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!
