Grand list shows slight decline
"We're still a billion dollar town," said Pauline Moore, Manchester's assessor and lister, referring to the total dollar amount of the grand list.
A grand list is the total value of all taxable property within a municipality.
The total number of the grand list comes in at slightly more than $1.2 billion. According to Moore, this is a less than one percent decrease from the previous fiscal year which ends on June 30; or about $10 million.
Total number of real estate sales were 116 for 2014, up from 88 last year. While there were more sales this year, in most cases, the median amount of sales was lower. While the grand list this year is slightly less than last year, there were more residential homes - 67 - sold in 2014. The median price of a residential sale dropped $20,000; from $320,000 to $300,000.
While homes are still selling, Moore said the problem is that while the homes on the high and low ends are selling, with the homes in the middle are not moving at the same pace.
Commercial sales were down from a median price of $660,000 fiscal year 2013 to $425,000 this fiscal year.
While commercial sales have dropped in median price, 13 properties were sold in 2014, as opposed to 9 in 2013. Land only saw a $10,000 drop in median price, down from $135,000 in 2013 to $125,000 in 2014. However, there were fewer land sales, only 5 compared to 11 in 2013. More condominiums sold at a higher median price in 2014 - 31 condominiums at $200,000, compared to 22 at $190,000 in 2013.
The bad news, she said, is the grand list has lost $160 million since 2008.
Condominium prices, she said, have seen the biggest drop in price since 2008, falling 21 percent.
There are more properties that are non-taxable in 2014 than last year, with 145 properties, as opposed to 129 last year. This year, the Riley Rink is also a non-taxable property.
"The legislature decided [with] only two rinks in the state not town owned, they petitioned the state for a long time and decided to make it permanently non-taxable," Moore said.
While the list has dropped, there was a higher total number of sales for 2014 than 2013. In 2013, there were 88 property sales, but in 2014 there were 116. While there have been some drops in median sales prices and the loss of the rink, Moore said the development in town, like the opening of Marble Mill and the purchase and redevelopment of the old Factory Point Bank, will be helpful to the list next year, she added.
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