Plymouth and Northville Resale Housing Supply Remains Low

The Plymouth and Northville Real Estate markets have done better than most over the past several years.  And now with the local Automotive industry recording robust profits and paying out bonuses, combined with a more diversified local economic base, the residential Real Estate market has further strengthened.

Newly listed properties are often selling quickly near or at listing price while some properties are even receiving multiple offers – sometimes over list price. As usual, the homes with best locations, amenities, and updates will not only appeal to the most people, but also sell for the highest prices in the least amount of time.

Why is the recovery in Real Estate happening?  Low inventory and more buyers seems to be the answer or simply less supply and more demand. There just aren’t enough properties on the market to satisfy buyers who feel more financially secure or are moving to the area.  As a result, prices are improving and there’s more new construction/renovation activity. Here’s how Plymouth and Northville active real estate listings in May compare to the same time last year.

Number Active Listings Year over Year by Zip Code
Zip Code May 2011 May 2012 % Change
48167 –   Northville 78 48 -38%
48168 –   Northville 178 141 -21%
48170 –   Plymouth 218 181 -17%

For Buyers:  We recommend finding a local buyer’s agent who can identify new homes just listed or soon to be listed. You should also get a pre-approval letter from a lender.  And then you should educated yourself about the local market by seeing houses as they come on the market.  You may need to act quickly so the more you know now, the faster you’ll be able to make a decision when the right house does come along.

For Sellers:  If you’ve delayed putting your home on the market, this may be the time to sell.  While other areas of Southeast Michigan may not be as strong as ours and prices were lower a couple of years ago, things have definitely changed.  It’s a good time to sell right now in Plymouth and Northville. Of course, you’ll want the advice and assistance of an experienced local REALTOR since selling a home in today’s market can be a complicated and time-consuming process.

If you are planning to buy or sell a home in the Plymouth or Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process. You can reach me at 734-788-2398 or