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.
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.
(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!
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.
The Northville Art House shines a spotlight on the imagination, art, talent and cultural diversity of artists throughout the region when the annual Arts and Acts Festival returns for the sixth consecutive year June 16-18 in historic downtown Northville. The Festival includes the 29th annual juried fine art show Art in the Sun, featuring over 70 talented artists; the Sandbox Play Festival produced by Tipping Point Theatre; the Short on Words Literary Contest; musical entertainment featuring some of metro Detroit’s top musicians; Children’s Activities; the Northville Art House Chalk Festival; our new Young Artist Juried Art Fair; and a large variety of festival food and drink.
Friday, June 16: 3:00 p.m. to 8:00 p.m.
Saturday, June 17: 10:00 a.m. to 8:00 p.m.
Sunday, June 18: 10:00 a.m. to 5:00 p.m.
Main and Center Streets, downtown Northville, Michigan
It’s an exciting time for Plymouth with the College for Creative Studies (CCS) of Detroit establishing programs at the Plymouth Arts & Recreation Complex (PARC). This morning, we met with representatives from the College and discussed their plans going forward. With the support of the Margaret Dunning Foundation, CCS plans to provide pre-college, college credit, continuing education, and other art and design related programs within the PARC facility. CCS is one of the world’s premier art and design institutions with an especially well regarded Transportation Design program with graduates working in automotive design studios around the world.
Look for more information about CCS programs at the PARC over the next few months including at Art in the Park.
We now have the full year of 2016 data and average price trends in the Plymouth and Northville markets have continued their upward climb. This should come as no surprise to those who live here and have witnessed the market first hand. But it’s nice to see the supporting data that shows prices have indeed kept rising. I’ve split the data by City and Township for both Plymouth and Northville single family homes with comments and observations below each chart. You’ll find a 5th chart that illustrates the inventory of active listings in Plymouth and Northville remains very low. As always, you can refer to our website’s front page to see what our listings and buyer sales close for. If you would like additional market information or a valuation of your home, please complete the form at the end of this article.
City of Plymouth Average Sales Price: Single Family Homes Last 10 years: Another Record Year
The City of Plymouth real estate market continues to reach higher and higher heights as people are attracted to our walkable neighborhoods and city center. Prices are setting new records with bidding wars being commonplace for the more desirable homes and locations – however, it’s not every home that sells for a premium. Location, condition, presentation, marketing, functionality, updates, and pricing all determine how fast and how much a home will sell for.
We are seeing people from all over the metro Detroit and Ann Arbor area choosing the City of Plymouth whether they are first time or last time buyers. Buyers are cross shopping Plymouth and Ann Arbor more often as well as the Ann Arbor market can be even more competitive. New construction activity has also been transforming parts of the City resulting in a community response that resulted in new rules for new construction. How the new Floor Area Ratio ordinance will affect the market remains to be seen but I expect Plymouth will be just as desirable, if not more desirable, as before. If you split out new construction homes from the data, the average price is still trending significantly higher year over year. And based on the actual activity we are seeing on the ground, this upward trend should continue through 2017 barring any unforeseen shock to our local economy and the automotive industry in general.
Township of Plymouth Average Sales Price: Single Family Homes Last 10 years:
Plymouth Township prices have also remained steady and strong although the market is less robust than in the City. For buyers who prefer a little more house for the money, a lower property tax rate, a larger home and/or property, or prefer to just have more privacy and space between homes, the Township offers a wide range of established neighborhoods and homes with acreage, nearby parks, and proximity to the City. We have also seen quite an increase in inbound relocation buyer traffic moving to the Plymouth area where the schools, prices, proximity to the City of Plymouth, DTW, metro Detroit, and Ann Arbor all help to make the Plymouth Township very attractive.
City of Northville Average Sales Price: Single Family Homes Last 10 Years:
The City of Northville has also shown a remarkable recovery from the Recession. Prices are very strong with homes selling off market or very quickly on market at higher prices. The tear-down/new construction activity is here as well although not as pervasive as in Plymouth. Northville has a much larger Historic District where home demolition is severely restricted. The business district continues to thrive with new restaurants, coffee shops, retail stories, parks, events, while the quiet, historic, walkable neighborhoods continue to attract buyers who appreciate all that Northville has to offer. The feel of the downtown is different from Plymouth so we always encourage our clients to spend time in both to see for themselves. If you are looking for a home in the City of Northville, we recommend patience and perseverence.
Township of Northville Average Sales Price: Single Family Homes Last 10 Years:
Northville Township prices have recovered steadily and there are pockets of new construction on the few remaining empty lots and even new projects on previously undeveloped land. The redevelopment of the old Women’s Prison will take place adding more residential, shopping (and traffic) to the Beck Road and 5 Mile area. One of the drivers of Northville Township real estate market over the past year is inbound corporate relocation activity. We see a steady of flow of transferees either moving to or moving back to the area. Larger, newer homes with community amenities, parks, and highly regarded schools have made Northville Township a safe and reliable choice for many buyers. As with Plymouth, the location is ideal for proximity to everything in metro Detroit, Ann Arbor and the downtowns of Northville and Plymouth.
Plymouth and Northville Number of Active Listings: Homes and Condos Last 10 Years by Month:
With demand for Plymouth and Northville continuing to drive our market and a limited supply of new construction inventory, real estate is going to remain a sellers market. The dramatic decline in the number of active listings on the market at any given time since the recession clearly indicates how competitive the market is, why prices are going up, and how difficult life can be if you are trying to buy in Plymouth and Northville.
If you have any questions about the material above or just want to discuss your real estate goals with us, please contact us by completing the form below and we will respond to your query promptly. We specialize in our local market and can provide the professional expertise and experience necessary to guide you through the process.