2009 In Review: Plymouth Real Estate

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

For all of 2009, the average sales price of a home in Plymouth was $215,026. As you can see on the chart to the left, the monthly average sales price fluctuated from $169,000 to $241,000.

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.

In January, homes were sold for an average of nearly 96% of their list price, while March saw homes selling for just over 84% of their list price.

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!

$103 per square foot was the average for 2009.  This holds to my rule of thumb the last few years that about $100 a square foot list price and awesome quality will sell a home in 30-45 days.

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.