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Manchester Condo Update

Manchester Condo Market Update

Murray Hill unit 60 sold for $390,000Torbank unit 12A sold for $354,500

We recently shared the following information regarding the market with Manchester condominium owners.

The last three years in the Vermont real estate market have been a wild ride. The pandemic helped fuel a once in a lifetime sellers’ market as people sought a safe refuge in our state. Several trends including work from home and investment in vacation rentals would indicate that demand for Vermont real estate may remain strong in the coming years.

In the Manchester condo market we saw the number of properties sold and the average price and price per square foot increase significantly compared to pre-pandemic numbers. In 2019, 25 condos sold at an average price of $248,890 and an average price per square foot of $141. In 2020 (the first year of the pandemic), those numbers increased to 35 sold, $289,424 average price and $148 average price per square foot. In 2021 prices continued to increase with 37 units sold, $320,500 average price and $189 per square foot. Last year prices continued to grow while the supply of condos for sale dried up. Only 14 properties sold last year at an average price of $301,989 and an average price per square foot of $238. This represents an increase of 26% year-over-year and an increase of 69% since the start of the pandemic.

Over the past two years, record sale prices were reached at several of the condo complexes including $324,000 at Riverside Townhouses, $280,000 at Manchester East and $160,000 at Bourn Brook. At Murray Hill a unit sold for $390,000 and at Torbank a unit sold for $354,500 (both of which were our listings) – the highest prices since the last boom of 2005-06. Interestingly not a single Equinox on the Battenkill unit sold last year.

If you are thinking about selling your condo you may be wondering if it is too late, did you miss the boat. Certainly, the increase in interest rates may have dampened demand somewhat. However, as of this writing there are zero condos currently available for sale in Manchester (there is one EOB unit under contract). It is also worth noting that 10 out of 14 units that sold last year were cash deals. It is our opinion that there is still strong enough demand to continue supporting prices at the current if not higher levels. We should also mention that the average days on the market for the units that sold last year was 6 days, another indicator of how strong the demand has been. Bidding wars and offers over asking price have been the rule rather than the exception.

When you are ready to discuss your options give us a call at 802-688-6566 – Julie or 802-688-5556 – Dave. We have a combined 36+ years of experience selling Manchester condos. We look forward to hearing from you.

Sincerely,

Dave and Julie Citron

Owners, RE/MAX Four Seasons

Annual Market Performance

Year

Units

Sold

Average Price

Avg Price per

Sq Ft

2018

26

$238,779

$132

2019

25

$248,890

$141

2020

35

$289,424

$148

2021

37

$320,500

$189

2022

14

$301,989

$238

 

Sold 2022

Date Sold

Condo Development

Bedrooms

Baths

Square Feet

Selling Price

Price/Sq Ft

Days on Mkt

1/12/2022

Murray Hill

2

2

1,456

$300,000

$206.04

1

3/30/2022

Bourn Brook

1

1

644

$150,000

$232.92

6

4/29/2022

Manchester East

2

1

1,018

$230,000

$225.93

3

7/1/2022

Murray Hill

1

1

864

$248,000

$287.04

7

7/1/2022

Riverside Townhouses

2

2

1,066

$324,000

$303.94

7

8/12/2022

Manchester East

2

1

1,018

$234,000

$229.86

4

8/19/2022

Barnumville Rd

3

4

3,832

$670,000

$174.84

7

8/25/2022

Torbank

3

4

1,797

$354,500

$197.27

7

9/9/2022

Manchester East

2

2

1,018

$260,000

$255.40

12

9/9/2022

Riverside Townhouses

2

2

1,066

$262,350

$246.11

7

9/9/2022

Manchester East

2

1

1,018

$270,000

$265.23

7

9/21/2022

Manchester East

2

1

1,018

$280,000

$275.05

2

10/27/2022

Murray Hill

3

3

2,058

$390,000

$189.50

3

12/2/2022

Riverside Townhouses

2

2

1,066

$255,000

$239.21

6

 

Average 

 

 

 

$301,989

$237.74

6

 

Please note: all sales data has been obtained through the NEREN mls system. Information is deemed reliable but is not guaranteed to be accurate.

  

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