It’s Fall which means it’s festival time again – this weekend Downtown Northville is up with the Northville Heritage Festival celebrating the rich history and small town charm of historic Northville. The Parade kicks off at 6:30pm on Friday and it’s the highlight of the Festival and well worth seeing (unless you are in it yourself!). Activities and events for all ages will be taking place across Northville until Sunday afternoon
Here are 3 charts to help illustrate what we are seeing in the market this Spring relative to the last 10 years.
The number of new listings is lower but not significantly. Each week, there are new listings throughout our region and there are more coming. The ‘sellers market’ may be tempting more people to list. But we typically see selling activity increase in the Spring and into the Summer each year.
But the main issue has been the number of buyers for each of these new listings. When you look at the number of showings per listing below, these figures are up dramatically. For each new listing, there are many more showings than we have seen since the recession. The number of showings per listing was actually declining for the last few years but started to drastically change last summer resulting in the chart below:
With such an increase in showing and buying activity with essentially the same or fewer new listings available, the inventory of homes for sale is at a 10 year low currently. We do expect more new listings to keep coming up as the weather improves and the school year ends. But the market will take some time to absorb all the buyers that are currently looking.
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 Crushon 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.
My Little Paris Cafe and Bookstore in Downtown Northville
Having a bookstore in the city center is something everyone likes. Then combine it with a cafe that serves crepes and you’ve got the ingredients for a destination! My Little Paris Cafe and Bistro in downtown Northville is a definitely worth a visit if you are in the area.
Formerly the Next Chapter Bookstore and Bistro at 141 E. Main Street, this gorgeous brick building is in the heart of the historic downtown and makes an ideal place for a comfortable book store and sidewalk cafe.
The Northville Art House shines a spotlight on the imagination, art, talent and cultural diversity of artists throughout the region when the annual Arts and Acts Festival returns for the sixth consecutive year June 16-18 in historic downtown Northville. The Festival includes the 29th annual juried fine art show Art in the Sun, featuring over 70 talented artists; the Sandbox Play Festival produced by Tipping Point Theatre; the Short on Words Literary Contest; musical entertainment featuring some of metro Detroit’s top musicians; Children’s Activities; the Northville Art House Chalk Festival; our new Young Artist Juried Art Fair; and a large variety of festival food and drink.
Friday, June 16: 3:00 p.m. to 8:00 p.m.
Saturday, June 17: 10:00 a.m. to 8:00 p.m.
Sunday, June 18: 10:00 a.m. to 5:00 p.m.
Main and Center Streets, downtown Northville, Michigan
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
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:
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:
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:
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:
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.
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!
With November data in and the year drawing to close, it’s time to look back at the pricing trends in the City and Township of Northville over the past year.
City of Northville Average Residential Home Sales Price Last 10 Years
In the City of Northville, average prices remain strong and comparable to pre-recession highs. Demand is high, inventory is low, and tear down/new construction activity continues. With new restaurants and shops opening up, building and renovation all around, the downtown area continues to be a very attractive place to live. While prices aren’t rising like they were few years ago, well maintained homes with good locations and reasonable prices can still draw multiple offers and even sell over asking price.
Township of Northville Average Residential Home Sales Price Last 10 Years
In the Township of Northville, prices are still strong but the rapid rate of rise in previous years appears to have crested. We’ve seen a lot of relocation activity both in and outbound which drives a big portion of the Northville market. Relocation buyers from industries such as automotive and healthcare are moving here from across the country or back from overseas. The area has also seen the growth of new businesses especially along Haggerty Road – and they all seem to be busy! As always, homes with the best locations, in move-in ready condition, and with current materials/color choices will command the highest prices.
If you’d like to know how much your home is worth in today’s market, please contact BAKE Real Estate at 734-453-8080 and we’d be happy to come out and give you an expert assessment of the value of your home and how you can navigate the process of transitioning from one home to the next.
Spacious 4 Bedroom, 2.1 Bath Colonial Home in Northville’s highly desirable Colony Estates!
Walk to the Neighborhood Park from this 2,204 sq ft. Home which lies amidst beautiful mature shade Trees on a ¼ acre Private Corner Lot and hosts an appealing Front Elevation. Boasting Hardwood Floors & Newer Windows in most of home as well as New Paint throughout. Start with this fresh canvas and Make this home your very own Northville Haven!
Come join us Saturday 1-3pm & enjoy our cool air-conditioned Open House.
With the first six months of 2015 behind us, it’s a good time to look back and see how the market is doing vs. last year. In the City of Northville, average prices are up sharply with strong demand and limited inventory. With new restaurants and shops opening up, the downtown area continues to be a very attractive place to live. In the Township of Northville, prices are still strong but the rapid rate of rise in previous years appears to have crested. Homes in both markets continue to be highly sought after – especially by incoming relocation buyers moving here from across the country or back from overseas. The area has also seen the growth of new businesses which all seem to be busy! As always, homes with the best locations, in move-in ready condition, and with current materials/color choices will command the highest prices. If you’d like to know how much your home is worth in today’s market, please contact BAKE Real Estate at 734-453-8080 and we’d be happy to come out and give you an expert assessment of the value of your home and how you can navigate the process of transitioning from one home to the next.
City of Northville Average Sales Price by Year Through June 2015 – Existing Single Family Homes
Township of Northville Average Sales Price by Year Through June 2015 – Existing Single Family Homes
With the first six months of 2015 behind us, it’s a good time to look back and see how the market is doing vs. last year. In both the City and the Township of Plymouth, average prices are comparable to last year so the market appears to have plateaued this year after several years of steady increases. This has resulted in a more balanced market on the whole. There are of course homes that sell instantly with multiple offers at seemingly staggering prices. And of course the tear down/new construction activity in the City of Plymouth continues to be strong. But in terms of average pricing – things are beginning to stabilize when you look at the market as a whole. As always, homes with the best locations, in move-in ready condition, and with current materials/color choices will command the highest prices.
If you’d like to know how much your home is worth in today’s market, please contact BAKE Real Estate at 734-453-8080 and we’d be happy to come out and give you an expert assessment of the value of your home and how to navigate the process of transitioning from one home to the next.
City of Plymouth Average Sales Price by Year Through June 2015 – Existing Single Family Homes
Township of Plymouth Average Sales Price by Year Through June 2015 – Existing Single Family Homes
Downtown Streets are closed for the annual Northville Flower Sale. The weather is perfect! Click 
You must be logged in to post a comment.