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Average Sales Price: $252,052
There was an over 17% increase in sales price from October to November 2010. This is a nice bump in sales price to see heading into the winter months. In analyzing the individual sales, it appears as though there were a few more homes well above the average sales price than usual. These sales, obviously, helped pull the average sales price higher.
Average Sales Price to List Price Ratio: 91.41%
Hovering a little above 91% of list price, sellers gave up less than 9% of their list price to sell their home in November. For buyers, this means that you should, on average, count on your ultimate sales price being about 9% less than the home’s original list price. Please note, that this ratio does not take into consideration any seller concessions to assist the buyer with closing costs and prepaid items.
Average Number of Days on the Market: 114
We see that nearly four months was the average time for a home to have sold in Plymouth during the month of November. The days on market were up 47 days from October’s average of 67 days on market.
For sellers, you should plan accordingly: average price, average quality means an average of 114 days on the market. Buyers, understand that if a home is drastically under the 114 days on market and has a great listing price, there are likely a bunch of other buyers taking note and getting ready to write offers. Don’t use a short days on market metric as your ONLY reason to wait or jump on the home. See the days on market as a piece of the larger picture, when making an offer to purchase.
Average Sales Price per Square Foot: $107
Another stat that I would take with a grain of salt, for buyers and sellers, is the sales price per square foot. For buyers, I would suggest using this average as a way to determine a very rough estimate of what a [fill in the blank] square foot house would cost in Plymouth, Michigan. For sellers, I would advise the same as a rough estimate for the sales price of your home.
Why present the number if it should be taken with a grain of salt? Simply put, the sales price per square foot is another stat that I would suggest you be aware of, but not use as the sole determining factor on buying or selling a home. Taken together with the quality of the home, list price against the rest of the competing homes for sale, and location, average sales price per square foot could be a good indicator of the value or deal on a given home.