With the Summer selling season now behind us, the City of Plymouth real estate market continues to shows strong demand, limited supply, and consequently – steadily rising prices. Median sales prices for single family homes and condos are up again this year and have surpassed pre-recession highs with the market recovering just as quickly as it collapsed. Desirable homes with good locations often sell in days with multiple offers and oftentimes, over asking price.
If you live in the City, I’m sure you’ve heard your friends and neighbors talk about the this or that house which sold instantly with multiple offers. We recently sold a charming brick bungalow for $275/sqft! Not every home will sell instantly for a high price however. There are cases of homes being over-priced that sit on the market longer while enduring price reduction after price reduction.
Will the market go even higher in 2015 is something we can’t predict but there doesn’t appear to be any let up in demand at the moment.
Another interesting change in the market is the increase in the number of cash offers we are seeing. These might be well-heeled buyers downsizing from a larger home in the Township, or a buyer obtaining seller financing from a cash purchaser. If you are trying to buy in Plymouth, it’s not easy to say the least but the good news is that more homes continue to come on the market as sellers see what they can sell for.
If you would like to discuss buying a home in the City, please contact us and we would be happy to assist you: Carrie Bake, Associate Broker, at (734) 788-2398 – firstname.lastname@example.org, Patrick Wong, Associate Broker,at (734) 272-8375 – email@example.com, or Stephanie Brown, REALTOR, at (734) 620-4536 – firstname.lastname@example.org.