How Did Manchester CT Real Estate Fare Amid Lockdown?

Sold Homes last Month was up by 16 units but the properties under contract is down by 34 units. The reduction comprised 77 percent of the actual units under contract in April.
Thus, a reduction in Closed Sales in May 2020 is expected.

Summary of Manchester CT Real Estate for May 2020

Single Family Homes for Sale as of May 5, 2020

• Units for Sale: 56. Last Month: 71. ⬇ by 15 units.
• Average List Price is $254,034 with 3 bedrooms, 2 bathrooms and average square feet of 1,895. ⬆ this month by $24,6997.
• Median List Price is $231,700 with 3 bedrooms, 2 bathrooms and median square feet of 1,784. ⬆ by $21,800
• Most Expensive Home is $579,900 with 3 bedrooms, 2 and 1/2 bathrooms and 2,400 square feet of living space
• Least Expensive Home is $89,900 with 3 bedrooms, 1 and 1/2 bathroom and 1,152 square feet of living space

Single Family Homes Under Contract for the month of April 2020

• Units under Contract: 44. Last Month: 70. ⬇ by 34 units
• Average List Price is $201,132 with 3 bedrooms, 2 bathrooms and average square feet of 1,629. ⬇ by $6,398
• Median List Price is $182,400 with 3 bedrooms, 2 bathrooms and median square feet of 1,484. ⬆ by $7500
• Most Expensive Home is $437,500 with 4 bedrooms, 2 and 1/2 bathrooms and 2,812 square feet of living space
• Least Expensive Home is $116,000 with 3 bedrooms, 1 bathroom and 1,080 square feet of living space

Sold Single Family Homes in April 2020

• Units Sold: 48 . Last Month: 32 .⬆ by 16 units
• Average Sale Price is $207,452 with 3 bedrooms, 2 bathrooms and average square feet of 1,508. ⬇ by $17,275
• Median Sale Price is $186,250 with 3 bedrooms, 2 bathrooms and median square feet of 1,326. ⬇ by $30,250
• Most Expensive Sold Home is $411,000 with 3 bedrooms, 2 and 1/2 bathrooms and 2,382 square feet of living space. It sold for $2,100 more than the asking price.
• Least Expensive Sold Home is $87,500 with 3 bedrooms, 1 full bathrooms and 1,123 square feet of living space. It is sold for $6,000 less than the asking price.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from April 30, 2019 to May 1, 2020 converted into an absorption rate give us an approximate length or period of time when the current inventory of 56 units would be depleted. Five Hundred Ninety Two (592) single family homes were sold within a period of one year.

Given the absorption rate of 49 units sold in a month, the Town of Manchester, currently, has 1 to 2 months of inventory supply. 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