Peggy Chirico ~ Hartford & Tolland County Real Estate Blog

Is the Condo Market Heating Up in South Windsor CT?

I keep track of what sells in all areas I serve, and I have been noticing that there were quite a few recent condo sales in South Windsor CT compared to prior activity. I haven't reported on condo sales in a while because the numbers were so low.

But April 2012 showed great activity, recording 8 closed sales. Here are the closed sales for April 2012:

• 207 Misty Meadow Lane, 1B/1BA, sold for $69,000
• 64 Cinnamon Springs, 2B/1BA, sold for $93,500
• 1201 Sunfield Drive, 2B/1BA, sold for $105,000
• 134 Candlewood Drive, 2B/2BA, sold for $106,000
• 905 Twin Circle Drive, 2B/2BA, sold for $108,000
• 301 Mill Pond Drive, 2B/1.1BA, sold for $147,000
• 1 Arrowwood Circle, 3B/2.1BA, sold for $180,000
• 59 Riverview Drive, 2B/2BA, sold for $323,500

To put it into perspective, I compared condo sales in each of the months this year and in the same four months last year. Here is a recap showing closed sales and average price:

As you can see, condo sales in South Windsor have been plugging along and then along comes April with 8 closed sales. In addition, there are 8 homes under contract and 13 homes under deposit.  I would say that the condo market in South Windsor CT is heating up.

If you are looking for a condo in South Windsor CT, there are currently 44 units available, ranging from a 1B/1BA 825 sq. ft. unit at Mill River Meadows for $79,900 to a 3B/2BA 1833 sq. ft. new ranch at Strawberry Fields for $359,900. Please give me a call if you want to see what is available.

East Hartford CT Market Report for March 2012

Closed sales in East Hartford in March 2012 were up significantly over March 2011.  This March, there were 39 closed sales, compared to 27 closed sales in March 2011.

Median and average prices were down significantly from the same period last year. The median price this March was $124,000 compared to $149,000 last March, while the average price this $118,538 this March compared to $141,599 last March.

In addition to closed sales, there are currently 37 homes under contract and 48 under deposit, so we should expect that April's closed sales will remain strong.

Here is a recap to key statistics:

If you are looking for a home in East Hartford, there are 208 homes on the market, ranging in price from $12,000 for a one-bedroom, one-bath 400 sq. ft. mobile home to $299,900 for a new three-bedroom, 2.1 bath, 1800 sq. ft. colonial.  The median price of all homes on the market is $149,450.  

Please give me a call if you would like help with your search.

South Windsor CT Market Report for March 2012

The South Windsor CT real estate market showed improvement in the number of closed sales over the same period last year and over the previous month. In March 2012, there were 13 closed sales, compared to just 8 the previous March and 9 in February 2012.

Median and average price improved over February 2012, with the median price in March 2012 of $230,000 (compared to $215,000 in February) and the average price in March 2012 of $259,590 (compared to $242,256 in February).

In comparing the same month last year, median price was down slightly ($230,000 this March vs. $237,250 last March) but the average price was up slightly ($259,590 this March vs. $253,825 last March).

The lowest priced sold home was a two-bedroom, one-bath mobile home for $14,000 and the lowest non-mobile home was a three-bedroom, one-bath ranch with 1008 sq. ft. for $108,000.  The highest-priced home sold was a three-bedroom, 3.1-bath 2700 sq. ft. ranch which sold for asking price of $579,666 (new construction).

Here is a recap:

If you are looking for a home in South Windsor CT, there are just 99 homes currently on the market with a median price of $274,900. Check out some of the listings below and give me a call if you see any that might be your dream home!

Manchester CT Market Report for March 2012

Closed sales in Manchester CT were up in March 2012 over January 2012 and February 2012 as well as over the same month last year. There were 32 closed sales in March 2012 compared with 26 closed sales in March 2011; 32 closed sales is also a significant increase over February 2012 which showed just 18 (so almost double the number of the previous month) and over January 2012 which showed 20 closed sales.

While the increase in closed sales is a good sign of market recovery, the median and average prices of homes in Manchester CT were lower than in January and February as well as in the same period last year. This March, the median sales price was $147,500 and the average sales price was $172,709, which is down significantly from March 2010, which showed a median sales price of $175,000 and an average sales price of $194,354.

What does it mean that median and average prices are down? It means that more people purchased homes in the lower price ranges. There are plenty of bargains to be had and buyers are taking advantage of lower home prices and very low mortgage interest rates. The median and average sales prices do not necessarily mean that individual houses lost significant value; in fact, the Town of Manchester reported a 5% decline in assessment levels rather than a precipitous drop in value, which is what the statistics might seem to indicate.

