February 2010 Plymouth Michigan Housing Stats

It’s the top of the month!  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.  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:  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.  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.  For February 2010, the average home that sold in Plymouth was on the market for only 91 days.  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.  In my opinion, this is probably the most important analytic in real estate, and functions kind of like a barometer.  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.  Right now, pricing a quality home at around $100 per-square-foot is a good strategy for selling fairly quickly.  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.

0 Responses to February 2010 Plymouth Michigan Housing Stats

Leave a reply

1212 Woodlawn Ct, Wolverine Lake, MI | Lake Community Living
1212 Woodlawn Ct, Wolverine Lake, MI 48390 Search Wolverine Lake Homes » [more]
SOLD | 2001 Marble Ct, Commerce, MI | Expansive Ranch on an Acre
2001 Marble Ct, Commerce, MI Search Commerce Township Homes » MLS: 3258 [more]

Todd Waller | Ann Arbor Real Estate | Berkshire Hathaway HomeServices Snyder & Company, Realtors

todd waller | real estate | todd @ toddwaller.com | 734.564.7465

Homes of Ann Arbor

BeforeYouBuyAnnArbor.com

BeforeYouSellAnnArbor.com

©2018 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.

copyright ©2018 | todd waller | sitemap | privacy policy

Todd Waller Real Estate
Local Business: Todd Waller
Description: Todd Waller, a self described "destroyer of the real estate fortress of suckitude," focuses on helping sellers and buyers in Ann Arbor, Canton, Livonia, Northville, Novi, South Lyon, Plymouth, and Ypsilanti
Website:
Location: 2655 Plymouth Road Ann Arbor MI 48105
Email:
Phone: 734.564.7465