Manchester CT Real Estate Market Report For First-Time Home Buyers: January 2015

Manchester CT Real Estate Market Report for First-Time Home Buyers: January 2015

The year 2014 under performed when it comes to sales volume compared to 2013 sales. Based on the data below, 476 homes sold in 2013 and 462 in 2014.

The average sold price is also higher in 2013 at $187,374 while in 2014, the average sold price is $182,928.

On the other hand, for homes between the price range of $100,000-$200,000, the year 2014 registered better results for both number of units sold and average sold price.

This criteria is usually the first-time home buyers price range. 262 units sold in 2014 and 248 in 2013. The average sold price in 2013 and 2014 is $149,213 and $152,312, respectively.

As for the current market activity, Manchester CT has current inventory of 198 homes. The average listing price is $213,063 with average square feet of 1,803 consisting of 3 bedrooms and 2 full bathrooms.

Out of the 198 active listings, 120 homes are priced between $100,000-$200,000... the usual price range for first-time home buyers. The average list price for this range is $157,879 which consists usually of 3 bedrooms and 1 full bathrooms.

Currently, there are 65 homes under contract. Out of this 65 is 36 units within the price range of $100,000-$200,000. The average list price for all the properties under contract is $154,700 with 3 bedrooms and 2 full bathrooms. And for the 36 units, it is $145,069 with 3 bedrooms and 1 full bathroom.

Using a one-year sales history, the current inventory of 198 homes is expected to be depleted within 5.2 months. At this rate, it will still be considered as a balanced market. It is neither favoring the sellers nor the buyers.