August 2011 Plymouth Michigan Housing Stats
August 2011 Plymouth Michigan Housing Stats
Average Sales Price: $264,464
August saw an over 3% decrease in the average sales price in Plymouth Michigan, compared to July. Comparing August 2011 to August 2010, the average sales price is up nearly 17%. Buyers have been jumping on new listings that have the right combination of quality and price. As our listing inventory is low this year, it appears that well-priced, great quality homes in Plymouth simply do not last long on the market.
Average Sales Price to List Price Ratio: 93.06%
Hovering just at 93% of list price, sellers gave up less than 7% of their list price to sell their home in August. For buyers, this means that you could, 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 Market: 106
We see that just a little over three months was the average time for a home to have sold in Plymouth during the month of August. The days on market were up 44 days from July’s average of 62 days on market. For sellers, you should plan accordingly: average price, average quality means an average of 106 days on the market. Buyers, understand that if a home is drastically under the 106 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: $112
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.
Comments feed