[To view the Plymouth Michigan real estate statistics for July 2010, be sure to click “Fullscreen” for monitor filling goodness!]
Average Sales Price: $258,414
July saw a nice increase in the average sales price over June, a 12.4% increase in fact. There were 22 homes in Plymouth, Michigan that were purchased in the month of July.
Average Sales Price to List Price Ratio: 91.81%
In July, homes in the city of Plymouth, Michigan sold for about 8% less than what they were offered as for sale. This ratio is based on the original list price of the home to the final sales price. Please note that this ratio does not take into account any concessions or money back from the seller to the purchaser.
Average Number of Days on the Market: 76
Nearly two and a half months is what it took, on average, for homes to sell in July. This means that if your home was of average price and quality, it would have sold for an average of 92%% of list price within 76 days.
Average Sales Price per Square Foot: $109
If you are looking to sell your home quickly in Plymouth, Michigan, a list price at or below the average price per square foot will definitely get a lot of people looking at your home. Of course, this assumes you have a great quality home with no major aesthetic or housing systems issues.
A Plymouth Michigan Housing Anecdote
It’s one thing to read the analysis and view the charts. It’s an entirely separate issue to apply what these numbers mean in a practical sense.
So, to help understand what these analytics mean to buyers and sellers, allow me to share a recent experience I’ve had with some clients looking to purchase a home.
When I counsel my clients on their impending home search, I listen. I listen to what it is they ‘need’ in a home and what they ‘want’ in a home. My advice, to all purchasers, is to find the home that meets all of what you ‘need’ and as many of your ‘wants’ as possible.
Upon drawing up our laundry list of “needs and wants,” I create a search on the real estate database known as the Multiple Listing Service (MLS). This search of all the active properties in the Southeast Michigan real estate market showed that there were approximately 30 homes that met my clients’ housing criteria.
With this list of 30 primary targets established, we proceeded to tour and view these homes. Some properties were crossed off the list because their locations weren’t acceptable. Other homes we never walked into due to the disrepair of the exterior. Of the 30 homes on the original list, we physically visited around 20 homes, with the remainder cast off for one reason or another.
Having seen all these homes, my clients saw nothing that knocked their socks off in terms of finding an amazing home at a great price. In fact, my clients are wondering where all the “real bargains” are located.
Really, who can fault them for thinking this?
The ‘rumor’ is that homes can be had for pennies on the dollar and that you can find a home that doesn’t need much, if any, work upon purchase. The reality of the housing market is different than what you may hear around the water cooler or what you might see on the evening news. What’s needed when beginning your house hunting or considering the prospect of selling your home are cold, hard facts.
What these housing statistics allow buyers and sellers to do is gauge any one home against current market conditions. If we keep in mind that these statistics are averages of the homes sold, we can recognize a grossly over-priced home, a truly exceptional value and the shades of gray in-between. With these statistics in mind, my clients advised me that they were ready to purchase one of three different homes offered for sale, if the price finally became exceptional.
Hearing what my clients were looking for, I contacted the listing agents and asked them for their seller’s lowest and best offer to my purchasing clients. So, in the end, not only was I able to educate and prepare my clients to act when the right opportunity presented itself (which it always does!), I was also able to leverage the market conditions to the benefit of my purchasing clients (e.g. a lower purchase price).
(Sorry if I got off track here. I am really passionate about meeting exceeding my clients real estate needs!)