Plymouth MI Real Estate Market Update
There is no way to sugar coat what is going on with the real estate market and home prices in general in the Detroit Metro area. This update is specific to the Plymouth Michigan Real Estate market. The number of homes sold in the city of Plymouth and Plymouth Township, so far in 2008 (37 homes sold) is relatively the same compared to 2007 (40 homes sold) through the end of February. However the average sales price sold in 2008 ($224,779) has fallen 24% compared to the average sales price in 2007 (293,842). In 2007 the highest price home sold through February was $610,000 and in 2008 the highest price home sold in the city of Plymouth and Plymouth Township was $478,000. The average price per square foot of all the homes sold in 2008 year to date is $120/SF compared to $143/SF in 2007. In a nut shell homes are selling 16% less this year compared to last year in Plymouth, Michigan.
Whats worse is the condos in Plymouth or townhouse market in Plymouth. Homes prices have been hit hard, but not as hard as the condominium real estate market. The average condo sold in 2007 for $117 per square foot compared to $100 per square foot in 2008. Thats a decrease of 15%. In 2007 10 condos sold through February and so far this year only 9 condos have sold in all of Plymouth. The average sales price has fallen 33% so far this year. In 2008 the average condo sold had a sales price of $127,322 compared to just a year ago Plymouth condos were selling at an average of $189,340. Bank foreclosures are not helping the market. Homeowners are forced to compete with distressed sales if they are serious about getting their home sold!
As bad as the market is, it only makes sense to sell now if you are thinking about selling your home in Plymouth, Michigan anytime in the near future, because when the market turns around, it will turn around for you in your new home also. It's really a matter of where do you want to wait when the market does turn around. You are simply moving equity from one house to another. You could wait until the market turns around and you can get another 10%-20% for your home, but then I assure you, you will pay another 10%-20% for the new home. Did you really come out ahead? Why not wait for the market to turn around where you really want to be.
It's a war out there to get a home sold in this market, and if you're in the market to sell your home you should call a Plymouth Real Estate Agent that is still having success even in this market. Year to date in 2008 I have sold 14 homes through February 29, 2008. The average Realtor sells 7 homes in a year. If we all practiced the same marketing stratagies, wouldn't we all get the same results? You can start searching for homes in the Plymouth MI Real Estate market by visiting my website.