High demand for Homes continues despite low inventory and news of economic recession. Home sales is in Manchester CT has not dwindled amid increased mortgage interest rate. Here is the summary for this month.
SUMMARY OF MANCHESTER CT REAL ESTATE FOR June 2022
Single Family Homes for Sale as of June 9,2022
- Units for Sale: 41.
- Average List Price is $264,372 with 3 bedrooms, 2 bathrooms and average square feet of 1,493
- Median List Price is $264,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,486
- Most Expensive Home is $729,900 with 4 bedrooms, 2 and 1/2 bathrooms and 3,059 square feet of living space
- Least Expensive Home is $189,900 with 2 bedrooms, 2 full bathrooms and 1,018 square feet of living space
Single Family Homes Under Contract for the month of May 2022
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- Units under Contract: 105.
- Average List Price is $269,359 with 3 bedrooms, 2 bathrooms and average square feet of 1,496
- Median List Price is $264,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,310
- Most Expensive Home is $680,000 with 5 bedrooms, 3 and 1/2 bathrooms and 3,022 square feet of living space
- Least Expensive Home is $80,000 with 3 bedrooms, 1 bathroom and 1,287 square feet of living space. This property is in need of extensive rehab.
Sold Single Family Homes in May 2022
- Units Sold: 41.
- Average Sale Price is $277,083 with 3 bedrooms, 2 bathrooms and average square feet of 1,532
- Median Sale Price is $260,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,412
- Most Expensive Sold Home is $540,000 with 3 bedrooms, 2 and 1/2 bathrooms and 2,264 square feet of living space. This property is sold for $70,000 more than the asking price. Days on the market was 5.
- Least Expensive Sold Home is $93,000 with 4 bedrooms, 2 full bathrooms and 1,080 square feet of living space. This property is sold for $22,000 less than the asking price. This is a short sale and it requires rehab.
Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from May 31, 2021 to May 31, 2022 converted into an absorption rate give us an approximate length or period of time when the current inventory of 41 units would be depleted. Six Hundred Thirty (630) single family homes were sold within a period of one year.
Given the absorption rate of 52.5 units sold in a month, the Town of Manchester, currently, has less than a month to inventory. This is an emaciated supply of properties. 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 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
