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.
An 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
The old Saxton’s site at the corner of Ann Arbor Trail and Deer could see redevelopment very soon. Currently being employed primarily as a parking lot, there are now 3 proposals being considered to redevelop the site into low rise residential, retail, and parking. To learn more about the plans and proposals, you can see the presentations by clicking on the following link:
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.
Opening next week in downtown Plymouth, Pakwaan Fine Indian Cuisine at 447 Forest Avenue! Patrick and I stopped by today and saw the menu, met the owner, Sunny, a nice man who hails from Shalimar, a very successful Indian restaurant in Ann Arbor. The place is looking good and it will seat a lot of people comfortably. They will open next week and we will be there!
Does anybody remember when there was a purple building on Forest which housed a Chinese Restaurant named “Dinersty”? Rewind even further…who remembers Cloverdale? That’s where my grandpa took me to get “Nutty Buddies”, my parents and I would go to the drive through to get Chocolate Almond ice cream and milk and I would hang out with my tween friends (shout out to Juliet Scott) in the 70’s and 80’s and have ice cream floats and play Centipede and Pac Man before visiting various shops in town (shout out to Fred Hill). If you never visited Cloverdale or just want to revisit the memories, you can see the soda fountain which is now located inside of the Plymouth Historical Museum!
To date, the location on Forest has been most successful as Cloverdale’s. I really doubt anything can top Cloverdale’s. There have been several unsuccessful restaurant attempts in the post Cloverdale space, including Panache, Bamboo, 1999 Tavern and I’m not sure if that’s everything. Let’s hope the location is going to work for it’s new occupant. Plymouth has become an entertainment and dining destination – with Forest Ave. showing a lot of activity with Barrio, Little Bangkok, Extreme Pizza, and EG Nicks.
I cannot remember in my lifetime an Indian restaurant in Plymouth – this will be a first. We are looking forward to Pakwaan’s opening in Downtown Plymouth!
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.
At last! The old Plymouth Post Office has been saved and the new Westborn Market is open. It’s great to see the repurposing of this historic structure and the details within. Notice the old post office boxes and safe. There’s even more to see than we have photos of and of course there’s the food and drink too. Best to visit soon and enjoy it all for yourself. Downtown Plymouth now has a complete full service grocery store that’s an easy walk or bike for local residents and for us too!
The Kellogg Park fountain is one of Plymouth’s most recognizable landmarks. Turning on the fountain is a rite of spring while closing the fountain marks the end of the season. The below notice comes from the Downtown Development Authority. It looks like changes are in the air!
The City of Plymouth Downtown Development Authority (DDA) is embarking on a major program to make upgrades to Kellogg Park and the water fountain in the center of the park. This is a DDA led project with the hope of having the upgrades completed by July 2017, in time for the City’s 150th Anniversary.
The DDA in cooperation with the Wilcox Foundation is funding the initial design concepts. The DDA has previously accepted proposals from a number of firms and they selected the design team from Russell Designs of Northville and WESCO Fountains of Florida to begin the conceptual designs the project. The total project is expected cost one million dollars, which is to be raised through private and community funding.
Recently, the DDA hosted a community input session where preliminary designs were revealed and input was provided. The DDA is now making those preliminary designs available on their web site and is seeking additional input.
We are pleased to announce the completed sale of 1463 Sheridan: an elegant, downtown Plymouth center-entrance 1920’s Colonial. Contemplate the classic charm of a character home with new house updates including an open concept Kitchen. Completely remodeled in 2010, the gourmet kitchen is equipped with Shaker style custom cabinets, granite countertops, subway backsplash, breakfast bar, hardwood floors, and high-end stainless stainless appliances. There is a new ½ bath on the main floor & two other full baths – both newer, two fireplaces – gas log in Living Room & natural in Family Room, Arched doorways, beautiful painted trim and crafted details throughout. All bedrooms are upstairs with a newer master suite overlooking rear yard and patio. The Basement includes a cute and spacious finished recreation room, laundry room & unfinished storage/workshop. Outside, there’s an extra storage shed, 2-car garage with new windows, fenced rear yard and recently re-landscaping front and rear yards. Walk tree-lined streets to Bird Elementary, West Middle School, OLGC & Plymouth events, shops, restaurants & parks!
(Update: this home has been sold) We are pleased to announce our latest new listing: an elegant, downtown Plymouth center-entrance 1920’s Colonial. Contemplate the classic charm of a character home with new house updates including an open concept Kitchen. Completely remodeled in 2010, the gourmet kitchen is equipped with Shaker style custom cabinets, granite countertops, subway backsplash, breakfast bar, hardwood floors, and high-end stainless stainless appliances. There is a new ½ bath on the main floor & two other full baths – both newer, two fireplaces – gas log in Living Room & natural in Family Room, Arched doorways, beautiful painted trim and crafted details throughout. All bedrooms are upstairs with a newer master suite overlooking rear yard and patio. The Basement includes a cute and spacious finished recreation room, laundry room & unfinished storage/workshop. Outside, there’s an extra storage shed, 2-car garage with new windows, fenced rear yard and recently re-landscaping front and rear yards. Walk tree-lined streets to Bird Elementary, West Middle School, OLGC & Plymouth events, shops, restaurants & parks!
With the Summer selling season now behind us, the City of Plymouth real estate market continues to shows strong demand, limited supply, and consequently – steadily rising prices. Median sales prices for single family homes and condos are up again this year and have surpassed pre-recession highs with the market recovering just as quickly as it collapsed. Desirable homes with good locations often sell in days with multiple offers and oftentimes, over asking price.
If you live in the City, I’m sure you’ve heard your friends and neighbors talk about the this or that house which sold instantly with multiple offers. We recently sold a charming brick bungalow for $275/sqft! Not every home will sell instantly for a high price however. There are cases of homes being over-priced that sit on the market longer while enduring price reduction after price reduction.
Will the market go even higher in 2015 is something we can’t predict but there doesn’t appear to be any let up in demand at the moment.
Another interesting change in the market is the increase in the number of cash offers we are seeing. These might be well-heeled buyers downsizing from a larger home in the Township, or a buyer obtaining seller financing from a cash purchaser. If you are trying to buy in Plymouth, it’s not easy to say the least but the good news is that more homes continue to come on the market as sellers see what they can sell for.
If you would like to discuss buying a home in the City, please contact us and we would be happy to assist you: Carrie Bake, Associate Broker, at (734) 788-2398 – email@example.com, Patrick Wong, Associate Broker,at (734) 272-8375 – firstname.lastname@example.org, or Stephanie Brown, REALTOR, at (734) 620-4536 – email@example.com.
We are pleased to announce that one of our clients just leased a beautifully appointed 1 bedroom condo in Daisy Lofts, located in Downtown Plymouth Michigan on the site of the former Daisy Air Rifle factory. This dramatically decorated unit was fully furnished with granite countertops, stainless steel appliances, hardwood floors, balcony and underground parking. Located within easy walking distance to downtown shops, restaurants, and events, Daisy Lofts are an excellent choice for someone who wants to be close to a thriving small town city center with the style and feel of a loft condo.
To see more homes for sale in Plymouth or Northville, please visit our homepage at www.bobbake.com. You can also call us at 734-453-8080 if you’d like to learn more about loft leasing options in Downtown Plymouth.