October 2011 Plymouth Michigan Housing Stats
Average Sales Price: $225,480
October saw an over 6.5% increase in the average sales price in Plymouth Michigan, compared to September. Comparing October 2011 to October 2010, the average sales price is up over 8.5%. Buyers have been jumping on new listings that have the right combination of quality and price. As our listing inventory has been 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: 91.8%
At 91.8% of list price, sellers gave up less than 9% of their original list price to sell their home in September. For buyers, this means that you could, on average, count on your ultimate sales price being about 9% 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: 76
We see that just about two and a half months was the average time for a home to have sold in Plymouth during the month of October. The days on market were down 2 days from September’s average of 78 days on market. For sellers, you should plan accordingly: average price, average quality means an average of 76 days on the market. Buyers, understand that if a home is drastically under the 76 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: $111
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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