Plymouth and Northville Real Estate Statistics for January though July 2019

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:

Days to Sell – Plymouth and Northville Combined

2018 Real Estate Market – Year in Review and look back at where we were 25 years ago!

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:

Robert Bake Realtors Holiday Bulletin 1994

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.

Plymouth Township:

Township of Ply dollar per sqft

Northville Township:

Township of nv dollar per sqft

City of Plymouth:

City of Ply dollar per sqft

City of Northville:

City of NV dollar per sqft

Plymouth and Northville Real Estate Values – 2017 Continues the Trend

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.

 

 

2016 Plymouth and Northville Real Estate Values Continue to Show Strength and Steady Growth as Inventory Remains Low

This slideshow requires JavaScript.

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

city-of-plymouth-average-sales-price-10-years-single-family-homes
Click to Enlarge: City of Plymouth Average Sales Price

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:

township-of-northville-average-sales-price-10-years-single-family-homes
Click to Enlarge: Township of Plymouth Average Sales Price

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:

City of Northville Average Sales Price: Single Family Homes Past 10 Years
Click to Enlarge: City of Northville Average Sales Price

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:

township-of-northville-average-sales-price-10-years-single-family-homes
Click to Enlarge: Township of Northville Average Sales Price

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:

plymouth-and-northville-number-of-active-listing-10-years-single-family-homes-and-condos
Click to Enlarge: Plymouth and Northville Number of Active Listings

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.

BAKE Real Estate Welcomes Aboard Sorra Scott!

sorra1We are happy to welcome Sorra Scott to BAKE Real Estate as our newest Salesperson. Sorra lives in Canton with her husband and their daughter, where they are currently renovating their Sunflower Village colonial.  She holds a Bachelors Degree in Business Management and prior to joining Bake Real Estate, held a 10-year career in Human Resources with several well-known companies including Iron Mountain, Avis, and Compass Group.  Her experience advocating for clients in a fast-paced environment, gift for connecting with people, desire to help, and love of houses and uncovering their true potential, make her an asset to her clients in the dynamic world of real estate.

Sorra can be reached at (734) 664-2578 or sorra@bobbake.com.

 

Plymouth and Northville Real Estate Values – the First Six Months of 2016 were Good!

It’s mid-summer and we now have data for the first six months of 2016! 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 new shops including the opening of Westborn Market. It’s heartwarming to see people walking downtown with their folding shopping trolleys on their way to do their grocery shopping! The City of Northville has also seen significant increases in value – especially in the downtown area where new businesses like Red Dot Coffee and the Center Street Grille have created a lot of excitement. The Townships of both Plymouth and Northville have shown very steady pricing and new development activity is on the rise once again in Northville Township.

Northville City Real Estate Values Northville Township Real Estate Values Plymouth City Real Estate Values Plymouth Township Real Estate Values

 

BAKE Real Estate welcomes Jeanne Mulhern, REALTOR®

41516_04_C

We are very excited to announce that Jeanne Mulhern is now part of our REALTOR® team here at BAKE Real Estate where our entire staff are licensed Salespersons or Brokers in the great state of Michigan.

Jeanne is a 20-year plus resident of downtown Plymouth while born and raised in Northville. If you want local knowledge, she has it or knows where to find it fast! For people new to our area, this can be a huge advantage when buying or selling a home. Jeanne also brings a wealth of professional experience and business acumen to her clients and to our team.

Prior to joining the BAKE Real Estate, Jeanne held client and REALTOR support duties here at BAKE Real Estate and also Coldwell Banker Weir Manuel in Plymouth. She also had a 10 year career as a procurement professional for Kraft, then Alliant Foodservice.

Jeanne can be contacted at 734-395-6631 or by email at jeanne@bobbake.com.

