The data is now in for 2019 and although the trends have remained fairly consistent, there are some interesting changes to note. We had a very rainy spring which dampened the market slightly. Otherwise it was a strong year overall. Interest rates remained low, the local economy was strong, and inventory of new and existing homes is gradually growing so it isn’t as much of a seller’s market as it used to be. We are also seeing fewer bidding wars and more contingent offers being accepted. This is good news for buyers who have had a particularly difficult time over the past few years.
The City of Plymouth actually saw a slight decline in average sales price after years of steady price increases since the recession. There are many factors to average sales price so it’s only one indicator but it is meaningful that for the first time in 10 years, average sales price has pulled back. This could be due to smaller new construction homes being built or perhaps home values have simply peaked for the time being.
Both Plymouth and Northville Townships are holding fairly steady. The below charts illustrate the 10 year Average Sales Price trend for Plymouth and Northville, City and Township. There are fewer home sales at higher prices in the City of Northville which can result in a more dramatic chart.
10 Year Average Sales Price for Plymouth and Northville:
Buyers and sellers often consider $/sqft ratio when valuing a home. It’s just one indicator of many when you value a home but the $/sqft ratio trend over time is worth looking at. Generally, the larger the home, the lower the $/sqft all other things being equal. Naturally, more updated/upgraded homes with finished basements and so on will also be higher than the average. The below charts illustrate the 10 year Sales Price by Square Foot ratio trend for Plymouth and Northville City and Township. It remains steady for the area overall:
To illustrate the current low inventory which hasn’t changed much since the recession, the following charts show Months of Inventory and Days to Sell for Plymouth and Northville combined. Inventory remains relatively low while Days to Sell was slightly higher. The market has tilted slightly towards buyers.
The Northville Art House is a community art center in downtown Northville opened in 2005 which offers exhibits, classes and an artisan store. The Northville Art House currently offers in-house programs for adults, children, teens, and special need groups, such as Painting with Parkinson’s. It also offers out-reach programs for kids in Kindergarten through Fifth Grade in the Northville Public Schools and have started working with the special education program at Cooke School.
One of the signature fundraisers is coming up on Saturday, February 8. If you are looking for a wonderful way to spend an enjoyable evening and also support a community gem, consider attending Art Crushon Saturday, February 8 from 6:30 to 10:00 p.m. at the Northville Hills Golf Club. Tickets are $85 per person and includes dinner, open bar, a silent auction, entertainment by the Keynote Sisters and Live Painting by artist, Jennifer Helner. In addition, you will be helping what the media has called a “funky little house in downtown Northville”. Please see the attached flyer for more information or go to https://northvillearthouse.org/artcrush/
ArtCrush promises to be an exciting evening featuring a sit-down dinner with “A Taste of Italy” flare, open bar, artist workshop, live painting, silent auction, and entertainment by Keynote Sisters at Northville Hills Golf Club.
The 2020 Plymouth Ice Festival is coming the weekend of January 10th through 12th in Downtown Plymouth centered around Kellogg Park. You’ll be able to see amazing ice sculptures throughout downtown – plenty of fun for the whole family. Seeing the festival after dark is something that you should try if you haven’t already. Here are some photos from past years when they had an ice bonfire that lit up the night sky. For more information, go to www.plymouthicefestival.com.
The Ice Festival is one of several street festivals in Downtown Plymouth that take place throughout the year. The area is very walkable with plenty of parks, shops, restaurants, and entertainment – along with plenty of parking. Plymouth also has beautiful residential tree-lined streets with lots of gorgeous historic homes making it one of the area’s prettiest and most walkable small towns.
It’s Fall which means it’s festival time again – this weekend Downtown Northville is up with the Northville Heritage Festival celebrating the rich history and small town charm of historic Northville. The Parade kicks off at 6:30pm on Friday and it’s the highlight of the Festival and well worth seeing (unless you are in it yourself!). Activities for all ages including horse and buggy rides, vintage baseball, and even a Duck Race will be taking place across Northville until Sunday afternoon.
It’s that time of year again! The kids are back in school and the smell of barbeque smoke drifts through downtown Plymouth as the annual Fall Festival is here. September 6-8th, 2019 will be non-stop pancakes, spaghetti, and barbecue chicken along with carnival rides for all ages, midway games, concerts, and attractions for everyone.
Downtown streets are closed off and for one weekend, downtown Plymouth is transformed into a local fair with all the pre-requisites. This is of one of our favorites festivals in Plymouth – good fun for the whole family and another great reason the area continues to thrive. For more information, go to: http://www.plymouthfallfestival.com/
Looking back at 2018, the real estate season started off strongly after a fairly mild winter but things gradually settled down in our area depending on where you were in Plymouth or Northville, City of Township. In general, the city markets did better as people continue to be drawn to walkable downtowns and all that they offer in terms of lifestyle while a broad range of issues influenced many buyers and sellers including the following:
Rising prices and limited supply making it especially competitive for first time buyers.
