Is Manchester CT Real Estate Slowing Down?

Town of Manchester CT has less inventory this month but demand is slowing down. Hence, more houses are getting sold for less than the listing price.
What is Going on in Manchester CT Real Estate?
Single Family Homes for Sale as of October 4, 2021

• Units for Sale: 46. Last Month: 56. ⬇ by 10
• Average List Price is $352,413 with 3 bedrooms, 2 bathrooms and average square feet of 2,122 . ⬆ this month by $3.70/ sq. ft.
• Median List Price is $254,950 with 3 bedrooms, 2 bathrooms and median square feet of 1,525. ⬆by 10.10 /sq. ft.
• Most Expensive Home is $2,450,000, with 9 bedrooms, 5 full and 3 half bathrooms, and 13,697 square feet of living space. The Days on the Market is 119 Days.
• Least Expensive Home is $89,900 with 3 bedrooms, 1 full and 1 half bathroom, and 1,152 square feet of living space. Days on the Market is 1,273 Days.

Single Family Homes Under Contract for the month of September 2021

• Units under Contract: 79. Last Month: 89. ⬇ 10 units
• Average List Price is $263,141 with 3 bedrooms, 2 bathrooms and average square feet of 1,650. ⬇ by $5.70/ sq. ft.
• Median List Price is $239,900 with 3 bedrooms, 2 bathrooms and median square feet of 1,470. ⬇ by $2.30/ sq. ft.
• Most Expensive Home is $469,900 with 3 bedrooms, 2 full and 1 half bathrooms, and 2,525 square feet of above-ground living space. The Days on the Market is 27 Days.
• Least Expensive Home is $135,900 with 3 bedrooms, 1 full bathroom, and 960 square feet of living space. Days on the Market is 2 days.

Sold Single Family Homes in September 2021

• Units Sold: 65. Last Month: 61 . ⬆ by 4 units
• Average Sale Price is $271,085 with 3 bedrooms, 2 bathrooms, and average square feet of 1,667. ⬇ by $9.70/sq. ft.
• Median Sale Price is $240,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,440. ⬇ by $12.90/ sq. ft.
• Most Expensive Sold Home is $605,000 with 4 bedrooms; 4 full bathrooms, and 2,693 square feet of above-ground living space. It sold for $4,900 less than the asking price. SP/LP is 99%. Days on the Market is 21 days.
• Least Expensive Sold Home is $140,000 with 3 bedrooms, 1 full and 1 half bathrooms, and 1,174 square feet of living space. It is sold for $15,100 more than the Asking Price. SP/LP is 112%. Days on the market is 4 days.

Significance of the Current Inventory and Absorption Rate
Manchester CT Sold Homes from October 1, 2020 to October 1, 2021 converted into an absorption rate give us an approximate length or period of time when the current inventory of 46 units would be depleted. Six Hundred Fifty Nine (659) single family homes were sold within a period of one year.
Given the absorption rate of 55 units sold in a month, the Town of Manchester, currently, has 1 month of worth of inventory. This is an 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