April data is now available and it reinforces what we’ve seen so far in 2021 during our daily real estate activities. There continues to be very strong buying demand without a balancing level of selling – creating quite an uneven market. Across Plymouth, Northville and Novi, homes are selling quickly – often with numerous showings and multiple offers. There are of course exceptions – generally more unique homes or highly priced homes can take a little longer.
Prices are up accordingly and will likely continue to increase as a large number of pending sales have yet to close. Many of these pending sales are at or above the listing price which will likely raise comparables and help mitigate appraisals holding back values in some cases.
If you are a buyer, it can be a challenging time but with the right advice, patience, and perserverence, you can and will succeed. If you are a seller, it’s definitely a great time to sell but consider the cost of where you are moving to as well.
These are tumultuous times so your home has never been more important.
The first set of charts below illustrate number of active listings and average price over 5 years for Plymouth, Northville and Novi individually and collectively. The second set shows average price over 10 years for the same areas. The message is simple and consistent: prices are increasing while the number of available homes remains limited.