January 2010 Housing Stats: Plymouth, Michigan

A regular feature here is a rundown on the monthly statistics for homes in Plymouth, Michigan.  The charts presented here are created by only looking at the homes that sold in the past month.  In this case, we looked at the Plymouth, Michigan (city and township) homes that sold in January.   The charts themselves consist of the past 12 months for you to reference.

[FYI – Click the graph for a bigger version to view.]

Average Sold Price | Plymouth, Michigan Homes

Check out the jump in the average sales price for homes in Plymouth, Michigan!  That’s a nearly 7.5% increase in the sales price from December to January.  Of course, January’s number of closings is pretty low, so that could be throwing the average sales price off a bit.

Average Days on Market | Plymouth, Michigan Homes

As can be expected, the winter months show a spike in the average days on market for homes closed.  Homes that sold in January 2010 had an average days on market of 183.  That means that it took, on average, just a shade over 6 months to sell a home in Plymouth, Michigan.

Average Sales Price per Square Foot | Plymouth, Michigan Homes

One metric that many buyers I have worked with will use in determining the value of a property is the price per square foot.  My rule of thumb in this challenging market has been that a home with great quality and pricing at about $100 a square foot will sell pretty quickly.  Sure enough, the graph above holds this thought true.  January 2010 saw an average price per square foot of $99.

Sales Price as Percent of List Price | Plymouth, Michigan Homes

Here in Plymouth, homes sell for about 91% of their original list price.  In January 2010, they sold for 91.32% of their original list price.  This means that regardless of the list price when the home sold, it sold for 8.7% less than what it was originally listed for.  This means that homes that are currently active on the market are likely 8.7% overpriced for the market.  With that knowledge you can now price your property accordingly and sell in a shorter period of time.