Manchester Connecticut Real Estate Market Report
Town of Manchester: The Silk City. Why Silk City? Manchester has acquired the name Silk City because in this town, the Cheney family started what became the world’s largest silk mill in 1838. As the town’s tribute to the Cheney family, the mills, houses of the owners, and homes of the workers are now part of the Cheney Brothers Historic District, a National Historic Landmark.
Manchester–A City of Village Charm. In 1935, a man named Malcolm Mollan won $25 for his entry to the slogan contest sponsored by the Chambers of Commerce that best suited the Town of Manchester to boost tourism. The town has a total area of 27.7 square miles (71.7 km²), of which, 27.3 square miles (70.6 km²) of it is land and 0.4 square miles (1.1 km²) of it (1.52%) is water, according to the United States Census Bureau.
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Manchester Connecticut has 188 active listings as of this writing. The most expensive property is listed at $649,900 with 6952 square footage, 4.5 bathrooms and 7 bedrooms. It has been on the market for 849 days now. The average listing price is $215,774. The average size is 1780 sq.ft. with 1.5 bathrooms and 3 bedrooms. The Average Days on Market is 106 days.
Properties Under Contract (Click on the image to enlarge)
There are 68 properties under contract to this date. The most expensive home under contract is listed at $395,900 with 3,596 sq.ft., 5 bathrooms and 5 bedrooms. It has been on the market for 678 days before it went under deposit.
The average listing price is $159, 168 with 1,615 sq.ft., 1.5 bathrooms and 3 bedrooms.
Sold Units-December 2013 (Click on the image to enlarge)
Sold Units-January 2014 (Click on the image to enlarge)
December 2013 performed better than in January 2014. Sales in January is down by 20 units. The difference in the average listing price is not significant.
Using 23 and 43 units sold as basis for the absorption rate, the current inventory of 188 properties would be depleted in 5.69 months.