Manchester Connecticut is situated in the central part of the State of Connecticut. The town of Manchester offers easy access or commute convenience because of the three interstate highways which are accessible within the city
I-384 leads to Providence, RI.
I-84 takes you to Massachusetts and New York.
I-291 is just a short junction to I-91, which then provides the primary north–south thoroughfare in the western part of New England.
Everything that you need for your daily existence and recreation is right in the town of Manchester. This town boasts retail stores galore, huge shopping center, strip malls, an array of restaurants that will satisfy your gastronomic cravings, and a bevy of boutiques in the downtown area. It also housed cinema theaters which is now called Cinemark Buckland Hills. Cinemark has 18 screens which translate into more selections for the moviegoers. One can treat himself to the snacks offered at the concessions or to a nice cold beer and pizza inside the building before or after heading to the movie.
Quality of life is enhanced by convenience and large parcels of land allotted for parks and recreations. Manchester Connecticut has both. With 23 walking trails and 10 parks, and excellent public service and amenities, Manchester Connecticut is the place to be for homeowners across multiple generations.
Most of my first-time home buyers bought their homes in Manchester. If a household is paying $1200-$1500 a month, it does not make sense why one should not own a home instead of renting as home prices in Manchester remain affordable.
I advocate strongly for home ownership because real estate is a solid investment. Although we had meltdowns in the past, real estate values, historically, continue to go up.
Let us take a glimpse at the trend in Manchester Real Estate Market.
SINGLE FAMILY HOMES FOR SALE as of February 5, 2019
- Units for Sale: 83
- Average List Price is $218,039 with 3 bedrooms, 2 full bathrooms and average square feet of 1,822
- Median List Price is $189,900 with 3 bedrooms, 2 full bathrooms and median square feet of 1,494
- Most Expensive Home is $469,900
- Least Expensive Home is $74,900
SINGLE FAMILY HOMES UNDER CONTRACT as of February 5, 2019
- Units under Contract: 62
- Average List Price is $177,414 with 3 bedrooms, 2 full bathrooms, and average square feet of 1,791
- Median List Price is $159,900 with median square feet of 1,456
- Most Expensive Home is $399,900
- Least Expensive Home is $ 53,900
SOLD SINGLE FAMILY HOMES in January 2019
- Units Sold: 27
- Average Sale Price is $177,413 with 3 bedrooms, 2 full bathrooms and average square feet of 1,459
- Median Sale Price is $174,000 with median square feet of 1,410
- Most Expensive Sold Home is $299,900
- Least Expensive Home is $89,900
Significance of the Current Inventory and Absorption Rate
The sold units from January 31, 2018 to January 31, 2019 converted into an absorption rate give us an approximate length or period of time when the current inventory of 53 units would be depleted. Five Hundred Ninety Three (593) single family homes were sold within a period of one year.
Given the absorption rate of 49.5 units sold in a month, the Town of Manchester, currently, has 1 to 2 months of supply. This is not a lot of properties on the market and with this inventory, unless demand is curtailed, home prices might increase tremendously.
Absorption Rate: “The rate at which available homes are sold in a specific real estate market during a given time period.” Click on the link for a better explanation of Absorption Rate.
Understanding Mean(numerical Average) and Median:
“The median takes into consideration the middle value of the set of data. However the mean/average takes into consideration all of the values. Therefore high or low values will effect the mean/average. If the mean/average is a lot higher than the median, there is an unusually high value that pulls the average price up. If the mean is a lot lower than the median, there is an unusually low value that pulls the average price down.
In most cases, the reason the median price is used rather than the mean is mainly because it is a more accurate indicator of the market.
Homes between $150,000-$250,000
Homes between $250,000-$350,000
Homes between $350,000-$450,000
Planning to buy or sell properties in Manchester Connecticut ? Make sure to have the best representation. Contact Maria Gilda Racelis of Home Buyers Realty.
Comments(6)