Here is a recap of March 2012 vs. March 2011:

If you are looking for a home in Manchester, you will find a great selection at great prices. There are currently 262 homes on the market, ranging from a three-bedroom, one-bath colonial with 1235 sq. ft. on Oak Street to a 4000 sq. ft. contemporary with four bedrooms and 3.1 baths for $759,000 on Castle Hill Road. The median price is $184,900.  Take a look at some of the listings below and give me a call if you see something you are interested in!              .

February 2012 Market Report ~ Manchester CT

During February 2012, there were 18 closed sales in Manchester CT with a median price of $151,750; the average price was $147,883.

The lowest priced home was a two-bedroom, one-bath, 696 sq. ft. ranch which sold for $58,500. The highest-priced home was a three-bedroom, 2.1 bath colonial with 2172 sq. ft. which sold for $255,000.  The median list price/sale price ratio was 96.1%.

When we compare February 2012 to February 2011, we see that while the closed sales increased this year (18 in 2012 vs. 10 in 2011), the median price and average price were down significantly. The median price in February 2011 was $189,000 and the average price was $223,190. 

February's statistics were also down in both closed sales and median price from January 2012, which posted 20 closed sales, a median price of $172,500, and an average price of $186,441.  The median list price/sale price ratio was 96.8%.

On the plus side, however, there are currently 55 homes under deposit so we should expect that March will show some gains in the number of closed sales.  In addition, there are 39 homes under contract.

If you are looking for a home in Manchester, you will have plenty of opportunities to find your perfect home. There are 240 homes on the market, with a median price of $179,900. These range from a three-bedroom, one-bath colonial with 1428 sq. ft. on Summit Street for $78,500 to a four-bedroom, 3.1 bath contemporary colonial with 4000 sq. ft. to be built in 2012 for $759,000. You can preview some of the listings below!

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:

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.

East Hartford CT Market Report for December 2011

East Hartford CT finished out the year strong, with 26 closed sales and a median price of $143,500. Many people mistakenly think that real estate comes to a halt in December because of the holidays, but that was not the case in East Hartford.

Compared with December 2010, this December had a higher number of closed sales (26 this December vs. 22 last December), but the median price was down ($143,500 this December vs. $150,000 last December).

Here is the breakdown by price range:

The median price was up and down throughout the year, but December's median price came very close to the median price for the entire year, which was $144,000.  

Here is a recap by month for 2011:

There are also 20 homes under contract and 37 under deposit. Given that there are 205 active listings in East Hartford, CT, the absorption rate is currently 10 months, which is lower than it has been in recent months.

If you are looking for a home in East Hartford, there is plenty to choose from.  From a low of $9999 for a two-bedroom, one-bath, 719 sq. ft. mobile home to a high of $299,900 for a new construction colonial with three bedrooms, 2.1 baths and 1800 sq. ft., the median price is $149,900. There are many fine neighborhoods in East Hartford, with plenty of opportunities to find a great home at a great price.

To see all the homes for sale in your price range, contact me and I will be glad to help you find your next home. 

Manchester CT Market Report for December 2011

During December 2011, there were 22 closed sales with a median price of $155,450 in Manchester CT. Although the median price was up somewhat from the previous two months ($152,500 in November and $147,750 in October), the number of closed sales was the lowest since February 2011.

In comparing the numbers with last December, we can see that the number of closed sales was down (29 last December), but the median price was virtually unchanged ($155,450 in December 2011 vs. $156,000 in December 2010).

Here is the breakdown by price range:

In looking at the recap of the year, there were a total of 320 closed sales and a median price of $169,500.  Here are the numbers by month:

As of today, there are also 19 homes under contract and 30 homes under deposit, so January should show fairly good numbers as we gear up for the spring season.

If you are looking for a home in Manchester CT, there are 214 properties on the market with a median price of $179,900.  Active listings range from a 3-bedroom/1-bath ranch with 1135 sq. ft. for $75,000 to a new construction contemporary home with 4 bedrooms, 3.1 baths, and 4000 sq. ft. for $759,000.  Manchester Ct has many great neighborhoods and there are some beautiful homes on the market right now.  With an absorption rate of almost 12 months, buyers will have plenty of opportunity to find a great home at a great price.  If you would like information about schools, neighborhoods, amenities, or homes on the market, just give me a call. I would be glad to help you get the information.