The City of Manchester has weathered the 1st quarter of this year and the information regarding its absorption rate is in, before I give that information out I want to explain quickly what the definition is for absorption rate. In short the absorption rate for a Town/City is the length of time it will take for the current inventory on the market to be absorbed . The magic number looked at by Realtors is 6 months, meaning if the market has a rate above 6 months the market is considered to be a Buyers Market. If the absorption rate is below the 6 month mark, then it is considered to be a Seller's Market.
The City ended the 1st quarter of this year with an absorption rate of 6.76 months, which is good considering the market we are in and the rates for some of the Towns around Manchester. Londonderry for example has a rate of 7.68 months and Derry has a rate of 9.14. Although Manchester's rate is above the 6 month mark, the City is showing a surprisingly strong market position. Seller's should not be mislead though by the better showing of the City, since the rate would have to fall into the 5 month range before anyone would consider calling Manchester a "Seller's Market". So what do you do with your property if you are thinking of selling it? You make sure that you do not overprice your home, even by $5k. You make sure that the Realtor you choose is going to price it well and be able to market your property as it will need to be.
When marketing your property it is always important to be aware of current market trends, any changes and how it may effect you. I have over 10 years of experience in Real Estate and I consider myself someone who can bring my experiences to assist any Seller in Marketing their property. If you are considering selling your home, you need to have someone with the expertise and experience to help you navigate the ever changing waters of the Real Estate Market, so call me so that I can assist you with your largest financial dealing.