Plymouth/Northville June Pending Sales Rebound Sharply as our Local Real Estate Market Recovers with Pent-up Buying and Pent-up Listing

| BAKE REAL ESTATE

The real estate industry in Plymouth/Northville did some catching up during the month of June as pending home sales increased 35% year over year. Pent-up buying AND pent-up listing drove the market as buyer and sellers returned to the market. While the number of closed sales is still lagging, July should reflect the peak of pending sales in June. Prices remain steady as demand continues to be strong and with more listing coming online.

Number of Pending Sales increased 35% in June Year over Year
Number of Sales showing the effects of COVID-19 but recovering. June is usually a peak month.
Average Sales price is flat overall in 2020 but there will be more data after July closings.
Median Sales price is flat overall in 2020 but there will be more data after July closings.
The number of new listings has returned to near normal levels.
The number of active listings is down in June year over year as pent-up buying returned quickly but pent-up listing has lagged somewhat.