It’s the top of the month!Â That means it is time for a review of last month’s sales in the Plymouth Michigan real estate market.
[Don’t forget, click on the chart to enlarge it!]
Plymouth Michigan Real Estate: Average Sales Price
The increase in average sales price continues.Â At an average sales price of $259,035, February 2010 is the strongest average sales price that Plymouth Michigan has seen in over 12 months.
Plymouth Michigan Real Estate:Â Sales Price as % of List Price
As you can see in the chart above, the percent of list price that a house sells for in Plymouth Michigan appears to have stabilized.Â For February 2010, the average house in Plymouth sold for about 92.6% of the list price.
Plymouth Michigan Real Estate: Average Days on Market
Average days on market is an indicator of the momentum of a particular housing market.Â For February 2010, the average home that sold in Plymouth was on the market for only 91 days.Â And note how much higher this metric was in May of 2009 (more than twice as long!). This means that if you are looking to sell your home, and you price it reasonably in accordance with what the market will bear, it will take about three months to sell.
Plymouth Michigan Real Estate: Average Sales Price per Square Foot
Recently, I was asked the importance of the price-per-square-foot metric.Â In my opinion, this is probably the most important analytic in real estate, and functions kind of like a barometer.Â It’s the only metric that allows for comparison of dissimilar properties on an “apples to apples” basis. It shows what an average home sells for in any particular market.Â Right now, pricing a quality home at around $100 per-square-foot is a good strategy for selling fairly quickly.Â But note the combination: price and quality.
And, of course, this is a broad observation that does not apply to every home and every situation, as some areas sell for more than this price-per-square-foot, and other areas sell for more (this is where a Realtor provides real value, in helping a seller determine the optimal price of a home to maximize sales price while minimizing marketing time).
My bottom line observation: the market is starting to stabilize, as evidenced by pure price stability plus the reduction in days-on-market. These signs bode well for the future…
I hope this information is of benefit to you, and provides you a little bit of optimism going forward.