Manchester Connecticut Condo Sales

By
Services for Real Estate Pros with ReadySetLoan Condo Team LLC
https://activerain.com/droplet/4hNj

Manchester Connecticut Condo Sales

manchester ct condo salesAs part of my marketing efforts as an FHA condo approval specialist, I work to compile data for condo sales in various towns in Connecticut.  I try to pick towns that have a lot of condominiums to provide comparison data between projects that are FHA approved condos and those that are not.

Manchester CT Condo Data for 2013

Manchester has 54 condominium projects of which 15 of them are approved with FHA.  (Of those, our office has handled 9 of them.)  Before FHA’s changes in 2011 there were 45 projects on FHA’s Approved Condominiums List.

 manchester ct condo sales

Analysis of Data

I typically divide the listing data into those in FHA-approved condos and those that are in non-FHA projects.  For my business, it’s good to analyze the difference between the two.

In Manchester, condominiums do not have a high closing percentage overall.  In FHA-approved projects just under 60% of the units listed for sale resulted in closed sales.  In non-FHA projects, the rate of closed listings is less than 50%.

This was curious to me so I gathered the data in Manchester for single-family homes in the price range of condominiums ($250,000 and below) to draw a comparison.  In 2013, there were 663 single-family home listings and of those, only 62% resulted in closed sales.  This is only slightly better than units in FHA approved projects and 14% higher than units in non-FHA projects.

In Manchester CT, if a unit is listed in a non-FHA project, it has a greater chance of not being sold (53%) than resulting in a closed sale (47%).

The average and median sales prices were highly in the favor of FHA-approved condominiums.  This provided a stark contrast between units that sold in FHA and non-FHA projects.  The average closed unit sold for $35,000 more in FHA projects than in non-FHA projects.  The median closed unit was $70,000 higher in FHA projects than in non-FHA projects.

This would signify to me that the majority of the units sold in non-FHA projects were sold to investors.  Investors are drawn to condominium units under $100,000 as these result in a greater return on their investment.

The average and median days on the market for closed units are comparable between FHA and non-FHA projects.  Incidentally, the average active days on the market for closed sales of single-family homes is also around 60 days.

*NOTE: Closed, Expired and Cancelled listing percentages are calculated by removing the currently Active and Pending Sale data to account only for listings that are no longer on the market.  This is why the percentage of closed sales plus the percentage of NOT closed sales does not equal 100%.  There are currently 17 units still on the market that were listed during 2013.

Related Articles:

Rocky Hill CT Condo Sales 2013

Southington CT Condo Sales 2013

Middletown CT Condo Sales 2013

East Hartford CT Condo Sales 2013

Condominium Market Data for Ellington, CT

Condominium Market Data for Bristol, CT

2013 Q4 Market Data for Newington, CT

2013 Q4 Market Data for Enfield, CT

2013 Q4 Market Data for Vernon, CT

 

2013 Q4 Market Data for South Windsor, CT  

Posted by

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

 CAI-CT logo

 Check out our article in Common Interest magazine on page 19!

Find Eric Boucher with ReadySetLoan Condo Team on Google+

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Connecticut Hartford County Manchester
Groups:
Realtors®
The Lounge at Active Rain
The FHA Mortgage Group
Condo Specialists
Addicted to Active Rain
Tags:
condo sales
manchester ct
fha condo approval
2013

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,546,948
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Eric - I always say if you can't measure it you can't manage it.  Your grasp of the statistics is certainly a valuable resource to your clients and business partners.

Jun 08, 2014 03:25 AM #1
Ambassador
3,490,359
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Eric, 15 out of 54 is really bad, especially since in 2011 there were 45 Certified Condo Complexes.  Looks like you got a lot of possible work ahead as they begin to realize it is not a good idea to not be on the FHA Approved Condo List.

Jun 08, 2014 08:06 AM #2
Rainmaker
349,776
ReadySetLoan Condo Approval Team
ReadySetLoan Condo Team LLC - South Windsor, CT
The FHA/VA Condo Project Approval Specialists

Thank you very much Grant.  The data doesn't lie.

George, as momentum grows and the knowledge about the approvals increases, I should be busy for a while!

Jun 08, 2014 07:44 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
349,776

ReadySetLoan Condo Approval Team

The FHA/VA Condo Project Approval Specialists
Contact me for a FREE Prequalification of your Condo Project
*
*
*
*
Spam prevention

Additional Information