2011 Year in Review ~ Manchester CT
2011 has closed and the real estate analysis has been done. By most accounts 2011 was a worse year than 2010, but let's take a look at what actually happened in Manchester CT in 2011.
During 2011, there were 321 closed sales with a median price of $169,000. Both number of closed sales and median price were down from the previous year, which posted 358 closed sales with a median price of $185,000. So median price decreased by 8.65% and the number of closed sales decreased by 10.3%.
If we look at average sale price, which was $188,808 in 2011 vs. $201,788 in 2010, we see that the average price decreased by 6.43%.
Here is a look at 2010 and 2011 closed sales by month:
As you can see, there was quite a bit of variability among months. Remember that the home-buyer tax credits expired in June 2010 so we saw a surge of activity in the months preceding the deadline. We also saw a surge in June 2011 because the real estate conveyance tax was set to increase on 7/1/11.
We don't have any incentives on the horizon, unless you count the very low mortgage rates we have been enjoying, so we will have to wait to see how 2012 turns out. Going forward, I will be reporting both the average sale price and the median sale price.