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 – firstname.lastname@example.org, Patrick Wong, Associate Broker,at (734) 272-8375 – email@example.com, or Stephanie Brown, REALTOR, at (734) 620-4536 – firstname.lastname@example.org.
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.
2013 historical real estate data verifies what we’ve seen all year – values have continued to increase steadily in the City of Plymouth due to limited inventory of available homes. Prices have rebounded to near historical highs and the recovery has been swift. With the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing rather than supply/demand dynamics. We have also seen a dramatic increase in tear-down/new construction activity which is changing the area but also improving the tax base for the city.
While median sales price have recovered, sales volume continues to lag due to lack of inventory. The trends for number of sales and total sales volume have been increasing steadily for the past several years so if you are planning to buy, the momentum is with you. If you are planning to sell, there are still plenty of buyers out there. The charm of Plymouth continues to attract more and more buyers form the local area and out-of-state. We are even seeing international transferees shop the City of Plymouth to immerse themselves in a quintessential American small town setting.
If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help. Please also visit our homepage at www.bobbake.com.
Renovation work has begun on 885 Penniman at the corner of Penniman and Harvey. The Post Office is planning to relocate here from their current location in their historic building across the street. The new site was previously a convenience store and lately a vacant building and parking lot. With this change, we will see new life on this downtown corner lot as the hub of small town living in Plymouth. Plans for the old Post Office building include a gourmet marketplace which we are also eagerly anticipating!
(Updated – August 11, 2012) We had a chance to try out the latest addition to the Plymouth downtown restaurant collection – Greek Islands Coney Restaurant. Located at the corner of Main and Penniman in the old bank building, this new family friendly dining establishment occupies perhaps the best real estate in the entire city! The interior is very bright with tall windows and a 2 story ceiling. The service was quick and friendly, and the food staightforward and plentiful – everything you would expect from a Coney Island style restaurant.
Opening soon in the old bank building on the corner of Main and Penniman in Plymouth will be the new Greek Islands Coney Restaurant. They have replaced all the windows on the historic building (and maybe soon – even the doors) with work progressing rapidly. The Kids Play Cafe will be missed as a fun spot to take the kids in downtown. But the new owners seem to be investing in some major improvements to the building. And with the new Sardine Room restaurant nearing completion, Plymouth will have a couple of new dining options in time for the summer.
Just Sold! Located on a quiet street in the City of Plymouth, this spacious 4 bedroom Colonial home offers all the amenities of modern design within easy walking distance to downtown Plymouth. New England Village Subdivision was built in the 1970s with home styles ranging from Ranches to Colonials. Many of the homes have hardwood floors throughout, large fenced-in yards, mature trees, brick construction, and large family rooms.
To see more homes like this, please visit our Plymouth and Northville Real Estate homepage at www.bobbake.com or simply contact Carrie, Plymouth and Northville REALTOR, at 734-788-2398 – email@example.com or Patrick, Plymouth and Northville REALTOR,at 734-272-8375 – firstname.lastname@example.org. If you have a home to sell in the Plymouth and Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process.
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