Manchester CT Market Report for November 2011

Homes sold in Manchester CTConsidering that most of central Connecticut was out of commission the first week of November and we had a major holiday as well, the number of closed sales in Manchester CT was remarkable.  There were 30 closed sales compared to 18 closed sales for November 2010.  Quite a difference!

 

The median price for November 2011 was $152,500 compared to $189,950 for the prior November, so the median price is significantly lower.  I always caution that the median price is the midpoint of all the sales, so if a lot of lower-priced homes sold, the median price is going to be lower.  There are bargains out there, and people are buying them.  The houses sold this month ranged from $63,500 for a two-bedroom, one-bath, 850 sq. ft ranch which was a short sale to $399,900 for a four-bedroom, 2.1-bath, 2800 sq. ft. new construction craftsman style home.

Here is the breakdown by price range:

Price Range November 2011 November 2010
Under $100,000 2 2
$100,000-$149,999 12 -
$149,999-$199,999 9 9
$200,000-$249,999 - 2
$250,000-$299,999 4 4
$300,000-$349,999 - -
$350,000-$399,999 3 1
Over $400,000 - -
Total 30 18

It’s interesting to note that there were more homes in the upper price ranges that sold this November compared to last November, which is a positive thing.

In comparing November to the previous months in 2011, November’s closed sales were the highest since July although the median price was the second lowest of all the prior months.  There are, however, 18 homes under contract and 32 homes under deposit, so the next months’ closed sales should remain steady.  Here is a recap of closed sales and median price for 2011 so far:

 

Month # of Closed Sales Median Price
November 30 $152,500
October 26 $147,750
September 25 $179,000
August 24 $174,450
July 32 $167,500
June 43 $177,500
May 33 $155,000
April 23 $155,000
March 25 $175,000
February 10 $189,000
January 17 $170,000

If you are looking for a home in Manchester CT, there are currently 239 homes on the market, ranging in price from $64,900 for a four-bedroom, one-bath 1610 sq. ft. colonial to $759,000 for a four-bedroom, 3.1-bath, 4000 sq. ft. colonial built in 2010. The median price of all active listings is $179,900.

With the current level of inventory, the absorption rate in Manchester CT is 9.6 months, which is still a buyers’ market.  However, homes are still moving quickly if they are priced right for the condition they are in.  So whether you are looking for a fixer-upper or a home in pristine condition, Manchester will offer you many choices. And, sellers, if you are wondering if you should list your home during the holidays, you will find there are plenty of reasons that you should.

If you are looking for a home in Manchester CT, please give me a call. I would be glad to help you with your search!

 

 

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.

Find your dream home now!

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