Manchester CT 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.
Currently, there are 241 single family homes for sale in Manchester Connecticut. Out of these 241 units, the average size of the homes is 1,820 square feet comprising of 3 bedrooms and 1 1/2 bathrooms.
The month of May has shown more robust activity as pending sales are up by 19 units compared to the month of April. There are 114 single family which went under contract as of this writing. The average square footage is 1,659 with 3 bedrooms and 1 1/2 bathrooms.
The sold homes in April is down by 9 units. Sold homes is 41 and 32 for March and April, respectively. However, the price per square foot is higher in April than in March. In March, the sold homes ratio per square foot is $106.03/sq.ft. and $113.57/sq.ft. in April.
Using a five-month sales history for single family homes in Manchester Connecticut, it is estimated that the current inventory of 241 homes given the current absorption rate of 31.6 per month will be depleted within eight months. Manchester Connecticut is still favoring the buyers in this current real estate landscape.
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