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October 2010 Plymouth Real Estate Stats
Average Sales Price: $207,296
There was a 4.0% drop in sales price from September to October 2010, with 5 additional homes sold in the month of October. In addition to a month to month price drop, there was also a nearly 7.5% drop in sales price from October 2009. For buyers, this means that home prices are still low as we head into the winter season. Typically, the winter sees a decrease in sales activity, so it is possible that homes coming on the market across the winter will be priced lower to sell quickly.
Average Sales Price to List Price Ratio: 93.67%
Hovering a little above 93% of list price, sellers gave up less than 7% of their list price to sell their home in October. For buyers, this means that you should, on average, count on your ultimate sales price being about 7% 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: 67
We see that two months and seven days is the average time for a home to have sold in Plymouth during the month of October. The days on market were down 33 days from September’s average of 100 days on market.
For sellers, you should plan accordingly: average price, average quality means an average of 67 days on the market. Buyers, understand that if a home is drastically under the 67 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 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.