Although the number of closed sales in August 2011 in Manchester CT is down from last August, the median price is up. In August 2011, there were 24 closed sales with a median price of $174,450 compared to 28 closed sales with a median price of $167,165 in August 2010.
Here is the breakdown by price range:
|Price Range||August 2011||August 2010|
When we look at closed sales and median price by month for 2011, we see that while closed sales are significantly down over the previous few months, the median price has remained fairly steady. Here is the recap for the year so far:
|Month||# of Closed Sales||Median Price|
In addition to the closed sales, there are also 25 homes under contract and 42 homes under deposit, so it will be interesting to see what September’s numbers are.
If you are looking to purchase a home in Manchester CT, there are currently 279 homes on the market, ranging in price from $49,900 for a three-bedroom, one-bath duplex to $759,000 for a 4,000 sq. ft. contemporary with four bedrooms and 3.1 baths. The median price is $180,000. As you can see, there are homes in all price ranges and plenty of opportunities.
With 279 homes on the market, the absorption rate for all homes is 14.4 months. Buyers and sellers should ask about the absorption rate for their particular price range to get a better idea of the market. However, with this much inventory, buyers can be choosier than usual, but with great prices, very low interest rates on mortgages, and plenty to select from, this may be an opportune time to buy. Sellers, on the other hand, may need to plan on longer days on the market for their homes to sell, but if their homes are priced competitively and are in great condition, buyers will be more likely to write up offers.
If you are interested in buying or selling in Manchester CT, please give me a call.
Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential Connecticut Realty
If you are buying or selling a home in Hartford County or Tolland County, please call me at 860-748-8900, , or use the Contact Request Form. I would be happy to help you with your home search or answer any of your real estate questions.
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