Manchester CT Real Estate Update for First-Time Home Buyers

Here is an update on real estate in Manchester Connecticut for the month of June 2017.
SINGLE FAMILY HOMES FOR SALE
Between the price range of $100,000-$300,000, there are currently:

• 98 single family homes for sale
• The most expensive is priced at $299,900 measuring 3,303 square feet, 7 bedrooms and 5 bathrooms.
• The Median List Price is at $179,250 with 1,319 square feet , 3 bedrooms and 2 bathrooms.
• The lowest-priced home is sold for $119,900 with 672 square feet, 2 bedrooms and 1 bathroom.

SINGLE FAMILY HOMES UNDER CONTRACT

• The average listing price is at $189,935 with an average area of 1,535 square feet having 3 bedrooms and 2 bathrooms.
• The most expensive is recorded at $299,900 with 2,688 square feet , 6 bedrooms and 4 bathrooms.
• The cheapest home is listed at $115,000 with 812 square feet, 2 bedrooms and 1 bathroom.

Median List Price is $179,900 with 1,387 square feet. The median price separates the first half from the bottom half. Hence, if the average price is $192,783 and the median is $179,900, there are homes which pull the average price up.
The median list price represents the figure at which half of the properties in the area sell at a higher price and other half at a lower price.
SOLD SINGLE FAMILY HOME

• 59 units were sold between June 1, 2017 to June 30 2017.
• The average sold price is $189,720 with an area of 1,486 square feet, 3 bedrooms and 2 bathrooms.
• Highest priced sold unit is $288,000 measuring 2,560 square feet, 5 bedrooms and 4 bathrooms
• The least price was at $119,900 with an area of 756 square feet, 2 bedrooms and 1 bathroom.

Median Sale Price is $179,900 with 1,453 square feet, 3 bedrooms and 2 bathrooms
If the median sale price increases over time, it generally indicates an appreciating market in which demand exceeds supply. Conversely, if the median sales price is decreasing, it indicates a declining market with diminished demand.
There is indication that the Manchester Real Estate Market is in upward trend.

• Currently, there are 102 homes under contract. Until these properties are conveyed, this number will populate as sold units in the future period.
• Given the six-month historical sales, the current inventory of 98 homes is expected to be depleted within one to two months. Two months as absorption rate is considered as “Sellers Market.” Hence, the market is performing in favor of the sellers.

Homes up to $150.000
Homes between $150,000-$250,000
Homes between $250,000-$350,000
Homes between $350,000-$450,000
Homes from $450,000 and above

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.