Manchester CT Market Report for January 2012
The new year is here, and we are all anxious to see how the real estate market will be. In 2011 in Manchester CT, we saw a decrease in both total closed sales and median price. The big question now is: Will 2012 be a better year for real estate?
In Manchester CT, we are starting off with positive results for both number of closed sales, median price, average price, and list price/sales price ratio.
Here is the short view:
| Summary | January 2012 | January 2011 |
| Closed Sales | 20 | 17 |
| Median Price | $172,500 | $170,000 |
| Average Price | $186,441 | $186,288 |
| Median LP/SP Ratio | 96.8% | 94.8% |
| Average LP/SP Ratio | 95.83% | 91.09% |
| Median DOM | 104 | 53 |
| Average DOM | 144 | 81 |
So overall, the results show that for January 2012 there was:
- 15% increase in closed sales
- 1.5% increase in median price
- .01% increase in average price
- 2.1% increase in median LP/SP ratio
- 4.95% increase in average LP/SP ratio
There was also 49.1% increase in the median days on market and a 43.75% increase in the average days on market, so it is clearly taking longer to sell homes in Manchester CT. With the active listings at 214 properties, 41 homes under contract, and 30 homes under deposit, the absorption rate is 14.25 months, supporting that it takes longer to sell homes in Manchester CT at this time. With the spring market almost here and the large number of properties that will close in the near future, it will be interesting to see how the absorption rate changes over the next few months.
If you are looking for a home in Manchester CT, there are many great homes on the market. You can what is available below; you can also customize your search by changing the criteria. If you would like your own individualized search, please contact me and I will be glad to set you up for automatic emails.
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