The Year in Review - Median Home Prices in Manchester CT
2010 was a tough year for analyzing statistics about median home prices in Manchester, CT. Other towns were difficult as well. But with year-end, we can finally see if we can determine any trends for the housing market in Manchester.
One of the issues was the first-time homebuyer tax credit, which was an incentive for people to get into the housing market. The credit expired on 6/30/10 and we did see a frenzy of activity during May and June as the deadline loomed. First let's look at the number of single-family homes that closed by month:
Now let's take a look at median price:
If we look at the entire year, the median price for 2010 is $185,000 (355 closed sales), compared with a median price in 2009 of $188,375 (with 460 closed sales). So overall, the number of sales is down significantly, the median price remains relatively stable.
For further discussion of statistics in real estate, see Understanding Market Statistics.