The Town of Manchester Connecticut Real Estate Market Report – April 2014
I love living in Manchester Connecticut. Aside from being the town where I bought my first home in the United States, this city has more than 1,000 acres of park land, a range of housing styles and prices in attractive neighborhoods, Manchester Memorial Hospital, Manchester Community College – an award-winning school system, performing arts organizations, libraries and friendly, community-spirited residents.(Source: http://www.townofmanchester.org/).
Currently, there are 196 Single Family Homes available for sale in Manchester Connecticut. The most expensive home is listed at $649,900 with 6,952 square feet, 7 bedrooms and 7 1/2 bathrooms.
The average listing price is $223,264 with 1,822 square feet, 3 bedrooms and 1 1/2 bathrooms. There is no significant change in the average listing price from the last month’s report.
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There are 95 properties currently under contract as of this writing. Last month, there were 98 properties. This month’s average listing price for properties with pending sale is $167.503 with 1,589 square feet, 3 bedrooms and 1 1 1/2 bathrooms. The average listing price for properties with pending sale last month is $169,621 with 1,604 square feet, 3 bedrooms and 1 1/2 bathrooms.
Based on this data, the average listing price per square foot for this month is $105.41 compared to $105.75. This means there has been no substantial drop or increase in the Manchester CT’s home values.
In February, 19 homes were sold at the average price of $172,868 with average square feet of 1,716, 3 bedrooms and 1 1/2 bathrooms. March performed better with 41 properties to boast with average price of $186,568, average square feet of 1,744, 3 bedrooms and 1 1/2 bathrooms. The average days on the market for February and March are 70 and 82 days, respectively. The ratio of List Price to Sale is $99.51 and $95.24 in February and March, respectively.
This means that although the number of units sold in March is higher by 22, the sold price in February is much closer to the listing price.
Using a 3-month sales history, the current absorption rate is 27.66. At this rate, the current inventory of 196 units is expected to be depleted within 7 months.
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