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/
The first half of the year (and the rain) is well behind us. The summer weather has been good and so has our local real estate market. Interest rates remain low, the local economy is doing well, 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.
Anecdotally, we have noticed an uptick in outbound relocations as some people who moved here following the recession have been relocating out. But others who left the area are now returning home. The migration of people for work and family reasons goes on.
The season started a little slowly this year due to heavy rain all spring ‘dampening’ the market. But after partial plateauing last year in price appreciation, it appears that prices are gradually rising again – albeit at a much more moderate pace than previously.
The below charts illustrate the 10 year Average Sales Price trend for Plymouth and Northville, City and Township. Each area has shown price increases with the City of Northville showing the largest change. There are fewer home sales at higher prices in the City of Northville which can results in a more dramatic chart. The end of year statistics will give us a better picture how much things have really changed.
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. The below charts illustrate the 10 year Sales Price by Square Foot ratio trend for Plymouth and Northville City and Township. Similar to the Average Sales Price above, the trend is upward across Plymouth and Northville:
These trend charts are useful in understanding the overall direction of prices and relative strength/weakness in the market. The Plymouth and Northville areas are continuing to perform well.
To illustrate the current low inventory which hasn’t changed much since the recession, the following chart shows days to sell for Plymouth and Northville combined:
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!
The 2019 Plymouth Ice Festival is coming the weekend of January 11th through 13th 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.
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 Super Bowl and Olympics are over, Spring Training has begun and that means only one thing: Real Estate Season is here! Buyers and Sellers are emerging from their winter hibernation and preparing and planning their next move.
Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with busy shops, restaurants, and events. The City of Northville has also seen significant increases in value. The Townships of both Plymouth and Northville have also shown steady price increases in addition to growing new development activity – especially in Northville Township. The lack of inventory as shown below illustrates that in an area where there is limited opportunity for new development, the price of existing homes will appreciate in a strong market.
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