2011 Year in Review ~ Manchester CT

By
Real Estate Agent with Prudential CT Realty

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:

 

 Closed Sales in Manchester CT

 

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.

 

 

 

 

 

 

 

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Peggy Chirico

 

 

Peggy Chirico, REALTOR®
Serving the Greater Hartford Area
Prudential CT Realty
peggychirico@gmail.com

860-748-8900

If you are buying or selling a home in Hartford County or Tolland County, please call me, email me, or visit my website.  I would be happy to help you with your home search or provide a market analysis for your home.

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Comments (10)

Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Yes isn't it amazing how that tax incentive made such a POSITIVE difference and yet it is now gone?  Go figure.  What started working was eliminated.

Feb 10, 2012 09:17 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Peggy, those tax credits had an effect on sales all the way through to September 2010. As for the sales figures, the Courant had an article last week, on our sales being the lowest in almost 30 years. We have no where to go but up.

Feb 10, 2012 01:26 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Peggy like Ed pointed out the $8,000 First Time Homebuyer Tax Credit in 2010 had a lot to do with the sales volume in 2010.  2011 did not have anything like that to stimulate things, and the figure clearly show that.  However, 2012 is starting out with a bang, and I hope if finishes with a big boom :)

Feb 10, 2012 01:39 PM
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Hi Peggy,

Things in Manchester look a lot like our Sacramento region.  Though prices have stopped dropping rapidly. They are basically going up and down each month with still a slight decrease.  I'm still waiting for our Jan. stats to come out because our inventory is so low, prices should pick up! 

Feb 10, 2012 03:02 PM
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTOR® 860-748-8900, Hartford & Tolland County Real Estate

Hi Kevin - The tax credit definitely had an impact. I also found in our area that the median price was higher too because of the demand.

Hi Ed - I read that article and it was really a wake up call. Let's hope things have leveled out.

Hi George - The mortgage rates are definitely helping--things have to improve.

Hi DeeDee - I'm not sure our January will show great improvement. I think it's going to take a while but the spring market is just around the corner, so we can hope!

Feb 11, 2012 02:13 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Manchester........talk about close to the old homestead.........Gurleyville is where we lived before Florida...I remember visiting the Nathan Hale homestead in Coventry as a child and again on vacation when I was in high school............beautiful countryside........my mom always referred to your area of the country as God's Country.

Feb 11, 2012 02:42 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Peggy, sure hope 2012 becomes a better year for both buyers and sellers!    

Feb 12, 2012 02:43 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

We need another one no doubt but with more mucsle and longer lasting

Feb 13, 2012 08:00 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

I am on board with the others, I think the tax credit was responsible for those sales.

Feb 14, 2012 02:41 AM
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Peggy,

Your market sounds very similar to ours.  But I am seeing positive signs.  I think prices may have already bottomed; if not, we are awfully close.

Lisa

Feb 14, 2012 03:54 AM