2013 Manchester CT Real Estate Market Report
This year, the market has shown excellent rebound. Sales increased annually since 2011. Last year, 2013, 473 residential homes are sold compared to 416 in 2012 . That is 57 units more. Out of the 476 units, the most expensive property is sold for $500,000. This property has 3949 square feet, 5.1 bathrooms and 6 bedrooms. In 2012, the highest is $540,000 with 4,300 square feet, 4.1 bathrooms and 6 bedrooms.
Even though the most expensive home is $40,000 more in 2012 compared to 2013, the SP$/SqFt is higher in 2013: $228.05 per square feet in 2013 and $183.98 per square feet in 2012.
(Click on the images to enlarge view)
DAYS ON MARKET: As shown on the data below, properties sold quickly if priced correctly during the first 30 days. The difference between the list price and the sold price is also lower when properties are sold within 30 days based on the Average % Ratio of Sold Price to List Price.
: In 2013, the most numbers of sales in Manchester Connecticut are from the properties within the PRICE RANGE $200,000 to $249,999. In 2012, it is from $160,000 to $179,999. The increase in the home buyers’ price range can’t be attributed to the lower interest rate because the overall mortgage interest rate in 2012 is lower as pulled from HSH
. Most likely, the home buyers’ preference could have been the primary factor compounded by the increase in consumer confidence and continued recession recovery as Connecticut’s private sector has now recouped 71,600 (62.8%, 1,591 per month) of the 114,000 private jobs that were lost in March 2008 – February 2010 employment recession. For more details, visit Connecticut Department of Labor.
High-Low Comparison: The significant information on this graphs for the 2013 Manchester Connecticut real estate market report is the average square feet of sold homes in 2013 and 2012. The average size of the homes is between 1620 and 1680 square feet with 3 bedrooms and more than one bathroom. Houses with a minimum of 3 bedrooms, ideally, should have more than one bathroom. Homes with 3 bedrooms and 1 bath are considered to be suffering from functional obsolescence.
PRICE TREND: The average price of properties in Manchester Connecticut in 2013 has not fared consistently favorable compared to 2012. Although the months of February to July and December in 2013 generated higher average price, 2012 fared better in the months of January, August, September, October and November. The difference between January 2012 and January 2013 is less than $2000 in terms of the average price. But in August, September, October and November of this year, the difference is between $4000-$14000.
The average price trend may remain unpredictable. But the overall market performance in Manchester Connecticut is better in 2013 than in 2012.
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