Manchester Vermont Real Estate Blog

Over the past week 26 new properties came on the market. Of these properties, 6 are listed for over $1 million and 2 more are just under $1 million. That represents 31% of the properties listed for the week. It is clear that the number of properties selling for more than $1 million is nowhere near 31% of the total transactions. This made me wonder where the action has been in terms of price range and whether we have the appropriate distribution of available properties in terms of price compared to what is selling.

Year to date 75 properties have sold. They breakdown in the following price ranges:

Under $250,000 – 37 properties sold or 49% of the total sales

$250,000 - $500,000 – 21 properties sold or 28% of the total sales

$500,000 - $750,000 – 9 properties sold or 12% of the total sales

$750,000 - $1 million -5 properties sold or 7% of the total sales

Over $1 million – 3 properties sold or 4% of the total sales

How does this compare to the distribution of properties currently listed for sale (573 total)

Under $250,000 – 160 properties for sale or 30% of the total available

$250,000 - $500,000 – 223 properties for sale or 39% of the total available

$500,000 - $750,000 – 79 properties for sale or 14% of the total available

$750,000 - $1 million -48 properties for sale or 8% of the total available

Over $1 million – 63 properties for sale or 11% of the total available

It is evident that the current inventory does not match up with the current demand. The number of lower end properties available is under represented while the number of higher end properties available exceeds the current demand. Owners of more modest properties who are considering selling should feel confident that their property could see a lot of action once on the market. Owners of larger homes and estates should be concerned that they would be venturing into an already crowded space where they would be competing for a limited number of buyers.

On to the weekly recap:

New Listings – 26 new properties came on the market last week ranging in price from $82,900 to $2.9 million.

Price Reductions – 17 properties were reduced in price with an average price reduction of 8.7%.

Under Contract – 3 properties went under contract last week, 2 under $250,000 and 1 between $500,000 - $750,000.

Sold – 6 properties closed last week: one sold for $94,600 which was 95% of asking price, one sold for $175,000 which was 90% of asking price, one sold for $198,000 which was 94% of asking price, one sold for $210,000 which was 92% of asking price, one sold for $234,000 which was 94% of asking price and one sold for $680,000 which was 91% of asking price.