Increasing interest rates, which although historically low, were a deterrent to some buyers
Stock market volatility
Availability of new construction homes
Automotive industry changes
The local economy remains quite strong as new businesses continues to appear and new real estate development goes on and up – residential and commercial. Plymouth and Northville, City and Township have seen similar trends in terms of value last year. The City markets saw a slight uptick while the Townships were fairly flat. Even when you factor in new construction values, the City’s of Plymouth and Northville have limited supply and an extremely diverse housing stock ranging widely in size, age, desirability, and price. So statistics can require a lot of interpretation but overall the trend is up.
In the Townships, Plymouth is fairly stable with only a slight decrease in Sales Price by Square Foot ratio. Northville Township is also fairly even where new construction is an added competitive factor for resale homes especially in the upper price ranges. Homes that haven’t been updated are having an especially difficult time selling and tend to linger longer on the market. Buyers today have the added influence from HGTV and social media so what was desirable 10-20 years ago, never-mind 30-40 years ago, becomes quickly dated and obsolete. So choose your designs, materials, and finishes wisely when building or updating and your home should withstand the test of time in terms of value.
To put things in historical perspective, here’s Robert Bake’s Holiday Bulletin from 25 year ago:
Below are the charts showing each area’s 10 Year trend of Sales Price by Square Foot Ratio. The average prices shows a similar trend. Overall, after 10 years of upward movement, the positive trend has begun to ease.
The new Bigalora Wood Fired Cucina in downtown Plymouth is now open where the Box Bar used to be. Located at 777 West Ann Arbor Trail right across the street from Kellogg Park – we now have another great thin crust pizza, pasta, and salad option for lunch in DTP! The contemporary interior with sky high ceilings and tall windows on 2 sides really makes the place feel spacious and light. Welcome to Plymouth!
(Updated 12-17-18). We had dinner last night at the new 160 Main in downtown Northville. After admiring the work to the building over the past year, it was great to finally walk through the doors into the 2 story bar area up front. Past the bar, there’s a dining room on the first floor and another dining area up stairs. We aren’t restaurant critics but really enjoyed the menu selection, food, and service. It’s another great upscale dining option in the City of Northville!
Walking by last night and located beside the Town Square, it looks like work at 160 Main is nearly complete and opening appears set for December 6th! The exterior facade looks great and so does the interior from what we can see. We are looking forward to trying this restaurant!
We are very excited to present this painting of Kellogg Park by Lauren Wan and commissioned by BAKE Real Estate. Signed prints are available from the artist. Please complete the form below if you would like more information :
Lauren graduated with an MA from the Royal College of Art in Textile and Printmaking. Lauren creates contemporary and sophisticated art for todays leading international brands covering fashion, tabletop, home furnishing, stationery and fine art. Her inspiration is derived from her travels and beautiful things around her. Lauren’s sensibility and experience richly reflects on her emotional and poetic approach to her artwork. Besides Lauren’s commercial success as an established designer, her fine art was selected for the Hong Kong Museum of Art’s permanent collection. www.laurenwan.com Instagram: #laurenwandesign
Having a bookstore in the city center is something everyone likes. Then combine it with a cafe that serves crepes and you’ve got the ingredients for a destination! My Little Paris Cafe and Bistro in downtown Northville is a definitely worth a visit if you are in the area.
Formerly the Next Chapter Bookstore and Bistro at 141 E. Main Street, this gorgeous brick building is in the heart of the historic downtown and makes an ideal place for a comfortable book store and sidewalk cafe.
Born and raised in New York, Christine has lived in the metro Detroit area since 1994. She appreciated the opportunity for her family’s International Relocation from 2008-2011 in Vancouver, Canada. Christine is no stranger to the rigors of relocation and is happy assist clients in this exciting process. Through their many moves Christine developed a love of turning houses into homes. She currently resides in Northville with her husband and 2 teenage sons where they recently completed renovating their home. Christine has been involved with many youth sports and Northville school organizations as her boys have grown up over the years. Her knowledge of Northville and surrounding districts will be invaluable to her clients.
Christine holds a BS in Physical Therapy from Ithaca College, and enjoyed a 25 year career as a Physical Therapist. She spent many years working in client homes in Northville, Plymouth and surrounding communities giving her a unique perspective and understanding of these neighborhoods. Christine is excited to be part of the BAKE team which allows her to combine her love of working with people with her love of all things real estate. Her unparalleled attention to detail is key to assisting all her clients get a first rate experience whether they are buying or selling their home.