As summer ends, this is a good time to add some perspective to what we’ve seen in the market so far this year. If you have bought or are trying to buy a house or condo in the City of Plymouth in 2013, this chart will not surprise you. With homes selling quickly and often above asking price with multiple offers, values have been rising sharply this year. To see just how dramatic the increase has been, here is the price trend over past 10 years. The data is just for the City of Plymouth (not the Township) and includes both homes and condos. Not included are non-listed sales. But based on our knowledge of the market, the effect of non-listed data on the above chart would be negligible. As prices rise, we are seeing more people consider selling their homes which should ease the lack of available inventory. This however will be countered by the annual seasonal slowing of the market and higher and higher price expectations of sellers regardless of the location, condition, and layout of their home. Homes that have marginal locations, lack updates, and/or are priced too high will not sell quickly. So if you are trying to buy – continue to expect some frustration as supply remains very limited in the City of Plymouth. I’ll be posting a similar chart for the City of Northville very soon.
Data Source: RealComp