What is going on in East Harford CT Real Estate?

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 EAST HARTFORD CT REAL ESTATE FOR MARCH 2023

Single Family Homes for Sale as of March 3, 2023

• Units for Sale: 16.
• Average List Price is $250,995 with 3 bedrooms, 2 bathrooms and above ground average square feet of 1,344.
• Median List Price is $264,912 with 3 bedrooms, 2 bathrooms and above ground median square feet of 1,262.
• Most Expensive Home is $475,000 with 9 bedrooms, 3 bathrooms and 3,286 square feet of above ground living space.
• Least Expensive Home is $120,000 with 3 bedrooms, 2 full bathrooms and 727 square feet of above ground living space.

Single Family Homes Under Contract for the month of February 2023

• Units under Contract: 31.
• Average List Price is $235,833 with 3 bedrooms, 2 bathrooms and above ground average square feet of 1,262.
• Median List Price is $229,900 with 3 bedrooms, 2 bathrooms and above ground median square feet of 1,294.
• Most Expensive Home is $329,900 with 4 bedrooms, 4 bathrooms and 1,706 square feet of living space.
• Least Expensive Home is $179,900 with 2 bedrooms, 1 bathroom and 864 square feet of living space.

Sold Single Family Homes in February 2023

• Units Sold:31
• Average List Price is $244,213 with 3 bedrooms, 2 bathrooms and average square feet of 1,254.

• Median Sale Price is $245,000 with 3 bedrooms, 2 bathrooms and median square feet of 1,250.
• Most Expensive Sold Home is $379,900 with 4 bedrooms, 3 bathrooms and 2,100 square feet of living space. This property is sold for its asking price. Days on the market was 147.
• Least Expensive Sold Home is $149,900 with 3 bedrooms, 2 full bathrooms and 612 square feet of living space. This property is sold for its asking price. Days on the market was 2.

Significance of the Current Inventory and Absorption RateManchester CT Sold Homes from March 1, 2022 to March 1, 2023 converted into an absorption rate give us an approximate length or period of time when the current inventory of 16 units would be depleted. Four Hundred Seventy Four (474) single family homes were sold within a period of one year.

Given the absorption rate of 40 units sold in a month, the Town of East Hartford, currently, has less than a month of inventory. This is an emaciated supply of properties. With this inventory, unless demand is curtailed, home prices might increase tremendously. (Understanding 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