Manchester CT Real Estate
Market Report October 2009
Welcome to Manchester, CT! Having a better understanding of the current Manchester CT Real Estate market conditions is critical in order to help you make a more informed decision when buying or selling a home in Manchester. To keep you up to date, I have included October 2009's market profile and trends for your consideration.
Property Sales
October Property sales were 56, up 14.3% from 49 in October of 2008 and 3.7% higher than the 54 sales last month. October 2009 sales were at their highest level compared to October of 2008 and 2007. October YTD sales of 471 are running 4.9% ahead of last year's year-to-date sales of 449.
Prices
The Median Sales Price in October was $185,000, up 8.9% from $169,900 in October of 2008 and up 0.5% from $184,000 last month. The Average Sales Price in October was $200,099, up 3.6% from $193,102 in October of 2008 and up 6.1% from $188,513 last month. October 2009 ASP was at a mid range compared to October of 2008 and 2007.
Inventory & MSI
The Total Inventory of Properties available for sale as ofOctober was 267, up 8.5% from 246 last month and down -12.5% from 305 in October of last year. October 2009 Inventory was at its lowest level compared with October of 2008 and 2007.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2009 MSI of 4.8 months was at its lowest level compared with October of 2008 and 2007.
Market Time
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for October was 49, down -7.5% from 53 days last month and down -19.7% from 61 days in October of last year. The October 2009 DOM was at a mid level compared with October of 2008 and 2007.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The October 2009 Selling Price per Square Foot of $132 was down -4.2% from $137 last month and up 0.6% from 131 in October of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The October 2009 Selling Price vs Original List Price of 94.1% was down from 94.5% last month and up from 92.7% in October of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in October 2009 was 106, up 21.8% from 87 last month and up 24.7% from 85 in October of last year.
In this ever fluctuating real estate market, it's good to know what the current trends are when looking for Manchester CT Real Estate. Each month, I will give you all the information you need to understand this. As always, if you need further answers or clarification please contact Brian Burke at 860-798-3272 or email brian.burke@cbmoves.com.
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