End-of-Summer BAKE Real Estate Plymouth and Northville Market Review

The 2020 Real Estate market will surely be one to remember. And with the end of summer nearly here and August data in, it’s a good time to look back and see what has happened so far.

The local real estate industry emerged gradually during the month of May from the stay at home order. In-person showings resumed (albeit with restrictions), listings began appearing steadily, and pending home sales increased.

The recovery accelerated into June as pent-up buyer demand, pent-up listing supply, and low interest rates drove increasing activity in the market. People were resuming their real estate goals after a pause. Competitive bidding situations for desirable homes in desirable locations weren’t uncommon and buyers had to act quickly when they found a house they liked. This higher level of activity has continued through July and August and into September. The annual seasonal market cycle seems to be approximately 2 months delayed so we expect this higher level of activity to last into the fall.

With fewer new listings and plenty of buying activity, median home prices have naturally increased slightly. The resiliency of our local real estate market reinforces what we all know, that Plymouth and Northville have been and remain very desirable places to live. This combined with changing buyer needs (working/learning from home, more people at home) have driven the want for larger homes, more yard space, and features and amenities like home offices, home study areas, pools, and finished basements.

Although we weren’t sure what would happen coming out of the stay at home order, we are pleased to see a strong recovery and look forward to continued strength in our local market.

Below are some charts to help illustrate the above comments. The data covers all Plymouth and Northville (incl. Oakland County Northville), homes and condos (incl. new construction), sales (not leases) and is broken out by month. The orange arrow shows the August year over year difference.

The Number Of Pending Home Sales has remained High All Summer:

The Number of Home Sales has Receded to More Normal Levels but remains higher year over year in August:

Median Sales Price has also Increased and has Continued to Increase Over the Summer:

The Number of New Listings Actually Decreased Year over Year:

With Fewer New Listings and More Pending Sales, the Number of Active Listings is Significantly Lower Year over Year:

Plymouth/Northville June Pending Sales Rebound Sharply as our Local Real Estate Market Recovers with Pent-up Buying and Pent-up Listing

The real estate industry in Plymouth/Northville did some catching up during the month of June as pending home sales increased 35% year over year. Pent-up buying AND pent-up listing drove the market as buyer and sellers returned to the market. While the number of closed sales is still lagging, July should reflect the peak of pending sales in June. Prices remain steady as demand continues to be strong and with more listing coming online.

Number of Pending Sales increased 35% in June Year over Year
Number of Sales showing the effects of COVID-19 but recovering. June is usually a peak month.
Average Sales price is flat overall in 2020 but there will be more data after July closings.
Median Sales price is flat overall in 2020 but there will be more data after July closings.
The number of new listings has returned to near normal levels.
The number of active listings is down in June year over year as pent-up buying returned quickly but pent-up listing has lagged somewhat.

A Message from BAKE Real Estate

Hi Everyone,

Our family at BAKE Real Estate sends well wishes to those around the world who are affected directly or indirectly by the COVID-19 virus. For those of you following us from afar, we are in a “Stay Home/Stay Safe” mode here in Michigan, as in some other States and other countries. Therefore, we will be working exclusively from home until at least April 14th. Our six full time agents, including me, Patrick, Stephanie, Ann, Sorra and Christine, as well as our unofficial Canine Comfort Agents, Toddy and Biskit, are available by text, phone or video conference for real estate advice. Thank you to all of you who are out doing essential services to keep our citizens alive and well. We appreciate everyone working together on this to flatten the curve.

Carrie and Patrick

Northville Art House: ARTCRUSH – SATURDAY, FEBRUARY 8, 6:30 – 10 PM

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 Crush on 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.

ArtCrush flyer for brochure-3×5- 2020

ArtCrush_2020-2-1

Christmas in Kellogg Park by Lauren Wan

Christmas Kellogg Park-001We 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

Welcome Aboard! Christine Oglesby joins BAKE Real Estate as our newest REALTOR

Christine

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.

Christine can be contacted at 313-919-2940 or by email at christine@bakerealestate.com.

BAKE Real Estate is Pleased to Congratulate our Newest Associate Broker: Stephanie Sultan

Stephanie Sultan, Associate Broker
Stephanie Sultan, Associate Broker

Stephanie Sultan began her career with BAKE Real Estate in 2013 and focuses on the Plymouth, Northville, Canton, Livonia and Ann Arbor areas. She holds the National Association of REALTORS “Green” designation to help promote & educate homeowners & purchasers about energy efficiency and sustainable home features. Stephanie grew up in the area and carries with her a vast and valuable trove of local knowledge – so crucial to real estate decisions often based on location.  Combined with her experience in the area, Stephanie is also extremely detail-oriented, calm under pressure, and hard working – all essential qualities required in a Real Estate Broker. Her patience and diligence are especially suited for first-time homebuyers and sellers. Now living with her husband in Ann Arbor, she enjoys daily adventures with their 3 energetic dogs. Stephanie can be contacted via email at stephanie@bakerealestate.com or on her cell phone at 734-620-4536

With our first snowfall upon us, here’s an article about some fun activities right in our own back yard!

State of Comics & Collectibles now open in Downtown Plymouth!

IMG_7024plymouthnorthvillerealestateAn interesting new shop on Forest Ave: State of Comics & Collectibles is now open and worth a visit even if you don’t read comics. There’s a wide range of books and collectibles that will be sure to fascinate you.  Now we just need a good playing card and hobby shop!

Visit the shop at 577 Forest Ave Plymouth, MI 48170 or you can visit them online at www.stateofcomics.com

Park Place Gastro Pub Nearly Ready to Open in Downtown Plymouth

IMG_6598northvillerealestate

The Place Place Gastro Pub at 336 Main St in downtown Plymouth is getting ready to open.  The old 336 Main has been with us for some time and now it’s being revitalized into the the Park Place Gastro Pub. Walking by today, here’s their new look… and here’s a link to their facebook page.

Center Street Grille in Northville Now Open!

centerstreetgrillenorthville.jpg

Now open in Downtown Northville where the old Starting Gate Saloon used to be at 135 N. Center Street, the Center Street Grille (248-924-3135) is the latest offering from the people that brought us the Ironwood Grille and Barrio in Plymouth.  A family-friendly restaurant, the Center Street Grille menu  features pizzas, pastas, burgers, salads, seafood, steak, and sandwiches. Next time you are in town looking for a new casual option, this one could be worth a try. We’ll stop in soon to give it a try ourselves and report back!

 

This Sunday July 19th, 2015: It’s Lower Town’s Turn with Bumpers, Bikes & Bands

bumpers bikes and bands 2015