2009 proved to be an interesting year in the Plymouth, Michigan real estate market. Like many other real estate markets, Plymouth had its share of obstacles: tighter credit markets, increased underwriting standards, decreasing property values, etc.
But one thing did remain the same: properties still sold!
As a part of a regular feature here on Professional One-Plymouth, here is the 2009 housing stats wrap up:
Average Sales Price of a Home in Plymouth
Sales Price as a Percentage of List Price
In 2009, the average home in Plymouth, Michigan sold for just over 91% of the original listing price. This means that on average, homes were originally listed for 7% more than the market agreed the property was worth.
Average Sales Price per Square Foot
Ever wondered what the average sales price per square foot of Plymouth, Michigan homes was in 2009? 😉
Well, here you go!
Average Days on Market
“Ok Todd, it’s fun to see the sales prices, averages and such, but how long did it take for homes to sell in 2009? More importantly, how long will it take to sell my home in 2010?”
Well, the average Days on Market (that time from listing to closing) in 2009 was 120 days or 4 months. If you listed your home in April, it would, on average, close in August.
What does this mean for the 2010 real estate market? Expect to see this trend continue. But remember that the killer combination of quality and $100 a square foot will shorten your days on market.
Stay tuned folks!
2010 promises to hold some surprises and some “not so surprises.” Let’s keep in mind, this is 2010, an election year. There is a housing purchase credit on the table to expire by the end of April. What do you think the over/under is for that credit to NOT be extended in an election year?
Also to be aware of, new “truth in lending” guidelines that went into affect this year could also impact the rate at which loans are approved or even funded.