Manchester CT Market Report for October 2011
October was an interesting month in Manchester CT real estate sales. While the number of closed sales held steady over the prior few months, the median price dropped significantly. The same was true when comparing last October with this October. During October 2011, there were 26 closed sales with a median price of $147,750, while during October 2010, there were 20 closed sales with a median price of $179,900.
Here is the breakdown by price range:
| Price Range | October 2011 | October 2010 |
| Under $100,000 | 2 | - |
| $100,000-$149,999 | 11 | 3 |
| $149,999-$199,999 | 7 | 9 |
| $200,000-$249,999 | 1 | 4 |
| $250,000-$299,999 | 2 | 1 |
| $300,000-$349,999 | 2 | - |
| $350,000-$399,999 | 3 | 1 |
| Over $400,000 | 1 | 1 |
| Total | 26 | 20 |
Should we be concerned about the median price drop? We will have to wait and see. We can speculate about anything, but I do wonder what effect the freak snowstorm of 10/29/11 had on closings. With people still digging out and getting power restored, I wouldn't be surprised if closings were delayed, well into November. Most people won't close if there is debris all over the yard; they will wait for the seller to clean it up or make arrangements to do so.
If you look at the recap of closed sales and median prices by month for the year 2011, this low median price does seem a little out of line. Remember, median price says nothing expect what was purchased during the month. If everyone was clamoring to buy low-priced homes, then that will be reflected in the median price. Here is the recap by month for 2011:
| Month | # of Closed Sales | Median Price |
| October | 26td> | $147,750 |
| September | 25 | $179,000 |
| August | 24 | $174,450 |
| July | 32 | $167,500 |
| June | 43 | $177,500 |
| May | 33 | $155,000 |
| April | 23 | $155,000 |
| March | 25 | $175,000 |
| February | 10 | $189,000 |
| January | 17 | $170,000 |
With 35 homes under deposit and 22 under contract, we will have to see how November's numbers play out. Inventory is also down somewhat from the previous month. In September, there were 282 homes on the market; as of today, there are 259 homes on the market with a median price of $179,990. Homes range from $59,200 for a 2-bedroom, 1-bath, 930 sq. ft. colonial to $759,000 for a 4-bedroom, 3.1-bath, 4000 sq. ft. contemporary.
Although inventory has dropped, the absorption rate for Manchester CT is still 12.1 months, meaning that it will take a little longer to sell a home. If you are interested in selling your home, be sure to price it right, make sure your home shows better than similar properties, and play up its positive features, especially if you are trying to sell it in the winter. I would be glad to discuss this with you.
If you are interested in seeing what is on the market, you can enter your search criteria and see for yourself. Please give me a call if you see something that fits your needs.
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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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Peggy I am sure that closings will be affected by the storm. I know that we will not give a clear to close right now without the Appraiser going back out to the property to make sure that the storm did not do any damage to the property.
Hi George - Absolutely right! My daughter is an appraiser and has been inundated with following up on appraisals to make sure there wasn't any damage.