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September 2010 Plymouth Real Estate Stats
Average Sales Price: $215,671
There was a 4.7% drop in sales price from August to September 2010, while only 3 fewer homes were sold. While there was a month to month drop in sales price, the comparison to September 2009 shows that sales prices are up by nearly 2%. For home sellers, all of this news means that prices are still low and likely to move sideways for a time. Compared, anecdotally, to other areas in the Southeast Michigan marketplace, moving sideways is a great thing to say about a real estate market.
Average Sales Price to List Price Ratio: 92.08%
Hovering a little above 92% of list price, sellers gave up less than 8% of their list price to sell their home in September. For buyers, this means that you should, on average, count on your ultimate sales price being about 8% 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: 100
100 is a nice round number, isn’t it? We can all see that three months and ten days is the average time for a home to have sold in Plymouth during the month of September. The days on market were up 32 days from August’s average of 68 days on market.
For sellers, you should plan accordingly: average price, average quality means an average of 100 days on the market. Buyers, understand that if a home is drastically under the 100 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: $113
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.