Just Sold! 45996 Larchmont Drive: 2,450 SQFT, 4 Bedroom, 2.1 Bath Colonial in Sunflower Village (Closed at $310,000)

Living Room BWWe are so very pleased to announce the recent closing for our clients at 45996 Larchmont Drive in Canton. This spectacular, move-in ready home has 4 bedrooms, 2.1 bathrooms, a finished basement, fresh & eclectic paint throughout, and a spacious rear yard with flower, vegetable, and herb gardens. Congratulations!

2014 Plymouth and Northville Real Estate Sales Price Summary

2014 saw the average sale price for a residential home in the Plymouth and Northville markets continue to increase. In the City of Plymouth, the average sales price has risen for 4 consecutive years reaching new highs.  The average sales price of a single family home in the City of Plymouth is now 63% higher than in 2010. The City of Northville has also reached near pre-recession highs with the average sales price increasing 70% since 2009.  In the Township areas, Both Plymouth and Northville Townships have also seen steady price increases but have yet to surpass pre-recession highs.  Price growth has been steady and the trend is higher across the board.

The dramatic increase in real estate value in the local area has reignited new construction activity. In the City, we are seeing smaller/older homes demolished and larger homes built in their place.  In the Township, we are seeing farms and empty lots replaced with new residential and commercial building activity.  The street scenes and landscape are changing!

And as we look forward to 2015, all indications are that prices will continue to rise albeit at a more conservative and sustainable pace. Interest rates remain low while interest in moving to Plymouth and Northville remain high.

BAKE Real Estate: an Independent Brokerage with Historical Roots in Plymouth and Northville returns under the Stewardship of a New Generation

bake real estate logo

Yesterday marked the creation of BAKE Real Estate in my hometown of Plymouth. Many of you locals know of Robert Bake REALTORS, which my dad established in 1967. BAKE is BACK!  We are happy to keep the real estate tradition alive.  Our new office is located at the corner of Penniman and Harvey (908 Penniman) and kitty corner from the new Post Office.  Nearly 50 years ago, the following ad appeared in Plymouth and our commitment holds as true today as it did then:

BAKE Real Estate
BAKE Real Estate 908 Penniman Avenue, Plymouth MI 47170

Northville Real Estate Values Continue to Increase in the first 4 months of 2014

Through the first 4 months of 2014, Northville real estate prices continue to surge upward.  Median sales prices for residential homes are now near or at pre-recession levels across the area – both the City and Township. The supply of resale homes also continues to show improvement in the Township while the City still suffers a shortage of available homes.  The data below clearly illustrates that values have continued to increase while the Township has shown a sharp increase in median sales price.  This is mainly due to more high value homes transacting vs. previous years. With prices increasing so high and so quickly, it’s difficult to predict how much higher the market can go.  So it’s more important then ever to ensure the home you buy truly meets your current and future needs in terms of location, functionality, and resale potential.

If you are considering buying or selling in the area and would like an informed, professional opinion from people who know the local market and how to buy and sell a home, click here to contact us.

Patrick Wong, Associate Broker – Coldwell Banker Weir Manuel

Northville City Median Sales Price
Northville City Median Sales Price

Northville Township Median Sales Price
Northville Township Median Sales Price

Plymouth Real Estate Values Continue to Increase in the first 4 months of 2014

Through the first 4 months of 2014, Plymouth real estate prices continue to surge upward.  Median sales prices for residential homes are now at pre-recession levels across the area – both the City and Township. The supply of resale homes also continues to show improvement as more sellers take advantage of near record level values. The data below clearly illustrates that values have continued to increase although not quite as sharply when compared to last year.  With prices increasing so high and so quickly, it’s difficult to predict how much higher the market can go.  So it’s more important then ever to ensure the home you buy truly meets your current and future needs in terms of location, functionality, and resale potential. I’ll have a similar view of the Northville market in an upcoming post.

If you are considering buying or selling in the area and would like an informed, professional opinion from people who know the local market and how to buy and sell a home, click here to contact us.

Patrick Wong, Associate Broker – Coldwell Banker Weir Manuel

plycity
Plymouth City Median Sales Price – Residential

Plymouth Township Median Sales Price - Residential
Plymouth Township Median Sales Price – Residential