Family Homes Under Contract for the month of February 2023

• Units under Contract: 28 units
• Average List Price is $290,651 with 3 bedrooms, 2 bathrooms and average square feet of 1,579.
• Median List Price is $269,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,394.
• Most Expensive Home is $535,000 with 4 bedrooms, 4 full bathrooms, and 3,846 square feet of above-ground living space. The Days on the Market is 203 Days as of this writing,
• Least Expensive Home is $169,900 with 3 bedrooms, 2 full bathrooms, and 616 square feet of living space. Days on the Market is 1 day as of this writing.

Sold Single Family Homes in February 2023

• Units Sold: 19 units
• Average Sale Price is $268,547 with 3 bedrooms, 2 bathrooms, and average square feet of 1,553.
• Median Sale Price is $278,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,404.
• Most Expensive Sold Home is $430,000 with 5 bedrooms; 2 full bathrooms, and 2,176 square feet of above-ground living space. It sold for $35,000 more than the asking price.. Days on the Market is 98 days.
• Least Expensive Sold Home is $115,000 with 3 bedrooms, 2 full bathrooms, and 1,404 square feet of living space. It is sold for $15,000 more than the Asking Price. Days on the market is 2 days.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from February 1, 2022 to February 1, 2023 converted into an absorption rate give us an approximate length or period of time when the current inventory of 19 properties would be depleted. Five Hundred Fifteen(515) single family homes were sold within a period of one year.

Given the absorption rate of 43 units sold in a month, the Town of Manchester, currently, has 0 to 1 month of worth of inventory. This is truly 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