January 2011 Plymouth Real Estate Stats
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Plymouth Michigan Real Estate Stats | January 2011
Average Sales Price: $181,893
There was an nearly 7% decrease in the average sales price from December 2010 to January 2011. January, historically, has fewer closings than any other month of the year. This year is no different and as such, the impact of distressed properties on the average sales price becomes even more prominent.
Average Sales Price to List Price Ratio: 88.88%
Hovering a little above 88% of list price, sellers gave up less than 12% of their list price to sell their home in January. For buyers, this means that you could, on average, count on your ultimate sales price being about 12% 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: 109
We see that nearly four months was the average time for a home to have sold in Plymouth during the month of January. The days on market were down 6 days from December’s average of 115 days on market.
For sellers, you should plan accordingly: average price, average quality means an average of 109 days on the market. Buyers, understand that if a home is drastically under the 109 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: $88
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.
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